10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

FORM 10-Q

____________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period              to             

Commission File Number 333-187970

____________________________________

CC HOLDINGS GS V LLC

(Exact name of registrant as specified in its charter)

Delaware	20-4300339
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1220 Augusta Drive, Suite 600, Houston, Texas 77057-2261

(Address of principal executives office) (Zip Code)

(713) 570-3000

(Registrant's telephone number, including area code)

____________________________________

Securities registered pursuant to Section 12(b) of the Act: None.

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒ No  ☐

Explanatory Note: The registrant is a voluntary filer and not subject to the filing requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934; however, the registrant has filed all reports that would have been required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months had the registrant been subject to such filing requirements.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of March 31, 2020, the only member of the registrant is a wholly-owned indirect subsidiary of Crown Castle International Corp.

The registrant is a wholly-owned indirect subsidiary of Crown Castle International Corp. and meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q, and is therefore filing this form with the reduced disclosure format.

CC HOLDINGS GS V LLC

INDEX

		Page
PART I—FINANCIAL INFORMATION		3
ITEM 1.	FINANCIAL STATEMENTS	3
	CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)	3
	CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)	4
	CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)	5
	CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN MEMBER'S EQUITY (Unaudited)	6
	NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—Unaudited	7
ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	12
ITEM 4.	CONTROLS AND PROCEDURES	18
PART II—OTHER INFORMATION		19
ITEM 1.	LEGAL PROCEEDINGS	19
ITEM 1A.	RISK FACTORS	19
ITEM 6.	EXHIBITS	19
EXHIBIT INDEX		19
SIGNATURES		20

Cautionary Language Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q ("Form 10-Q") contains forward-looking statements that are based on our management's expectations as of the filing date of this report with the Securities and Exchange Commission ("SEC"). Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," and any variations of these words, and similar expressions are intended to identify forward-looking statements. Such statements include plans, projections and estimates contained in "Part I—Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations," "Part I—Item 4. Controls and Procedures" and "Part II—Item 1A. Risk Factors" herein. Such forward-looking statements include (1) anticipated growth in the wireless industry and demand for wireless data, (2) wireless carriers' focus on improving network quality and expanding capacity, (3) demand for our towers, including factors driving such demand, and the potential benefits that may be derived therefrom, (4) availability and adequacy of cash flows and liquidity for future discretionary investments, (5) debt maturities, (6) income taxes, (7) the potential impact of novel coronavirus (COVID-19) pandemic, (8) the potential effects of the restatement of our previously issued consolidated financial statements, including the Historical Adjustments related thereto, and (9) expectations regarding our remediation efforts related to a material weakness in our internal control over financial reporting.

Such forward-looking statements should, therefore, be considered in light of various risks, uncertainties and assumptions, including prevailing market conditions, risk factors described in "Part II—Item 1A. Risk Factors" herein and "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 ("2019 Form 10-K") and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected.

Our filings with the SEC are available through the SEC website at www.sec.gov or through CCIC's investor relations website at investor.crowncastle.com. CCIC uses its investor relations website to disclose information about CCIC and us that may be deemed to be material. We encourage investors, the media and others interested to visit CCIC's investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.

1

Interpretation

As used herein, the term "including," and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive. Unless this Form 10-Q indicates otherwise or the context otherwise requires, the terms, "we," "our," or "us" as used in this Form 10-Q refer to CC Holdings GS V LLC ("CCL") and its consolidated wholly owned subsidiaries (collectively, "Company"). The Company is a wholly owned subsidiary of Global Signal Operating Partnership, L.P. ("GSOP"), which is an indirect subsidiary of CCIC. Capitalized terms used but not defined in this Form 10-Q have the same meaning given to them in the 2019 Form 10-K.

Explanatory Note

As previously disclosed in the Explanatory Note of the 2019 Form 10-K, we restated our audited consolidated financial statements for the years ended December 31, 2018 and 2017, and quarterly unaudited financial information for the quarterly and year-to-date periods in the year ended December 31, 2018 and first three quarters for the year ended December 31, 2019. Accordingly the condensed consolidated financial statements as of and for the quarterly period ended March 31, 2019 included in this Form 10-Q have been restated to reflect the Historical Adjustments described in the 2019 Form 10-K. See also note 2 to our condensed consolidated financial statements for further information on the impact of the Historical Adjustments on the condensed consolidated financial statements as of and for the quarterly period ended March 31, 2019.

2

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CC HOLDINGS GS V LLC

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)

(In thousands of dollars)

	March 31, 2020		December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	28,967	$	20,407
Receivables, net	4,761		3,620
Prepaid expenses	12,890		29,643
Deferred site rental receivables and other current assets	32,168		13,278
Total current assets	78,786		66,948
Deferred site rental receivables	354,834		354,075
Property and equipment, net of accumulated depreciation of $1,118,425 and $1,095,355, respectively	1,001,086		1,010,367
Operating lease right-of-use assets	1,149,952		1,150,476
Goodwill	1,338,730		1,338,730
Other intangible assets, net	650,535		678,956
Long-term prepaid rent and other assets, net	1,889		1,905
Total assets	$	4,575,812	$	4,601,457
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	2,054	$	2,652
Accrued interest	17,748		8,126
Deferred revenues(a)	84,465		70,217
Other accrued liabilities	9,730		6,146
Current portion of operating lease liabilities—third parties	37,194		37,164
Current portion of operating lease liabilities—related parties	20,790		20,417
Total current liabilities	171,981		144,722
Debt	995,777		995,431
Operating lease liabilities—third parties	839,003		845,960
Operating lease liabilities—related parties	321,844		314,920
Other long-term liabilities(a)	197,092		203,470
Total liabilities	2,525,697		2,504,503
Commitments and contingencies (note 8)
Member's equity:
Member's equity	2,050,115		2,096,954
Accumulated earnings (deficit)	—		—
Total member's equity	2,050,115		2,096,954
Total liabilities and equity	$	4,575,812	$	4,601,457

(a) Reflects the recording of deferred revenues in connection with the tower installation and modification transactions described in note 5 that result in permanent improvements to the Company's towers. The Company receives no cash from, and is not party to, such transactions.

See notes to condensed consolidated financial statements.

3

CC HOLDINGS GS V LLC

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

(In thousands of dollars)

	Three Months Ended March 31,
	2020			2019
				(As Restated)
Site rental revenues:
Revenues from tenant contracts	$	172,389		$	167,322
Amortization of tower installations and modifications(a)	14,052			12,171
Total site rental revenues	186,441			179,493
Operating expenses:
Site rental cost of operations—third parties(b)	37,827			37,282
Ground rent expenses—related parties	11,281			10,609
Site rental cost of operations—total(b)	49,108			47,891
Management fee—related party	12,722			12,124
Asset write-down charges	424			190
Depreciation, amortization and accretion	52,346			51,580
Total operating expenses	114,600			111,785
Operating income (loss)	71,841			67,708
Interest expense and amortization of deferred financing costs	(9,969		)	(9,969		)
Other income (expense)	15			(3		)
Income (loss) before income taxes	61,887			57,736
Benefit (provision) for income taxes	(106		)	(98		)
Net income (loss)	$	61,781		$	57,638

(a) Represents the amortization of deferred revenues recorded in connection with the tower installation and modification transactions described in note 5 that result in permanent improvements to the Company's towers. The Company receives no cash from, and is not party to, such transactions.

(b) Exclusive of depreciation, amortization and accretion shown separately and certain indirect costs included in the management fee.

See notes to condensed consolidated financial statements.

4

CC HOLDINGS GS V LLC

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(In thousands of dollars)

	Three Months Ended March 31,
	2020			2019
				(As Restated)
Cash flows from operating activities:(a)
Net income (loss)	$	61,781		$	57,638
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, amortization and accretion	52,346			51,580
Amortization of deferred financing costs	346			346
Asset write-down charges	424			190
Changes in assets and liabilities:
Increase (decrease) in accrued interest	9,622			9,622
Increase (decrease) in accounts payable	1,200			(32		)
Increase (decrease) in other liabilities	11,187			5,968
Decrease (increase) in receivables	(1,141		)	1,516
Decrease (increase) in other assets	(2,143		)	(3,675		)
Net cash provided by (used for) operating activities	133,622			123,153
Cash flows from investing activities:
Capital expenditures(b)	(16,442		)	(18,678		)
Net cash provided by (used for) investing activities	(16,442		)	(18,678		)
Cash flows from financing activities:
Distributions to member	(108,620		)	(105,472		)
Net cash provided by (used for) financing activities	(108,620		)	(105,472		)
Net increase (decrease) in cash and cash equivalents	8,560			(997		)
Cash and cash equivalents at beginning of period	20,407			18,707
Cash and cash equivalents at end of period	$	28,967		$	17,710

(a) The Company receives no cash from, and is not party to, the tower installation and modification transactions described in note 5. Such transactions, however, are reflected on the cash flow statement for GAAP purposes as if an amount equal to the lease component for such transactions had been received by the Company, and, as such, the amounts have been recorded as deferred revenues.

(b) Includes permanent improvements recorded in connection with the tower installation and modification transactions described in note 5. The Company receives no cash from, and is not party to, such transactions.

See notes to condensed consolidated financial statements.

5

CC HOLDINGS GS V LLC

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN MEMBER'S EQUITY (Unaudited)

(In thousands of dollars)

	Member's Equity			Accumulated Earnings (Deficit)			Total
Balance, January 1, 2020	$	2,096,954		$	—		$	2,096,954
Distributions to member(a)	(46,839		)	(61,781		)	(108,620		)
Net income (loss)	—			61,781			61,781
Balance, March 31, 2020	$	2,050,115		$	—		$	2,050,115
	Member's Equity			Accumulated Earnings (Deficit)			Total
Balance, January 1, 2019 (as restated)	$	2,219,198		$	—		$	2,219,198
Distributions to member (as restated)(a)	(47,834		)	(57,638		)	(105,472		)
Net income (loss) (as restated)	—			57,638			57,638
Balance, March 31, 2019 (as restated)	$	2,171,364		$	—		$	2,171,364

(a) See note 5. The Company receives no cash from, and is not party to, the tower installation and modification transactions described in note 5.

See notes to condensed consolidated financial statements.

6

CC HOLDINGS GS V LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited

(Tabular dollars in thousands)

1. General

The accompanying consolidated financial statements reflect the consolidated financial position, results of operations and cash flows of CC Holdings GS V LLC ("CCL") and its consolidated wholly-owned subsidiaries (collectively, "Company"). The Company is a wholly-owned subsidiary of Global Signal Operating Partnership, L.P. ("GSOP"), which is an indirect subsidiary of Crown Castle International Corp., a Delaware corporation ("CCIC" or "Crown Castle"). CCL is a Delaware limited liability company that is a holding company and an issuer of the Company's debt. Intercompany accounts, transactions and profits have been eliminated. As used herein, the term "including," and any variation thereof means "including without limitation." The use of the word "or" herein is not exclusive.

The information contained in the following notes to the condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2019, and related notes thereto, included in the 2019 Form 10-K filed by the Company with the SEC.

The Company is organized specifically to own, lease and manage towers and other structures (collectively, "towers"), and to a lesser extent, interests in land under third party and related party towers in various forms ("land interests") (collectively, "sites") that are geographically dispersed across the U.S. The Company's core business is providing access, including space or capacity, to its sites via long-term contracts in various forms, including lease, license and sublease agreements (collectively, "tenant contracts"). The Company's customers on its sites are referred to herein as "tenants." Management services related to the Company's sites are performed by Crown Castle USA Inc. ("CCUSA"), an affiliate of the Company, under the Management Agreement, as the Company has no employees.

Approximately 68% of the Company's sites are leased or subleased or operated and managed for an initial period of 32 years (through May 2037) under master leases or other agreements with Sprint ("Sprint Sites"). CCIC, through its subsidiaries (including the Company) has the option to purchase in 2037 all (but not less than all) of the Sprint Sites from Sprint for approximately $2.3 billion. CCIC has no obligation to exercise the purchase option.

For U.S federal income tax purposes, CCIC operates as a real estate investment trust ("REIT"), and as its indirect subsidiary, the Company's assets and operations are included in the CCIC REIT. See note 6.

Basis of Presentation

The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the consolidated financial position of the Company at March 31, 2020, the condensed consolidated results of operations for the three months ended March 31, 2020 and 2019 and the condensed consolidated cash flows for the three months ended March 31, 2020 and 2019. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the U.S. ("GAAP"). The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

2. Restatement of Previously Issued Condensed Consolidated Financial Statements

The tables below summarize the impact of the Restatement Adjustments that were related to the timing of revenue recognition on CCIC's tower installation services. Specifically, CCIC determined that its historical practice of recognizing the full transaction price as services revenues upon completion of an installation was not acceptable under GAAP. Instead, a portion of the transaction price for CCIC's tower installation services, specifically the amounts associated with permanent improvements recorded as fixed assets, represent a lease component and should be recognized by CCIC as site rental revenues on a ratable basis over the associated estimated lease term.

CCIC, through its wholly owned subsidiary, offers certain installation and other construction-related services to tenants on the towers owned by CCIC's subsidiaries (including to tenants on the Company's towers). That business is separate from the operations of the Company, and the Company (1) is not party to such transactions and (2) does not receive any cash associated

7

CC HOLDINGS GS V LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited

(Tabular dollars in thousands)

with such transactions. However, when CCIC is engaged by, and performs an installation or other activity for, a tenant that is locating or located on the Company's towers, and such transaction results in (1) enhancing a tower in connection with a new tenant installing equipment on the tower for the first time or as part of subsequent equipment augmentations or (2) modifying the structure of a tower to accommodate the additional tenant, the Company records any permanent improvement that is made on its tower site as a fixed asset. Historically, in connection with recording such permanent improvements as fixed assets on its financial statements, the Company would also record a corresponding amount as a capital contribution from CCIC.

The Company determined that, despite the Company not receiving any cash, an amount equal to the lease component as a result of such installation and other construction-related services should be recorded on the consolidated financial statements as deferred revenue, and then amortized as revenues on a ratable basis over the length of the tenants’ associated estimated lease term.

In addition to the determination discussed above, the Company has also determined that errors existed related to its accounting for obligations to perform asset retirement activities pursuant to its ground lease and easement agreements. Specifically, the Company should not have recorded asset retirement obligations for its Sprint Sites, as the associated estimated retirement would occur beyond the period for which the Company has a contract term to these sites. The correction of the errors related to the Company's accounting for obligations to perform asset retirement activities resulted in (1) a decrease to both "Property and equipment, net" and "Member's equity" of $4.4 million on the Company's consolidated balance sheet as of March 31, 2020, and (2) a decrease to "Depreciation, amortization, and accretion" on the Company's consolidated statement of operations of $0.7 million for the three months ended March 31, 2020.

The Restatement Adjustments in the tables below reflect the impact of (1) allocating an amount equal to the lease component as a result of such installation and other construction-related services on the consolidated financial statements as deferred revenue, and then amortizing those amounts as amortization of tower installations and modifications on a ratable basis over the length of the tenants’ associated estimated lease term and (2) correcting errors related to the Company's accounting for obligations to perform asset retirement activities.

In addition, the Company has also made other adjustments to the financial statements referenced above to correct errors that were not material to its condensed consolidated financial statements. Such immaterial adjustments are related to a revision in the presentation of certain tower installation activities from a gross basis to a net basis, including the associated removal of certain amounts historically categorized as capital expenditures.

In addition to the restatement of the condensed consolidated financial statements, certain historical information in the notes to the condensed consolidated financial statements have been restated to reflect the impact of the Historical Adjustments.

Consolidated Balance Sheet

	March 31, 2019
	As Reported		Restatement Adjustments			Other Adjustments			As Restated
ASSETS
Property and equipment, net	$	1,012,769	$	(4,436	)	$	(2,754	)	$	1,005,579
Total assets	4,618,698		(4,436		)	(2,754		)	4,611,508
LIABILITIES AND EQUITY
Current liabilities:
Deferred revenues(a)	12,436		49,334			—			61,770
Total current liabilities	97,928		49,334			—			147,262
Other long-term liabilities(a)	34,342		158,784			—			193,126
Total liabilities	2,232,026		208,118			—			2,440,144
Member's equity:
Member's equity	2,386,672		(212,554		)	(2,754		)	2,171,364
Total member's equity	2,386,672		(212,554		)	(2,754		)	2,171,364
Total liabilities and equity	$	4,618,698	$	(4,436	)	$	(2,754	)	$	4,611,508

(a) Reflects the recording of deferred revenues in connection with the tower installation and modification transactions described in note 5 that result in permanent improvements to the Company's towers. The Company receives no cash from, and is not party to, such transactions.

8

CC HOLDINGS GS V LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited

(Tabular dollars in thousands)

Consolidated Statement of Operations

	Three Months Ended March 31, 2019
	As Reported		Restatement Adjustments			Other Adjustments			As Restated
Site rental revenues:
Revenues from tenant contracts	$	167,322	$	—		$	—		$	167,322
Amortization of tower installations and modifications(a)	—		12,171			—			12,171
Total site rental revenues	167,322		12,171			—			179,493
Operating expenses:
Depreciation, amortization and accretion	52,362		(736		)	(46		)	51,580
Total operating expenses	112,567		(736		)	(46		)	111,785
Operating income (loss)	54,755		12,907			46			67,708
Income (loss) before income taxes	44,783		12,907			46			57,736
Net income (loss)	$	44,685	$	12,907		$	46		$	57,638

(a) Represents the amortization of deferred revenues recorded in connection with the tower installation and modification transactions described in note 5 that result in permanent improvements to the Company's towers. The Company receives no cash from, and is not party to, such transactions.

Consolidated Statement of Cash Flows

	Three Months Ended March 31, 2019
	As Reported			Restatement Adjustments			Other Adjustments			As Restated
Cash flows from operating activities:(a)
Net income (loss)	$	44,685		$	12,907		$	46		$	57,638
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, amortization and accretion	52,362			(736		)	(46		)	51,580
Increase (decrease) in other liabilities	3,738			2,230			—			5,968
Net cash provided by (used for) operating activities	108,752			14,401			—			123,153
Cash flows from investing activities:
Capital expenditures(b)	(18,745		)	—			67			(18,678		)
Net cash provided by (used for) investing activities	(18,745		)	—			67			(18,678		)
Cash flows from financing activities:
Distributions to member	(91,004		)	(14,401		)	(67		)	(105,472		)
Net cash provided by (used for) financing activities	(91,004		)	(14,401		)	(67		)	(105,472		)
Net increase (decrease) in cash and cash equivalents	(997		)	—			—			(997		)
Cash and cash equivalents at beginning of year	18,707			—			—			18,707
Cash and cash equivalents at end of year	$	17,710		$	—		$	—		$	17,710

(a) The Company receives no cash from, and is not party to, the tower installation and modification transactions described in note 5. Such transactions, however, are reflected on the cash flow statement for GAAP purposes as if an amount equal to the lease component for such transactions had been received by the Company, and, as such, the amounts have been recorded as deferred revenues.

(b) Includes permanent improvements recorded in connection with the tower installation and modification transactions described in note 5. The Company receives no cash from, and is not party to, such transactions.

3. Summary of Significant Accounting Policies

Recently Adopted Accounting Pronouncements

No accounting pronouncements adopted during the three months ended March 31, 2020 had a material impact on the Company's condensed consolidated financial statements.

9

CC HOLDINGS GS V LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited

(Tabular dollars in thousands)

Recent Accounting Pronouncements Not Yet Adopted

No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's condensed consolidated financial statements.

4. Debt

The outstanding balance of the 3.849% Secured Notes due April 2023 as of March 31, 2020 and December 31, 2019 was $996 million and $995 million, respectively.

Interest Expense and Amortization of Deferred Financing Costs

The components of interest expense and amortization of deferred financing costs are as follows:

	Three Months Ended March 31,
	2020		2019
Interest expense on debt obligations	$	9,623	$	9,623
Amortization of deferred financing costs	346		346
Total	$	9,969	$	9,969

5. Related Party Transactions

Pursuant to the Management Agreement, CCUSA has agreed to employ, supervise and pay at all times a sufficient number of capable employees as may be necessary to perform services in accordance with the operation standards defined in the Management Agreement. CCUSA currently acts as the Manager of the sites held by subsidiaries of CCIC. The management fee is equal to 7.5% of the Company’s "Operating Revenues," as defined in the Management Agreement, which is based on the Company's reported revenues adjusted to exclude certain items including revenues related to the accounting for leases with fixed escalators. The fee is compensation for those functions reasonably necessary to maintain, market, operate, manage and administer the sites, other than the operating expenses (which includes real estate and personal property taxes, ground lease and easement payments, and insurance premiums).

Further, in connection with its role as Manager, CCUSA may offer certain installation and modification services to tenants on the Company's towers; however, the Company receives no cash from, and is not party to, such transactions. The Company includes the deferred revenue for a portion of the transaction price for the tower installation and modification services, which represents a lease component under GAAP, within "Deferred revenues," on the Company's condensed consolidated balance sheet and recognizes it as "Amortization of tower installations and modifications" on the Company's condensed consolidated statement of operations over the associated estimated lease term. The portions of the transaction price which do not represent a lease component are not reflected in the Company's operating results.

As part of CCIC's strategy to obtain long-term control of the land interests under its towers, affiliates of the Company have acquired rights to land under the Company's towers. These affiliates then lease the land to the Company, and the Company pays ground rent expenses to the affiliates. Under such circumstances, the Company's obligation typically continues with the same or similar economic terms as the contract for the land that existed prior to the purchase of such land by the affiliate. As of March 31, 2020, more than 30% of the Company's towers were located on land which was controlled by an affiliate. Also, the Company receives site rental revenues from affiliates for land owned by the Company on which affiliates have towers.

For the three months ended March 31, 2020 and 2019, the Company recorded equity distributions of $108.6 million and$105.5 million, respectively, reflecting distributions to its member. Cash on-hand above the amount that is required by the Management Agreement has been, and is expected to continue to be, distributed to the Company's parent company. As of March 31, 2020 and 2019, other than the amounts of its ROU assets and operating lease liabilities related to land leased from affiliates of the Company reflected in "Operating lease right-of-use assets," "Current portion of operating lease liabilities—related parties" and "Operating lease liabilities—related parties," the Company had no material related party assets or liabilities on its condensed consolidated balance sheet.

6. Income Taxes

CCIC operates as a REIT for U.S. federal income tax purposes. As a REIT, CCIC is generally entitled to a deduction for dividends that it pays and therefore is not subject to U.S. federal corporate income tax on its net taxable income that is currently

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CC HOLDINGS GS V LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited

(Tabular dollars in thousands)

distributed to its stockholders. For U.S. federal income tax purposes, the Company's assets and operations are included in the CCIC REIT.

For the three months ended March 31, 2020 and 2019, the Company's effective tax rate differed from the federal statutory rate predominately due to (1) CCIC's REIT status, including the dividends paid deduction and (2) state taxes.

7. Fair Values

The fair value of cash and cash equivalents approximates the carrying value. The Company determines the fair value of its debt securities based on indicative, non-binding quotes from brokers. Quotes from brokers require judgment and are based on the brokers' interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. There were no changes since December 31, 2019, in the Company's valuation techniques used to measure fair values. The estimated fair values of the Company's financial instruments, along with the carrying amounts of the related assets and liabilities, are as follows:

	Level in Fair Value Hierarchy	March 31, 2020				December 31, 2019
		Carrying  Amount		Fair Value		Carrying  Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	28,967	$	28,967	$	20,407	$	20,407
Liabilities:
Debt	2	995,777		1,004,500		995,431		1,046,200

8. Commitments and Contingencies

The Company is involved in various claims, lawsuits or proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters, and it is impossible to presently determine the ultimate costs or losses that may be incurred, if any, management believes the resolution of such uncertainties and the incurrence of such costs should not have a material adverse effect on the Company's condensed consolidated financial position or results of operations. In addition, see note 1 for a discussion of CCIC's option to purchase approximately 68% of the Company's towers at the end of their respective lease terms. CCIC has no obligation to exercise the purchase option.

9. Supplemental Cash Flow Information

	Three Months Ended March 31,
	2020		2019
Supplemental disclosure of cash flow information:
Cash payments related to operating lease liabilities(a)(b)	$	26,402	$	25,827
Supplemental disclosure of non-cash operating, investing and financing activities:
New ROU assets obtained in exchange for operating lease liabilities(b)	11,756		5,879

(a) Excludes cash payments related to contingent payment pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved.

(b) Inclusive of leases with related parties. See note 5.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the response to Part I, Item 1 of this report and our consolidated financial statements including the related notes and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our 2019 Form 10-K. As discussed in the "Explanatory Note" to this Form 10-Q and in further detail in our 2019 Form 10-K, amounts reflected for the first quarter of 2019 have been restated to reflect the impact of the Historical Adjustments.

Throughout this Item 2 and this Form 10-Q, site rental revenues include both revenues from tenant contracts and amortization of tower installations and modifications.

General Overview

We own, lease and manage sites that are geographically dispersed throughout the United States. The vast majority of our site rental revenues is of a recurring nature and is subject to long-term contracts with our tenants.

Business Fundamentals and Results

The following are certain highlights of our business fundamentals and results as of and for the three months ended March 31, 2020:

• Potential growth resulting from the increasing demand for wireless data

◦ We expect U.S. wireless carriers will continue their focus on improving network quality and expanding capacity (including through 5G initiatives) by adding additional antennas or other equipment on our sites.

◦ We expect existing and potential new tenant demand for our towers will result from (1) new technologies, (2) increased usage of mobile entertainment, mobile internet, and machine-to-machine applications, (3) adoption of other emerging and embedded wireless devices (including smartphones, laptops, tablets, wearables and other devices), (4) increasing smartphone penetration, (5) wireless carrier focus on expanding both network quality and capacity (6) the adoption of other bandwidth-intensive applications (such as cloud services and video communications) and (7) the availability of additional spectrum.

◦ Tenant additions on our existing sites are achieved at a low incremental operating cost, delivering high incremental returns.

◦ Substantially all of our sites can accommodate additional tenancy, either as currently constructed or with appropriate modifications to the structure (which may include extensions or structural reinforcement).

• Organizational structure

◦ For U.S. federal income tax purposes, CCIC operates as a REIT and, as its indirect subsidiary, our assets and operations are included in the CCIC REIT.

◦ Our subsidiaries (other than Crown Castle GS III Corp.) were organized specifically to own, lease and manage certain sites, such as towers or other structures, and have no employees.

◦ Management services, including those functions reasonably necessary to maintain, market, operate, manage or administer our sites, are performed by CCUSA. The management fee is equal to 7.5% of our Operating Revenues as defined in the Management Agreement.

• Site rental revenues under long-term tenant contracts

◦ Initial terms of five to 15 years for site rental revenues derived from tenant contracts, with contractual escalations and multiple renewal periods of five to 10 years each, exercisable at the option of the tenant.

◦ Weighted-average remaining term of approximately six years, exclusive of renewals exercisable at the tenants' option, currently representing approximately $4.3 billion of expected future cash inflows.

• Majority of our revenues from large wireless carriers

◦ Approximately 90% of our site rental revenues were derived from Sprint, AT&T, T-Mobile and Verizon Wireless.

▪ On April 1, 2020, T-Mobile and Sprint announced the completion of their previously disclosed merger. For additional information, see "Item 1A. Risk Factors" in our 2019 Form 10-K.

• Majority of land interests under our towers under long-term control

◦ More than 80% and more than 50% of our sites are under our control for greater than 10 and 20 years, respectively. The aforementioned percentages include towers that reside on land interests that are owned, including through fee interests and perpetual easements.

◦ Approximately one-fourth of our site rental costs of operations represent ground lease payments to our affiliates. Such affiliates acquired the rights to such land interests as a result of negotiated transactions with third parties in connection with a program established by CCIC to extend the rights to the land under its portfolio of towers.

• Relatively fixed tower operating costs

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◦ Our operating costs tend to escalate at approximately the rate of inflation and are not typically influenced by tenant additions or non-renewals.

• Minimal sustaining capital expenditure requirements

◦ Sustaining capital expenditures represented approximately 1% of site rental revenues.

• Fixed rate debt with no short-term maturities

◦ Our debt consists of $1.0 billion aggregate principal amount of 3.849% Secured Notes. See note 4 to our condensed consolidated financial statements.

• Significant cash flows from operations

◦ Net cash provided by operating activities was $133.6 million. See "Item 2. MD&A—Liquidity and Capital Resources."

Coronavirus (COVID-19)

The global outbreak of the novel coronavirus (COVID-19) was declared a pandemic by the World Health Organization and a national emergency by the U.S. government in March 2020 and has adversely affected the United States. In response, both the public and private sectors have introduced certain policies and initiatives in an effort to reduce the transmission of COVID-19 ("Initiatives"), such as the imposition of travel restrictions; mandates from federal, state and local authorities to close non-essential businesses and avoid large gatherings of people; quarantine or "shelter-in-place;" and the promotion of social distancing and the adoption of work-from-home and online learning by companies and institutions. In addition, the continued spread of COVID-19 and the resulting Initiatives have led to a significant economic downturn, global supply chain disruptions and volatility in the global capital markets.

In accordance with the U.S. Department of Homeland Security guidance issued in March 2020 designating telecommunications infrastructure and networks as critical infrastructure, we have continued our operations to ensure viability of communications networks, which are essential to public health and safety. We do not believe that COVID-19 had a material impact on our financial position, results of operations and cash flows in the first quarter of 2020. We currently anticipate that we will be able to maintain sufficient liquidity as we manage through the current environment. See also "Item 2. MD&A—Liquidity and Capital Resources—Liquidity Position" and "Item 1A. Risk Factors."

Guarantor Subsidiaries

In March 2020, the SEC adopted amendments to reduce and simplify the financial disclosure requirements for guarantors and issuers of guaranteed registered securities, and affiliates of such issuers whose securities are collateralized. The amendments will be effective January 4, 2021, but voluntary compliance with the amendments in advance of January 4, 2021 is permitted.

Summary financial information of such subsidiaries that, in certain circumstances, may be required by the amendments described above is not provided in this Form 10-Q because the assets, liabilities and results of operations of the combined guarantors of the 3.849% Secured Notes and CCL affiliates whose securities are pledged as collateral to secure the 3.849% Secured Notes are not materially different than the corresponding amounts presented in CCL's consolidated financial statements. Below is a description of certain material terms of the guarantees of the 3.849% Secured Notes and the pledge of the equity interests of the Guarantors (as defined below) that secures the 3.849% Secured Notes.

The 3.849% Secured Notes were co-issued by CCL and its wholly owned finance subsidiary, Crown Castle GS III Corp. ("Co-Issuer" and, together with CCL, "Issuers"), and are guaranteed by all direct and indirect wholly owned subsidiaries of CCL, other than Co-Issuer (collectively, "Guarantors"). Subject to the provisions of the Secured Notes Indenture, a Guarantor may be released and relieved of its obligations under its guarantee under certain circumstances, including: (1) in the event of any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise to a person that is not (either before or after giving effect to such transaction) CCL or one of its subsidiaries, (2) in the event of any sale or other disposition of all of the capital stock of any Guarantor, to a person that is not (either before or after giving effect to such transaction) CCL or a subsidiary of CCL, (3) upon CCL's exercise of legal defeasance in accordance with the relevant provisions of the Secured Notes Indenture or (4) upon the discharge of the Secured Notes Indenture in accordance with its terms.

CCL is a holding company with no significant operations or material assets other than the direct and indirect equity interests it holds in the Co-Issuer and the Guarantors. CCL conducts all of its business operations through the Guarantors. As a result, its ability to pay principal and interest on the 3.849% Secured Notes is dependent on the cash flow generated by the Guarantors and their ability to make such cash available to CCL by dividend or otherwise. The Guarantors' earnings will depend on their financial and operating performance, which will be affected by general economic, industry, financial, competitive, operating, legislative, regulatory and other factors beyond CCL's control. Any payments of dividends, distributions, loans or advances to CCL by the Guarantors could also be subject to restrictions on dividends under applicable local law in the jurisdictions in which the Guarantors

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operate. In the event that CCL does not receive distributions from the Guarantors, or to the extent that the earnings from, or other available assets of, the Guarantors are insufficient, CCL may be unable to make payments on the 3.849% Secured Notes. Furthermore, the Co-Issuer has no material assets and conducts no operations. Therefore, the Co-Issuer has no independent ability to service the interest and principal obligations under the 3.849% Secured Notes.

Pursuant to the Secured Notes Indenture, and the terms of a pledge and security agreement related thereto ("Pledge Agreement" and, together with the Secured Notes Indenture, "Notes Documents"), the 3.849% Secured Notes and the related guarantees are secured by perfected, first priority (subject to certain permitted liens set forth in the Secured Notes Indenture) pledges of the equity interests of each of the Guarantors and proceeds thereof. The 3.849% Secured Notes are not secured by any other assets, including any mortgage liens on properties.

Pursuant to the terms of the Notes Documents, the trustee under the Secured Notes Indenture may pursue remedies under the Secured Notes Indenture, or pursue foreclosure proceedings on the collateral, following an event of default under the Secured Notes Indenture. However, unless a principal payment event of default or a bankruptcy event of default under the Secured Notes Indenture has occurred and is continuing or any other event has occurred that resulted in the acceleration of the 3.849% Secured Notes, the pledgors of such equity interests will receive any dividends and distributions on such pledged equity interests free and clear of the lien securing the 3.849% Secured Notes. Because the collateral consists of equity interests, its value is subject to fluctuations based on factors that include, among other things, general economic conditions and the ability to realize on the collateral as part of a going concern and in an orderly fashion to available and willing buyers and not under distressed circumstances. There is no trading market for the pledged equity interests.

Under the terms of the Notes Documents, the Issuers and the Guarantors will be entitled to the release of the collateral from the liens securing the 3.849% Secured Notes under one or more circumstances, including (1) to enable the Issuers or any subsidiary to consummate the disposition of such collateral as described under the asset sale covenant of the Secured Notes Indenture; (2) as permitted under the amendment provisions of the Secured Notes Indenture; or (3) as otherwise provided in the Pledge Agreement. Upon the release of any subsidiary from its guarantee, if any, in accordance with the terms of the Secured Notes Indenture, the lien on any collateral held by such Guarantor and the lien on any pledged equity interests issued by such Guarantor will automatically terminate. In addition, upon the occurrence of (i) payment in full of the 3.849% Secured Notes and any other payment obligations under the Notes Documents, together with accrued and unpaid interest, or (ii) a defeasance or discharge of the Secured Notes Indenture as provided in the Secured Notes Indenture, the liens on all collateral created under the Pledge Agreement will terminate.

Results of Operations

The following discussion of our results of operations should be read in conjunction with our condensed consolidated financial statements and our 2019 Form 10-K. Amounts for three months ended March 31, 2019, and any discussion relating to those

amounts, give effect to the impact of the Historical Adjustments as described in the "Explanatory Note."

The following discussion of our results of operations is based on our condensed consolidated financial statements prepared in accordance with GAAP which requires us to make estimates and judgments that affect the reported amounts. See "Item 2. MD&A—Accounting and Reporting Matters—Critical Accounting Policies and Estimates" herein and note 3 to our 2019 Form 10-K.

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Highlights of our results of operations for the three months ended March 31, 2020 and 2019 are depicted below.

	Three Months Ended March 31,
(In thousands of dollars)	2020			2019			Percent Change
				(As Restated)
Site rental revenues:
Revenues from tenant contracts	$	172,389		$	167,322		3	%
Amortization of tower installations and modifications(a)	14,052			12,171			15	%
Total site rental revenues	186,441			179,493			4	%
Operating expenses:
Site rental cost of operations—third parties(b)	37,827			37,282			1	%
Ground rent expenses—related parties	11,281			10,609			6	%
Site rental cost of operations—total(b)	49,108			47,891			3	%
Management fee—related party	12,722			12,124			5	%
Asset write-down charges	424			190			*
Depreciation, amortization and accretion	52,346			51,580			1	%
Total operating expenses	114,600			111,785			3	%
Operating income (loss)	71,841			67,708			6	%
Interest expense and amortization of deferred financing costs	(9,969		)	(9,969		)	*
Other income (expense)	15			(3		)
Income (loss) before income taxes	61,887			57,736
Benefit (provision) for income taxes	(106		)	(98		)
Net income (loss)	$	61,781		$	57,638

* Percentage is not meaningful.

(a) Represents the amortization of deferred revenues recorded in connection with the tower installation and modification transactions described in note 5 to our condensed consolidated financial statements that result in permanent improvements to our towers. We receive no cash from, and are not party to, such transactions..

(b) Exclusive of depreciation, amortization and accretion shown separately and certain indirect costs included in the management fee

First Quarter 2020 and 2019

Site rental revenues for the three months ended March 31, 2020 increased by $6.9 million, or 4%, from the same period in the prior year. Site rental revenues were impacted by the following items, inclusive of straight-line accounting: tenant additions across our entire portfolio, renewals or extensions of tenant contracts, escalations and non-renewals of tenant contracts. Tenant additions were influenced by our tenants' ongoing efforts to improve network quality and capacity.

Operating income for the three months ended March 31, 2020 increased by $4.1 million, or 6%, from the same period in the prior year. The increase in operating income was primarily due to the aforementioned increase in site rental revenues, partially offset by an increase in the cost of operations from the three months ended March 31, 2019.

Interest expense and amortization of deferred financing costs for the three months ended March 31, 2020 remained unchanged from the same period in the prior year.

Net income for the three months ended March 31, 2020 was $61.8 million, compared to net income of $57.6 million for the three months ended March 31, 2019. The increase was primarily due to the aforementioned increase in site rental revenues.

Liquidity and Capital Resources

Overview

General. Our core business generates revenues under long-term tenant contracts (See "Item 2. MD&A—General Overview"), from the largest U.S. wireless carriers. Historically, our net cash provided by operating activities has exceeded our capital expenditures. For the foreseeable future, we expect to generate net cash provided by operating activities (exclusive of movements in working capital) that exceeds our capital expenditures. We seek to allocate the net cash generated from our business in a manner

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that we believe drives value for our member.

From a cash management perspective, we currently distribute cash on hand above amounts required pursuant to the Management Agreement to our member. If any future event would occur that would leave us with a deficiency in our operating cash flow, while not required, CCIC may contribute cash back to us.

CCIC operates as a REIT for U.S. federal income tax purposes. For U.S. federal income tax purposes, our assets and operations are included in the CCIC REIT. We expect to continue to pay minimal cash income taxes as a result of CCIC's REIT status and NOLs.

Liquidity Position. The following is a summary of our capitalization and liquidity position as of March 31, 2020:

(In thousands of dollars)	March 31, 2020
Cash and cash equivalents	$	28,967
Debt	995,777
Total member's equity	2,050,115

Over the next 12 months:

• We expect that our net cash provided by operating activities should be sufficient to cover our expected capital expenditures.

• We have no scheduled contractual debt maturities.

See note 4 to our condensed consolidated financial statements for additional information regarding our debt.

Summary Cash Flow Information

	Three Months Ended March 31,
(In thousands of dollars)	2020			2019			Change
				(As Restated)
Net cash provided by (used for):
Operating activities	$	133,622		$	123,153		$	10,469
Investing activities	(16,442		)	(18,678		)	2,236
Financing activities	(108,620		)	(105,472		)	(3,148		)
Net increase (decrease) in cash and cash equivalents	$	8,560		$	(997	)	$	9,557

Operating Activities

The increase in net cash provided by operating activities for the first three months of 2020 of $10.5 million, or 9%, from the first three months of 2019, was primarily due to growth in cash revenues, including cash escalations that are subject to straight-line accounting, and a net increase from changes in working capital. Changes in working capital contribute to variability in net cash provided by operating activities, largely due to the timing of advanced payments by us and advanced receipts from tenants.

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Investing Activities

Capital Expenditures

Our capital expenditures are primarily recorded as a result of tower installation and modification services performed by CCUSA that result in permanent improvements to our towers. We receive no cash from, and are not party to, such transactions. Such capital expenditures include the following:

• Discretionary capital expenditures primarily consist of expansion or development of sites (including capital expenditures related to (1) enhancing sites in order to add new tenants for the first time or support subsequent tenant equipment augmentations, or (2) modifying the structure of a site asset to accommodate additional tenants). Discretionary capital expenditures also include purchases of land interests under our towers, certain technology-related investments necessary to support and scale future tenant demand for our sites, and other capital projects. The expansion or development of existing sites to accommodate new leasing typically varies based on, among other factors: (1) the type of site, (2) the scope, volume and mix of work performed on the site, (3) existing capacity prior to installation or (4) changes in structural engineering regulations and standards. Our decisions regarding discretionary capital expenditures are influenced by (1) sufficient potential to enhance CCIC's long-term stockholder value, (2) CCIC's availability and cost of capital and (3) CCIC's expected returns on alternative uses of cash, such as payments of dividends and investments.

• Sustaining capital expenditures consist of maintenance capital expenditures on our sites that enable our tenants' ongoing quiet enjoyment of the site.

Capital expenditures for the three months ended March 31, 2020 and 2019 were as follows:

	Three Months Ended March 31,
(In thousands of dollars)	2020		2019		Change
			(As Restated)
Discretionary	$	15,311	$	17,607	$	(2,296	)
Sustaining	1,131		1,071		60
Total	$	16,442	$	18,678	$	(2,236	)

Financing Activities

The net cash flows used for financing activities during the three months ended March 31, 2020 and 2019 were impacted by our continued practice of distributing excess cash to our member.

2012 Secured Notes

See our 2019 Form 10-K for a discussion of the 2012 Secured Notes, debt restrictions and disclosures about market risk. There are no financial maintenance covenants in the Secured Notes Indenture. We are currently not restricted in our ability to incur additional indebtedness or distribute cash to affiliates or issue dividends to our member.

Accounting and Reporting Matters

Critical Accounting Policies and Estimates

Our critical accounting policies and estimates are those that we believe (1) are most important to the portrayal of our financial condition and results of operations or (2) require our most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. The critical accounting policies and estimates for 2020 are not intended to be a comprehensive list of our accounting policies and estimates. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP, with no need for management's judgment. In other cases, management is required to exercise judgment in the application of accounting principles with respect to particular transactions. Our critical accounting policies and estimates as of December 31, 2019 are described in "Item 7. MD&A—Accounting and Reporting Matters" and in note 3 in our 2019 Form 10-K.

Accounting Pronouncements

Recently Adopted Accounting Pronouncements.

See note 3 to our condensed consolidated financial statements.

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Recent Accounting Pronouncements Not Yet Adopted.

See note 3 to our condensed consolidated financial statements.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company conducted an evaluation, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that due to the material weakness in the Company's internal control over financial reporting

described below, the Company's disclosure controls and procedures were not effective in alerting them in a timely manner to material information relating to the Company required to be included in the Company's periodic reports under the Securities Exchange Act of 1934, as amended.

Material Weakness in Internal Control over Financial Reporting

As previously disclosed in the Company's 2019 Form 10-K, management concluded that a material weakness existed in the Company's internal control over financial reporting, as it did not effectively design and maintain controls related to the accounting for tower installation and modification services.

Remediation of Material Weakness

Management has created a plan of remediation to strengthen its internal control over financial reporting. The remediation efforts include (1) revising its accounting policies to appropriately identify and account for lease components and the related calculation of deferred revenue, and (2) making improvements to existing processes and controls related to the determination of the accuracy of capital expenditures made for permanent improvements associated with tower installation services. Management is implementing training with respect to the new processes and evaluating the need for additional resources.

Management believes that the measures described above will remediate the identified material weakness and strengthen the Company’s internal control over financial reporting. Management has begun to take these actions to remediate the material weakness and may take additional measures to strengthen its internal control environment.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company's internal control over financial reporting during the fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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PART II—OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See the disclosure in note 8 to our condensed consolidated financial statements, which disclosure is hereby incorporated herein by reference.

ITEM 1A. RISK FACTORS

The following risk factor is provided to update the risk factors previously discussed in "Item 1A. Risk Factors" in our 2019 Form 10-K.

The impact of COVID-19 and related risks could materially affect our financial position, results of operations and cash flows.

The global spread of COVID-19 has created significant uncertainty and economic disruption. We have modified, and might further modify, our business practices as a result of the COVID-19 pandemic, the economic and social ramifications of the disease, and the societal and governmental responses in the communities in which we operate. See "Item 2. MD&A—General Overview—Coronavirus (COVID-19)" for further information. The extent to which the COVID-19 pandemic will affect our financial position, results of operations and cash flows is difficult to predict with certainty and depends on numerous evolving factors, including: the duration and scope of the pandemic; government, social, business and other actions that have been and will be taken in response to the pandemic; and the effect of the pandemic on short- and long-term general economic conditions. Among other things, COVID-19 and the Initiatives could (1) adversely affect the ability of our suppliers, vendors, and the Manager to provide products and services to us; (2) result in decreased demand for our sites; and (3) make it more difficult for us and the Manager to serve our tenants, including as a result of delays or suspensions in the issuance of permits or other authorizations needed to conduct our business. The potential effects of COVID-19 could also heighten the risks disclosed in many of our risk factors that are included in "Item 1A. Risk Factors" in our 2019 Form 10-K. Due to the speed with which the situation is developing and factors beyond our knowledge or control, including the duration and severity of COVID-19, as well as third-party actions taken to contain its spread and mitigate its public health effects, at this time we cannot estimate or predict with certainty the impact of COVID-19, the Initiatives, or the measures we take in response thereto on our financial position, results of operations and cash flows, particularly over the near to medium term, but the impact could be material.

ITEM 6. EXHIBITS

Exhibit Index

Exhibit No.		Description
(a)	3.1	Certificate of Formation, as amended, of CC Holdings GS V LLC
(a)	3.2	Second Amended and Restated Limited Liability Company Agreement of CC Holdings GS V LLC
(b)	22	List of Subsidiaries
*	31.1	Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
*	31.2	Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
†	32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002
*	101	The following financial statements from CC Holdings GS V LLC's Quarterly Report on Form 10-Q for the quarter ended March 30, 2020, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheet, (ii) Condensed Consolidated Statement of Operations, (iii) Condensed Consolidated Statement of Cash Flows, (iv) Condensed Consolidated Statement of Changes of Member's Equity, and (v) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags
*	104	The cover page from CC Holdings GS V LLC's Quarterly Report on Form 10-Q for the quarter ended March 30, 2020, formatted in Inline XBRL

* Filed herewith.

† Furnished herewith.

(a) Incorporated by reference to the exhibit previously filed by the Registrant on Form S-4 (Registration No. 333-187970) on April 17, 2013.

(b) Incorporated by reference to the exhibit previously filed by the Registrant on Annual Report on Form 10-K for the year ended December 31, 2019.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		CC HOLDINGS GS V LLC
Date:	May 6, 2020	By:	/s/ Daniel K. Schlanger
			Daniel K. Schlanger
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)
Date:	May 6, 2020	By:	/s/ Robert S. Collins
			Robert S. Collins
			Vice President and Controller
			(Principal Accounting Officer)

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EX-31.1

Exhibit 31.1

Certification

For the Quarterly Period Ended March 31, 2020

I, Jay A. Brown, certify that:

1. I have reviewed this report on Form 10-Q of CC Holdings GS V LLC (“registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 6, 2020

/s/ Jay A. Brown

Jay A. Brown

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification

For the Quarterly Period Ended March 31, 2020

I, Daniel K. Schlanger, certify that:

1. I have reviewed this report on Form 10-Q of CC Holdings GS V LLC (“registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 6, 2020

/s/ Daniel K. Schlanger

Daniel K. Schlanger

Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification Pursuant to

18 U.S.C. Section 1350

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of CC Holdings GS V LLC, a Delaware Corporation (“Company”), for the period ending March 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (“Report”), each of the undersigned officers of the Company hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of such officer's knowledge:

1) the Report complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of March 31, 2020 (the last date of the period covered by the Report).

/s/ Jay A. Brown

Jay A. Brown

President and Chief Executive Officer

May 6, 2020

/s/ Daniel K. Schlanger

Daniel K. Schlanger

Executive Vice President and Chief Financial Officer

May 6, 2020

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Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt and Other Obligations [Abstract]
Interest expense on debt obligations	$ 9,623	$ 9,623
Amortization of deferred financing costs	346	346
Total	$ 9,969	$ 9,969

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Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Supplemental Cash Flow Information Related to Leases [Abstract]
Cash payments related to operating lease liabilities	[1],[2]	$ 26,402	$ 25,827
New ROU assets obtained in exchange for operating lease liabilities		$ 11,756	$ 5,879

[1] Excludes cash payments related to contingent payment pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved.

[2] Inclusive of leases with related parties. See note 5.

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Condensed Consolidated Statement of Operations Statement - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Site Rental Revenues		$ 172,389	$ 167,322
Amortization of service revenues	[1]	14,052	12,171
Revenues		186,441	179,493
Operating expenses:
Site rental cost of operations—third parties(b)	[2]	37,827	37,282
Ground rent expenses—related parties		11,281	10,609
Site rental cost of operations—total(b)	[2]	49,108	47,891
Management fee—related party		12,722	12,124
Asset write-down charges		424	190	$ 424	$ 190
Depreciation, amortization and accretion		52,346	51,580	52,346	51,580
Total operating expenses		114,600	111,785
Operating income (loss)		71,841	67,708
Interest expense and amortization of deferred financing costs		(9,969)	(9,969)
Other income (expense)		15	(3)
Income (loss) before income taxes		61,887	57,736
Benefit (provision) for income taxes		(106)	(98)
Net income (loss)		$ 61,781	$ 57,638	$ 61,781	$ 57,638

[1] Exclusive of depreciation, amortization and accretion shown separately and certain indirect costs included in the management fee.

[2] Exclusive of depreciation, amortization and accretion shown separately and certain indirect costs included in the management fee.

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General

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

General

The accompanying consolidated financial statements reflect the consolidated financial position, results of operations and cash flows of CC Holdings GS V LLC ("CCL") and its consolidated wholly-owned subsidiaries (collectively, "Company"). The Company is a wholly-owned subsidiary of Global Signal Operating Partnership, L.P. ("GSOP"), which is an indirect subsidiary of Crown Castle International Corp., a Delaware corporation ("CCIC" or "Crown Castle"). CCL is a Delaware limited liability company that is a holding company and an issuer of the Company's debt. Intercompany accounts, transactions and profits have been eliminated. As used herein, the term "including," and any variation thereof means "including without limitation." The use of the word "or" herein is not exclusive.

The information contained in the following notes to the condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2019, and related notes thereto, included in the 2019 Form 10-K filed by the Company with the SEC.

The Company is organized specifically to own, lease and manage towers and other structures (collectively, "towers"), and to a lesser extent, interests in land under third party and related party towers in various forms ("land interests") (collectively, "sites") that are geographically dispersed across the U.S. The Company's core business is providing access, including space or capacity, to its sites via long-term contracts in various forms, including lease, license and sublease agreements (collectively, "tenant contracts"). The Company's customers on its sites are referred to herein as "tenants." Management services related to the Company's sites are performed by Crown Castle USA Inc. ("CCUSA"), an affiliate of the Company, under the Management Agreement, as the Company has no employees.

Approximately 68% of the Company's sites are leased or subleased or operated and managed for an initial period of 32 years (through May 2037) under master leases or other agreements with Sprint ("Sprint Sites"). CCIC, through its subsidiaries (including the Company) has the option to purchase in 2037 all (but not less than all) of the Sprint Sites from Sprint for approximately $2.3 billion. CCIC has no obligation to exercise the purchase option.

For U.S federal income tax purposes, CCIC operates as a real estate investment trust ("REIT"), and as its indirect subsidiary, the Company's assets and operations are included in the CCIC REIT. See note 6.

Basis of Presentation

The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the consolidated financial position of the Company at March 31, 2020, the condensed consolidated results of operations for the three months ended March 31, 2020 and 2019 and the condensed consolidated cash flows for the three months ended March 31, 2020 and 2019. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the U.S. ("GAAP"). The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

CCIC operates as a REIT for U.S. federal income tax purposes. As a REIT, CCIC is generally entitled to a deduction for dividends that it pays and therefore is not subject to U.S. federal corporate income tax on its net taxable income that is currently

distributed to its stockholders. For U.S. federal income tax purposes, the Company's assets and operations are included in the CCIC REIT.

For the three months ended March 31, 2020 and 2019, the Company's effective tax rate differed from the federal statutory rate predominately due to (1) CCIC's REIT status, including the dividends paid deduction and (2) state taxes.

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Restatement of Financial Statements (Notes)

3 Months Ended

Mar. 31, 2020

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Restatement of Financials [Text Block]

2.

Restatement of Previously Issued Condensed Consolidated Financial Statements

The tables below summarize the impact of the Restatement Adjustments that were related to the timing of revenue recognition on CCIC's tower installation services. Specifically, CCIC determined that its historical practice of recognizing the full transaction price as services revenues upon completion of an installation was not acceptable under GAAP. Instead, a portion of the transaction price for CCIC's tower installation services, specifically the amounts associated with permanent improvements recorded as fixed assets, represent a lease component and should be recognized by CCIC as site rental revenues on a ratable basis over the associated estimated lease term.

CCIC, through its wholly owned subsidiary, offers certain installation and other construction-related services to tenants on the towers owned by CCIC's subsidiaries (including to tenants on the Company's towers). That business is separate from the operations of the Company, and the Company (1) is not party to such transactions and (2) does not receive any cash associated

with such transactions. However, when CCIC is engaged by, and performs an installation or other activity for, a tenant that is locating or located on the Company's towers, and such transaction results in (1) enhancing a tower in connection with a new tenant installing equipment on the tower for the first time or as part of subsequent equipment augmentations or (2) modifying the structure of a tower to accommodate the additional tenant, the Company records any permanent improvement that is made on its tower site as a fixed asset. Historically, in connection with recording such permanent improvements as fixed assets on its financial statements, the Company would also record a corresponding amount as a capital contribution from CCIC.

The Company determined that, despite the Company not receiving any cash, an amount equal to the lease component as a result of such installation and other construction-related services should be recorded on the consolidated financial statements as deferred revenue, and then amortized as revenues on a ratable basis over the length of the tenants’ associated estimated lease term.

In addition to the determination discussed above, the Company has also determined that errors existed related to its accounting for obligations to perform asset retirement activities pursuant to its ground lease and easement agreements. Specifically, the Company should not have recorded asset retirement obligations for its Sprint Sites, as the associated estimated retirement would occur beyond the period for which the Company has a contract term to these sites. The correction of the errors related to the Company's accounting for obligations to perform asset retirement activities resulted in (1) a decrease to both "Property and equipment, net" and "Member's equity" of $4.4 million on the Company's consolidated balance sheet as of March 31, 2020, and (2) a decrease to "Depreciation, amortization, and accretion" on the Company's consolidated statement of operations of $0.7 million for the three months ended March 31, 2020.

The Restatement Adjustments in the tables below reflect the impact of (1) allocating an amount equal to the lease component as a result of such installation and other construction-related services on the consolidated financial statements as deferred revenue, and then amortizing those amounts as amortization of tower installations and modifications on a ratable basis over the length of the tenants’ associated estimated lease term and (2) correcting errors related to the Company's accounting for obligations to perform asset retirement activities.

In addition, the Company has also made other adjustments to the financial statements referenced above to correct errors that were not material to its condensed consolidated financial statements. Such immaterial adjustments are related to a revision in the presentation of certain tower installation activities from a gross basis to a net basis, including the associated removal of certain amounts historically categorized as capital expenditures.

In addition to the restatement of the condensed consolidated financial statements, certain historical information in the notes to the condensed consolidated financial statements have been restated to reflect the impact of the Historical Adjustments.

Consolidated Balance Sheet

	March 31, 2019
	As Reported		Restatement Adjustments			Other Adjustments			As Restated
ASSETS
Property and equipment, net	$	1,012,769	$	(4,436	)	$	(2,754	)	$	1,005,579
Total assets	4,618,698		(4,436		)	(2,754		)	4,611,508
LIABILITIES AND EQUITY
Current liabilities:
Deferred revenues(a)	12,436		49,334			—			61,770
Total current liabilities	97,928		49,334			—			147,262
Other long-term liabilities(a)	34,342		158,784			—			193,126
Total liabilities	2,232,026		208,118			—			2,440,144
Member's equity:
Member's equity	2,386,672		(212,554		)	(2,754		)	2,171,364
Total member's equity	2,386,672		(212,554		)	(2,754		)	2,171,364
Total liabilities and equity	$	4,618,698	$	(4,436	)	$	(2,754	)	$	4,611,508

(a) Reflects the recording of deferred revenues in connection with the tower installation and modification transactions described in note 5 that result in permanent improvements to the Company's towers. The Company receives no cash from, and is not party to, such transactions.

Consolidated Statement of Operations

	Three Months Ended March 31, 2019
	As Reported		Restatement Adjustments			Other Adjustments			As Restated
Site rental revenues:
Revenues from tenant contracts	$	167,322	$	—		$	—		$	167,322
Amortization of tower installations and modifications(a)	—		12,171			—			12,171
Total site rental revenues	167,322		12,171			—			179,493
Operating expenses:
Depreciation, amortization and accretion	52,362		(736		)	(46		)	51,580
Total operating expenses	112,567		(736		)	(46		)	111,785
Operating income (loss)	54,755		12,907			46			67,708
Income (loss) before income taxes	44,783		12,907			46			57,736
Net income (loss)	$	44,685	$	12,907		$	46		$	57,638

(a) Represents the amortization of deferred revenues recorded in connection with the tower installation and modification transactions described in note 5 that result in permanent improvements to the Company's towers. The Company receives no cash from, and is not party to, such transactions.

Consolidated Statement of Cash Flows

	Three Months Ended March 31, 2019
	As Reported			Restatement Adjustments			Other Adjustments			As Restated
Cash flows from operating activities:(a)
Net income (loss)	$	44,685		$	12,907		$	46		$	57,638
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, amortization and accretion	52,362			(736		)	(46		)	51,580
Increase (decrease) in other liabilities	3,738			2,230			—			5,968
Net cash provided by (used for) operating activities	108,752			14,401			—			123,153
Cash flows from investing activities:
Capital expenditures(b)	(18,745		)	—			67			(18,678		)
Net cash provided by (used for) investing activities	(18,745		)	—			67			(18,678		)
Cash flows from financing activities:
Distributions to member	(91,004		)	(14,401		)	(67		)	(105,472		)
Net cash provided by (used for) financing activities	(91,004		)	(14,401		)	(67		)	(105,472		)
Net increase (decrease) in cash and cash equivalents	(997		)	—			—			(997		)
Cash and cash equivalents at beginning of year	18,707			—			—			18,707
Cash and cash equivalents at end of year	$	17,710		$	—		$	—		$	17,710

(a)

The Company receives no cash from, and is not party to, the tower installation and modification transactions described in note 5. Such transactions, however, are reflected on the cash flow statement for GAAP purposes as if an amount equal to the lease component for such transactions had been received by the Company, and, as such, the amounts have been recorded as deferred revenues.

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Supplemental Cash Flow Information (Tables) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash payments related to operating lease liabilities	[1],[2]	$ 26,402	$ 25,827
New ROU assets obtained in exchange for operating lease liabilities		$ 11,756	$ 5,879

[1] Excludes cash payments related to contingent payment pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved.

[2] Inclusive of leases with related parties. See note 5.

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Condensed Consolidated Balance Sheet - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents		$ 28,967	$ 20,407
Receivables, net		4,761	3,620
Prepaid expenses		12,890	29,643
Deferred site rental receivables and other current assets		32,168	13,278
Total current assets		78,786	66,948
Deferred site rental receivables		354,834	354,075
Property and equipment, net of accumulated depreciation of $1,118,425 and $1,095,355, respectively		1,001,086	1,010,367
Operating lease, right-of-use assets		1,149,952	1,150,476
Goodwill		1,338,730	1,338,730
Other intangible assets, net		650,535	678,956
Long-term prepaid rent and other assets, net		1,889	1,905
Total assets		4,575,812	4,601,457
LIABILITIES AND EQUITY
Accounts payable		2,054	2,652
Accrued interest		17,748	8,126
Deferred revenues(a)	[1]	84,465	70,217
Other accrued liabilities		9,730	6,146
Current portion of operating lease liabilities—third parties		37,194	37,164
Current portion of operating lease liabilities—related parties		20,790	20,417
Total current liabilities		171,981	144,722
Debt		995,777	995,431
Operating lease liabilities—third parties		839,003	845,960
Operating lease liabilities—related parties		321,844	314,920
Other Liabilities, Noncurrent	[1]	197,092	203,470
Total liabilities		2,525,697	2,504,503
Member's equity:
Member's equity		2,050,115	2,096,954
Accumulated earnings (deficit)		0	0
Total member's equity		2,050,115	2,096,954
Total liabilities and equity		$ 4,575,812	$ 4,601,457

[1] (a) Reflects the recording of deferred revenues in connection with the tower installation and modification transactions described in note 5 that result in permanent improvements to the Company's towers. The Company receives no cash from, and is not party to, such transactions.

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Condensed Consolidated Statement of Equity - USD ($) $ in Thousands		Total	Members' Equity [Member]	Accumulated Earnings (Deficit) [Member]
Balance, beginning at Dec. 31, 2018		$ 2,219,198	$ 2,219,198	$ 0
Equity [Roll Forward]
Increase (Decrease) Due from Affiliates	[1]	(105,472)	(47,834)	(57,638)
Net income (loss)		57,638	0	57,638
Balance, ending at Mar. 31, 2019		2,171,364	2,171,364	0
Balance, beginning at Dec. 31, 2018		2,219,198	2,219,198	0
Equity [Roll Forward]
Increase (Decrease) Due from Affiliates		(108,620)
Net income (loss)		61,781
Balance, ending at Dec. 31, 2019		2,096,954	2,096,954	0
Equity [Roll Forward]
Increase (Decrease) Due from Affiliates	[1]	(108,620)	(46,839)	(61,781)
Net income (loss)		61,781	0	61,781
Balance, ending at Mar. 31, 2020		$ 2,050,115	$ 2,050,115	$ 0

[1] (a) See note 5. The Company receives no cash from, and is not party to, the tower installation and modification transactions described in note 5.

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Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Estimated Fair Values and Carrying Amounts of Assets and Liabilities

he estimated fair values of the Company's financial instruments, along with the carrying amounts of the related assets and liabilities, are as follows:

	Level in Fair Value Hierarchy	March 31, 2020				December 31, 2019
		Carrying  Amount		Fair Value		Carrying  Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	28,967	$	28,967	$	20,407	$	20,407
Liabilities:
Debt	2	995,777		1,004,500		995,431		1,046,200

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Related Party Transactions

3 Months Ended

Mar. 31, 2020

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Pursuant to the Management Agreement, CCUSA has agreed to employ, supervise and pay at all times a sufficient number of capable employees as may be necessary to perform services in accordance with the operation standards defined in the Management Agreement. CCUSA currently acts as the Manager of the sites held by subsidiaries of CCIC. The management fee is equal to 7.5% of the Company’s "Operating Revenues," as defined in the Management Agreement, which is based on the Company's reported revenues adjusted to exclude certain items including revenues related to the accounting for leases with fixed escalators. The fee is compensation for those functions reasonably necessary to maintain, market, operate, manage and administer the sites, other than the operating expenses (which includes real estate and personal property taxes, ground lease and easement payments, and insurance premiums).

Further, in connection with its role as Manager, CCUSA may offer certain installation and modification services to tenants on the Company's towers; however, the Company receives no cash from, and is not party to, such transactions. The Company includes the deferred revenue for a portion of the transaction price for the tower installation and modification services, which represents a lease component under GAAP, within "Deferred revenues," on the Company's condensed consolidated balance sheet and recognizes it as "Amortization of tower installations and modifications" on the Company's condensed consolidated statement of operations over the associated estimated lease term. The portions of the transaction price which do not represent a lease component are not reflected in the Company's operating results.

As part of CCIC's strategy to obtain long-term control of the land interests under its towers, affiliates of the Company have acquired rights to land under the Company's towers. These affiliates then lease the land to the Company, and the Company pays ground rent expenses to the affiliates. Under such circumstances, the Company's obligation typically continues with the same or similar economic terms as the contract for the land that existed prior to the purchase of such land by the affiliate. As of March 31, 2020, more than 30% of the Company's towers were located on land which was controlled by an affiliate. Also, the Company receives site rental revenues from affiliates for land owned by the Company on which affiliates have towers.

For the three months ended March 31, 2020 and 2019, the Company recorded equity distributions of $108.6 million and$105.5 million, respectively, reflecting distributions to its member. Cash on-hand above the amount that is required by the Management Agreement has been, and is expected to continue to be, distributed to the Company's parent company. As of March 31, 2020 and 2019, other than the amounts of its ROU assets and operating lease liabilities related to land leased from affiliates of the Company reflected in "Operating lease right-of-use assets," "Current portion of operating lease liabilities—related parties" and "Operating lease liabilities—related parties," the Company had no material related party assets or liabilities on its condensed consolidated balance sheet.

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Supplemental Cash Flow Information (Notes)

3 Months Ended

Mar. 31, 2020

Supplemental Cash Flow Information [Abstract]

Cash Flow, Supplemental Disclosures [Text Block]

Supplemental Cash Flow Information

	Three Months Ended March 31,
	2020		2019
Supplemental disclosure of cash flow information:
Cash payments related to operating lease liabilities(a)(b)	$	26,402	$	25,827
Supplemental disclosure of non-cash operating, investing and financing activities:
New ROU assets obtained in exchange for operating lease liabilities(b)	11,756		5,879

(a) Excludes cash payments related to contingent payment pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved.

(b)

Inclusive of leases with related parties. See note 5.

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Debt and Other Obligations (Indebtedness) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt	$ 995,777	$ 995,431
2012 secured notes tranche B [Member]
Debt Instrument [Line Items]
Stated interest rate	3.849%

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Commitments and Contingencies Tower count as a percentage of total towers (Details)	Mar. 31, 2020
Leased or Operated Under Sprint Master Lease Agreements [Member]
Contractual Terms [Line Items]
Site count as a percentage of total sites	68.00%

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Condensed Consolidated Balance Sheet Parenthetical (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accumulated Depreciation [Abstract]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 1,118,425	$ 1,095,355

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Recently Adopted Accounting Pronouncements

No accounting pronouncements adopted during the three months ended March 31, 2020 had a material impact on the Company's condensed consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's condensed consolidated financial statements.

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Fair Values

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Values

The fair value of cash and cash equivalents approximates the carrying value. The Company determines the fair value of its debt securities based on indicative, non-binding quotes from brokers. Quotes from brokers require judgment and are based on the brokers' interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. There were no changes since December 31, 2019, in the Company's valuation techniques used to measure fair values. The estimated fair values of the Company's financial instruments, along with the carrying amounts of the related assets and liabilities, are as follows:

	Level in Fair Value Hierarchy	March 31, 2020				December 31, 2019
		Carrying  Amount		Fair Value		Carrying  Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	28,967	$	28,967	$	20,407	$	20,407
Liabilities:
Debt	2	995,777		1,004,500		995,431		1,046,200

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Recently Adopted Accounting Pronouncements

No accounting pronouncements adopted during the three months ended March 31, 2020 had a material impact on the Company's condensed consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's condensed consolidated financial statements.

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General Business (Details) - Leased or Operated Under Sprint Master Lease Agreements [Member] $ in Billions	Mar. 31, 2020 USD ($)
Site count as a percentage of total sites	68.00%
Purchase option price	$ 2.3

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Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended				12 Months Ended
		Mar. 31, 2020		Mar. 31, 2019		Dec. 31, 2019
Related Party Transaction [Line Items]
Management Fee, Percent Fee		7.50%
Increase (Decrease) Due from Affiliates		$ (108,620)	[1]	$ (105,472)	[1]	$ (108,620)
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Percentage of Towers Where Land is Owned by Related Party		30.00%
Accumulated Earnings (Deficit) [Member]
Related Party Transaction [Line Items]
Increase (Decrease) Due from Affiliates	[1]	$ (61,781)		(57,638)
Members' Equity [Member]
Related Party Transaction [Line Items]
Increase (Decrease) Due from Affiliates	[1]	$ (46,839)		$ (47,834)

[1] (a) See note 5. The Company receives no cash from, and is not party to, the tower installation and modification transactions described in note 5.

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Restatement of Financial Statements (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Condensed Balance Sheet Statements, Captions [Line Items]
Property, Plant and Equipment, Net		$ 1,001,086	$ 1,010,367	$ 1,005,579
Assets		4,575,812	4,601,457	4,611,508
Deferred revenues(a)	[1]	84,465	70,217	61,770
Liabilities, Current		171,981	144,722	147,262
Other liabilities				193,126
Liabilities		2,525,697	2,504,503	2,440,144
Member's equity		2,050,115	2,096,954	2,171,364
Members' Equity		2,050,115	2,096,954	2,171,364	$ 2,219,198
Liabilities and Equity		$ 4,575,812	$ 4,601,457	4,611,508
Previously Reported [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Property, Plant and Equipment, Net				1,012,769
Assets				4,618,698
Deferred revenues(a)	[1]			12,436
Liabilities, Current				97,928
Other liabilities				34,342
Liabilities				2,232,026
Member's equity				2,386,672
Members' Equity				2,386,672
Liabilities and Equity				4,618,698
Restatement Adjustment [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Property, Plant and Equipment, Net				(4,400)
Assets				(4,436)
Deferred revenues(a)	[1]			49,334
Liabilities, Current				49,334
Other liabilities				158,784
Liabilities				208,118
Member's equity				(212,554)
Members' Equity				(212,554)
Liabilities and Equity				(4,436)
Other Adjustment [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Property, Plant and Equipment, Net				(2,754)
Assets				(2,754)
Deferred revenues(a)	[1]			0
Liabilities, Current				0
Other liabilities				0
Liabilities				0
Member's equity				(2,754)
Members' Equity				(2,754)
Liabilities and Equity				$ (2,754)

[1] (a) Reflects the recording of deferred revenues in connection with the tower installation and modification transactions described in note 5 that result in permanent improvements to the Company's towers. The Company receives no cash from, and is not party to, such transactions.

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Restatement of Financial Statements Statement of Operations (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Condensed Income Statements, Captions [Line Items]
Site Rental Revenues		$ 172,389	$ 167,322
Amortization of service revenues	[1]	14,052	12,171
Revenues		186,441	179,493
Site rental cost of operations—third parties(b)	[2]	37,827	37,282
Ground rent expenses—related parties		11,281	10,609
Site rental cost of operations—total(b)	[2]	49,108	47,891
Management Fee Expense Related Party		12,722	12,124
Asset write-down charges		424	190	$ 424	$ 190
Depreciation, Amortization and Accretion, Net		52,346	51,580	52,346	51,580
Costs and Expenses		114,600	111,785
Operating income (loss)		71,841	67,708
Interest Expense, Debt		9,969	9,969
Other Nonoperating Income (Expense)		15	(3)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest		61,887	57,736
Benefit (provision) for income taxes		(106)	(98)
Net income (loss)		61,781	57,638	$ 61,781	$ 57,638
Accumulated Earnings (Deficit) [Member]
Condensed Income Statements, Captions [Line Items]
Net income (loss)		$ 61,781	57,638
Previously Reported [Member]
Condensed Income Statements, Captions [Line Items]
Site Rental Revenues			167,322
Amortization of service revenues	[1]		0
Revenues			167,322
Depreciation, Amortization and Accretion, Net			52,362
Costs and Expenses			112,567
Operating income (loss)			54,755
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest			44,783
Net income (loss)			44,685
Previously Reported [Member] | Accumulated Earnings (Deficit) [Member]
Condensed Income Statements, Captions [Line Items]
Net income (loss)			44,685
Restatement Adjustment [Member]
Condensed Income Statements, Captions [Line Items]
Site Rental Revenues			0
Amortization of service revenues	[1]		12,171
Revenues			12,171
Depreciation, Amortization and Accretion, Net			(736)
Costs and Expenses			(736)
Operating income (loss)			12,907
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest			12,907
Net income (loss)			12,907
Other Adjustment [Member]
Condensed Income Statements, Captions [Line Items]
Site Rental Revenues			0
Amortization of service revenues	[1]		0
Revenues			0
Depreciation, Amortization and Accretion, Net			(46)
Costs and Expenses			(46)
Operating income (loss)			46
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest			46
Net income (loss)			$ 46

[1] Exclusive of depreciation, amortization and accretion shown separately and certain indirect costs included in the management fee.

[2] Exclusive of depreciation, amortization and accretion shown separately and certain indirect costs included in the management fee.

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Summary of Significant Accounting Policies Significant Accounting Policies (Details)	Mar. 31, 2020
Minimum [Member]
Lessee, Lease, Description [Line Items]
Ground Lease Agreement, Initial Term	5 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Ground Lease Agreement, Initial Term	10 years

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Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, carrying value	$ 28,967	$ 20,407	$ 17,710	$ 18,707	$ 18,707
Debt	995,777	995,431
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	28,967	20,407
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt And Capital Lease Obligations Fair Value Disclosures	$ 1,004,500	$ 1,046,200

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Debt and Other Obligations

3 Months Ended

Mar. 31, 2020

Extinguishment of Debt [Line Items]

Debt and Other Obligations

Debt

The outstanding balance of the 3.849% Secured Notes due April 2023 as of March 31, 2020 and December 31, 2019 was $996 million and $995 million, respectively.

Interest Expense and Amortization of Deferred Financing Costs

The components of interest expense and amortization of deferred financing costs are as follows:

	Three Months Ended March 31,
	2020		2019
Interest expense on debt obligations	$	9,623	$	9,623
Amortization of deferred financing costs	346		346
Total	$	9,969	$	9,969

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Document and Entity Information	3 Months Ended
	Mar. 31, 2020 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	333-187970
Entity Registrant Name	CC HOLDINGS GS V LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-4300339
Entity Common Stock, Shares Outstanding	0
Entity Address, Address Line One	1220 Augusta Drive
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77057-2261
City Area Code	713
Local Phone Number	570-3000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001574291
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

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Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2020	Dec. 31, 2018
Cash flows from operating activities:(a)
Net income (loss)		$ 61,781	$ 57,638
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, Amortization and Accretion, Net		52,346	51,580
Amortization Of Deferred Financing Costs And Other Noncash Interest		346	346
Amortization of deferred financing costs		346
Asset write-down charges		424	190
Changes in assets and liabilities:
Increase (decrease) in accrued interest			9,622
Increase (decrease) in accounts payable			(32)
Increase (decrease) in other liabilities			5,968
Decrease (increase) in receivables			1,516
Decrease (increase) in other assets			(3,675)
Net cash provided by (used for) operating activities	[1]	133,622
Cash flows from investing activities:
Capital expenditures(b)	[2]		(18,678)
Net cash provided by (used for) investing activities		(16,442)
Cash flows from financing activities:
Increase (Decrease) Due from Affiliates	[3]	(108,620)
Net cash provided by (used for) financing activities		(108,620)
Net increase (decrease) in cash and cash equivalents		8,560
Cash and cash equivalents		28,967	18,707
Cash and cash equivalents at end of period		$ 28,967	$ 18,707

[1] (a) The Company receives no cash from, and is not party to, the tower installation and modification transactions described in note 5. Such transactions, however, are reflected on the cash flow statement for GAAP purposes as if an amount equal to the lease component for such transactions had been received by the Company, and, as such, the amounts have been recorded as deferred revenues.

[2] Includes permanent improvements recorded in connection with the tower installation and modification transactions described in note 5. The Company receives no cash from, and is not party to, such transactions.

[3] (a) See note 5. The Company receives no cash from, and is not party to, the tower installation and modification transactions described in note 5.

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Restatement of Financial Statements Statement of Cash Flows (Details) - USD ($) $ in Thousands		3 Months Ended				12 Months Ended
		Mar. 31, 2020		Mar. 31, 2019		Dec. 31, 2019		Dec. 31, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Net income (loss)		$ 61,781		$ 57,638		$ 61,781		$ 57,638
Depreciation, Amortization and Accretion, Net		52,346		51,580		52,346		51,580
Amortization of deferred financing costs		346		346
Asset write-down charges		424		190		424		190
Increase (decrease) in accrued interest						9,622		9,622
Increase (decrease) in accounts payable						1,200		(32)
Increase (decrease) in other liabilities				5,968		11,187		5,968
Increase (Decrease) in Receivables						1,141		(1,516)
Increase (Decrease) in Other Operating Assets						2,143		3,675
Net Cash Provided by (Used in) Operating Activities	[1]	133,622		123,153
Payments to Acquire Productive Assets				(18,678)		16,442	[2]	18,678	[2]
Net Cash Provided by (Used in) Investing Activities		(16,442)		(18,678)
Increase (Decrease) Due from Affiliates		(108,620)	[3]	(105,472)	[3]	(108,620)
Net Cash Provided by (Used in) Financing Activities		(108,620)		(105,472)
Cash and Cash Equivalents, Period Increase (Decrease)		8,560		(997)
Cash and cash equivalents at end of period		$ 28,967		17,710		$ 20,407		18,707
Previously Reported [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net income (loss)				44,685
Depreciation, Amortization and Accretion, Net				52,362
Increase (decrease) in other liabilities				3,738
Net Cash Provided by (Used in) Operating Activities	[1]			108,752
Payments to Acquire Productive Assets				(18,745)
Net Cash Provided by (Used in) Investing Activities				(18,745)
Increase (Decrease) Due from Affiliates				(91,004)
Net Cash Provided by (Used in) Financing Activities				(91,004)
Cash and Cash Equivalents, Period Increase (Decrease)				(997)
Cash and cash equivalents at end of period				17,710				18,707
Restatement Adjustment [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net income (loss)				12,907
Depreciation, Amortization and Accretion, Net				(736)
Increase (decrease) in other liabilities				2,230
Net Cash Provided by (Used in) Operating Activities	[1]			14,401
Payments to Acquire Productive Assets				0
Net Cash Provided by (Used in) Investing Activities				0
Increase (Decrease) Due from Affiliates				(14,401)
Net Cash Provided by (Used in) Financing Activities				(14,401)
Cash and Cash Equivalents, Period Increase (Decrease)				0
Cash and cash equivalents at end of period				0				0
Other Adjustment [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net income (loss)				46
Depreciation, Amortization and Accretion, Net				(46)
Increase (decrease) in other liabilities				0
Net Cash Provided by (Used in) Operating Activities	[1]			0
Payments to Acquire Productive Assets				67
Net Cash Provided by (Used in) Investing Activities				67
Increase (Decrease) Due from Affiliates				(67)
Net Cash Provided by (Used in) Financing Activities				(67)
Cash and Cash Equivalents, Period Increase (Decrease)				0
Cash and cash equivalents at end of period				$ 0				$ 0

[1] (a) The Company receives no cash from, and is not party to, the tower installation and modification transactions described in note 5. Such transactions, however, are reflected on the cash flow statement for GAAP purposes as if an amount equal to the lease component for such transactions had been received by the Company, and, as such, the amounts have been recorded as deferred revenues.

[2] Includes permanent improvements recorded in connection with the tower installation and modification transactions described in note 5. The Company receives no cash from, and is not party to, such transactions.

[3] (a) See note 5. The Company receives no cash from, and is not party to, the tower installation and modification transactions described in note 5.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company is involved in various claims, lawsuits or proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters, and it is impossible to presently determine the ultimate costs or losses that may be incurred, if any, management believes the resolution of such uncertainties and the incurrence of such costs should not have a material adverse effect on the Company's condensed consolidated financial position or results of operations. In addition, see note 1 for a discussion of CCIC's option to purchase approximately 68% of the Company's towers at the end of their respective lease terms. CCIC has no obligation to exercise the purchase option.

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Debt and Other Obligations (Tables)

3 Months Ended

Mar. 31, 2020

Extinguishment of Debt [Line Items]

Components of Interest Expense and Amortization of Deferred Financing Costs

The components of interest expense and amortization of deferred financing costs are as follows:

	Three Months Ended March 31,
	2020		2019
Interest expense on debt obligations	$	9,623	$	9,623
Amortization of deferred financing costs	346		346
Total	$	9,969	$	9,969