Property and Equipment, Net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and Equipment, Net

The table below presents the balances of major classes of assets and accumulated depreciation.

		As of
(in millions)	Estimated Useful Lives	September 30, 2025		December 31, 2024
Land		$	110.4	$	110.2
Buildings	15 to 35 years	48.2		47.1
Advertising structures	3 to 20 years	1,763.1		1,752.8
Furniture, equipment and other	3 to 10 years	196.0		186.8
Construction in progress		34.1		32.9
		2,151.8		2,129.8
Less: Accumulated depreciation		1,509.3		1,480.9
Property and equipment, net		$	642.5	$	648.9

Depreciation expense was $22.4 million in the three months ended September 30, 2025, $18.6 million in the three months ended September 30, 2024, $69.6 million in the nine months ended September 30, 2025, and $55.5 million in the nine months ended September 30, 2024.