10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________________________________________________

FORM 10-Q

_______________________________________________________________

(Mark One)

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

For the quarterly period ended September 30, 2024

OR

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

For the transition period from _______ to _______

Commission File Number: 001-36708

_______________________________________________________________

Uniti Group Inc.

(Exact name of registrant as specified in its charter)

_______________________________________________________________

Maryland	46-5230630
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2101 Riverfront Drive, Suite A Little Rock, Arkansas	72202
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (501) 850-0820

_______________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	UNIT	The NASDAQ Global Select Market

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 x No o

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 x No o

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	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
		Emerging growth company	o

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. o

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

As of October 31, 2024, the registrant had 244,114,544 shares of common stock, $0.0001 par value per share, outstanding.

EXPLANATORY NOTE

This Quarterly Report on Form 10-Q contains unaudited information as of and for the three and nine months ended September 30, 2024, as well as restated unaudited information as of and for the three and nine months ended September 30, 2023. Detailed information can be found in Note 2 to our accompanying Condensed Consolidated Financial Statements contained in Part I, Item 1 "Financial Statements" of this Quarterly Report on Form 10-Q.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q includes forward-looking statements as defined under U.S. federal securities law. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements regarding: our expectations regarding the settlement we have entered into with Windstream Holdings, Inc. (together with Windstream Holdings II, LLC, its successor in interest, and its subsidiaries, “Windstream”); expectations regarding our potential Merger (as defined herein) with Windstream; the future prospects and financial health of Windstream; our expectations about our ability to maintain our status as a real estate investment trust (a “REIT”); our expectations regarding the refinancing of and interest expense on our new ABS Loan Facility (as defined below); our expectations regarding the effect of tax-related legislation on our tax position; our expectations related to our ability to satisfy the requirements necessary to access the remaining capacity under our ABS Loan Facility; our expectations regarding the future growth and demand of the telecommunication industry, future financing plans, business strategies, growth prospects, operating and financial performance, and our future liquidity needs and access to capital; our expectations regarding future deployment of fiber strand miles and small cell networks and recognition of revenue related thereto; our expectations regarding levels of capital expenditures; our expectations regarding the deductibility of goodwill for tax purposes; our expectations regarding reclassification of accumulated other comprehensive income (loss) related to derivatives to interest expense; our expectations regarding the amortization of intangible assets; and our expectations regarding the payment of dividends.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained. Factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to:

•our and Windstream’s ability to consummate our Merger with Windstream on the expected terms or according to the anticipated timeline;

•the risk that the Merger Agreement (as defined herein) may be modified or terminated prior to its expiration, that the conditions to our Merger with Windstream may not be satisfied or the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement;

•the effect of the announcement of our Merger with Windstream on relationships with our customers, suppliers, vendors, employees and other stakeholders and our operating results and the operating results of Windstream;

•the diversion of our management’s time on issues related to our Merger with Windstream;

•the risk that we fail to fully realize the potential benefits, expected synergies, efficiencies and cost savings from our Merger with Windstream within the expected time period (if at all);

•legal proceedings that may be instituted against us or Windstream following announcement of the Merger;

•the future prospects of our largest customer, Windstream;

•adverse impacts of inflation and high interest rates on our employees, our business, the business of our customers and other business partners and the global financial markets;

•the ability and willingness of our customers to meet and/or perform their obligations under any contractual arrangements entered into with us, including master lease arrangements;

•the ability and willingness of our customers to renew their leases with us upon their expiration, our ability to reach agreement on the price of such renewal or ability to obtain a satisfactory renewal rent

2

from an independent appraisal, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant;

•the availability of and our ability to identify suitable acquisition opportunities and our ability to acquire and lease the respective properties on favorable terms or operate and integrate the acquired businesses;

•our ability to generate sufficient cash flows to service our outstanding indebtedness and fund our capital funding commitments;

•our ability to access debt and equity capital markets;

•the impact on our business or the business of our customers as a result of credit rating downgrades and fluctuating interest rates;

•our ability to retain our key management personnel;

•our ability to maintain our status as a REIT;

•changes in the U.S. tax law and other federal, state or local laws, whether or not specific to REITs;

•covenants in our debt agreements that may limit our operational flexibility;

•the possibility that we may experience equipment failures, natural disasters, cyber-attacks or terrorist attacks for which our insurance may not provide adequate coverage;

•the risk that we fail to fully realize the potential benefits of or have difficulty in integrating the companies we acquire;

•other risks inherent in the communications industry and in the ownership of communications distribution systems, including potential liability relating to environmental matters and illiquidity of real estate investments; and

•additional factors discussed in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A “Risk Factors” of this Quarterly Report on Form 10-Q, in Part II, Item 1A "Risk Factors" of our Quarterly Report on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024 filed with the U.S. Securities and Exchange Commission (the "SEC") on May 3, 2024, and on August 1, 2024, respectively, and in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K filed with the SEC on February 29, 2024, as amended by Amendment No. 1 and Amendment No. 2 thereto filed on Form 10-K/A with the SEC on March 26, 2024, and March 27, 2024, respectively, as well as those described from time to time in our future reports filed with the SEC.

Forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except in the normal course of our public disclosure obligations, we expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.

3

Uniti Group Inc.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	5
	Uniti Group Inc.
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Income (Loss)	7
	Condensed Consolidated Statements of Comprehensive Income (Loss)	9
	Condensed Consolidated Statements of Shareholders’ Deficit	10
	Condensed Consolidated Statements of Cash Flows	11
	Notes to Condensed Consolidated Financial Statements	13
	1.Organization and Description of Business	13
	2.Restatement of Previously Issued Financial Statements	14
	3.Basis of Presentation and Summary of Significant Accounting Policies	16
	4.Revenues	17
	5.Leases	18
	6.Fair Value of Financial Instruments	20
	7.Property, Plant and Equipment	22
	8.Derivative Instruments and Hedging Activities	23
	9.Goodwill and Intangible Assets and Liabilities	24
	10.Notes and Other Debt	25
	11.Earnings Per Share	29
	12.Segment Information	31
	13.Commitments and Contingencies	34
	14.Accumulated Other Comprehensive Loss	35
	15.Capital Stock	35
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
	1.Overview	35
	2.Results of Operations	39
	3.Non-GAAP Financial Measures	53
	4.Liquidity and Capital Resources	56
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	61
Item 4.	Controls and Procedures	61
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	63
Item 1A.	Risk Factors	63
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 3.	Defaults Upon Senior Securities	63
Item 4.	Mine Safety Disclosures	63
Item 5.	Other Information	63
Item 6.	Exhibits	64
Signatures		65

4

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

5

Uniti Group Inc.

Condensed Consolidated Balance Sheets

	(Unaudited)
(Thousands, except par value)	September 30, 2024		December 31, 2023
Assets:
Property, plant and equipment, net	$	4,156,542	$	3,982,069
Cash and cash equivalents	34,077		62,264
Restricted cash and cash equivalents	19,311		—
Accounts receivable, net	51,604		46,358
Goodwill	157,380		157,380
Intangible assets, net	282,839		305,115
Straight-line revenue receivable	105,823		90,988
Operating lease right-of-use assets, net	126,791		125,105
Derivative asset	231		—
Other assets	39,996		118,117
Deferred income tax assets, net	124,077		109,128
Assets held for sale	—		28,605
Total Assets	$	5,098,671	$	5,025,129
Liabilities and Shareholders' Deficit:
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	95,844	$	119,340
Settlement payable (Note 13)	95,147		163,583
Intangible liabilities, net	148,377		156,397
Accrued interest payable	56,562		133,683
Deferred revenue	1,299,759		1,273,661
Dividends payable	2		36,162
Operating lease liabilities	78,785		84,404
Finance lease obligations	17,869		18,110
Notes and other debt, net	5,782,633		5,523,579
Liabilities held for sale	—		331
Total liabilities	7,574,978		7,509,250
Commitments and contingencies (Note 13)
Shareholders' Deficit:
Preferred stock, $0.0001 par value, 50,000 shares authorized; no shares issued and outstanding	—		—
Common stock, $0.0001 par value, 500,000 shares authorized; issued and outstanding: 237,488 shares at September 30, 2024 and 236,559 at December 31, 2023	24		24
Additional paid-in capital	1,232,228		1,221,824
Accumulated other comprehensive loss	(820)		—
Distributions in excess of accumulated earnings	(3,708,705)		(3,708,240)
Total Uniti shareholders' deficit	(2,477,273)		(2,486,392)
Noncontrolling interests:
Operating partnership units	716		2,021
Cumulative non-voting convertible preferred stock, $0.01 par value, 6 shares authorized, 3 issued and outstanding	250		250
Total shareholders' deficit	(2,476,307)		(2,484,121)
Total Liabilities and Shareholders' Deficit	$	5,098,671	$	5,025,129

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

Uniti Group Inc.

Condensed Consolidated Statements of Income (Loss)

(unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2024		2023		2024		2023
			( as restated)				(as restated)
Revenues:
Revenue from rentals
Uniti Leasing	$	221,123	$	212,720	$	653,756	$	632,707
Uniti Fiber	12,762		16,913		37,588		52,750
Total revenue from rentals	233,885		229,633		691,344		685,457
Service revenues
Uniti Leasing	1,799		1,868		5,073		5,142
Uniti Fiber	56,563		59,154		177,195		173,576
Total service revenues	58,362		61,022		182,268		178,718
Total revenues	292,247		290,655		873,612		864,175
Costs and Expenses:
Interest expense, net	131,007		120,691		381,693		389,243
Depreciation and amortization	79,325		77,337		234,862		231,379
General and administrative expense	26,697		25,481		80,546		77,331
Operating expense (exclusive of depreciation and amortization)	34,519		37,392		106,753		109,878
Transaction related and other costs	14,404		1,441		31,068		9,805
Gain on sale of real estate	—		(1,424)		(18,999)		(1,424)
Goodwill impairment	—		203,998		—		203,998
Other expense (income), net	—		1,435		(301)		21,323
Total costs and expenses	285,952		466,351		815,622		1,041,533
Income (loss) before income taxes and equity in earnings from unconsolidated entities	6,295		(175,696)		57,990		(177,358)
Income tax benefit	(5,935)		(56,130)		(13,869)		(62,899)
Equity in earnings from unconsolidated entities	—		(670)		—		(1,990)
Net income (loss)	12,230		(118,896)		71,859		(112,469)
Net income (loss) attributable to noncontrolling interests	1		(53)		23		(50)
Net income (loss) attributable to shareholders	12,229		(118,843)		71,836		(112,419)
Participating securities' share in earnings	(334)		(321)		(1,493)		(890)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Net income (loss) attributable to common shareholders	$	11,890	$	(119,169)	$	70,328	$	(113,324)
Income (Loss) per common share:
Basic	$	0.05	$	(0.50)	0.30		$	(0.48)
Diluted	$	0.05	$	(0.50)	0.30		$	(0.48)
Weighted-average number of common shares outstanding:
Basic	237,480		236,533		237,242		236,352
Diluted	237,480		236,533		237,242		236,352

7

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

Uniti Group Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
			(as restated)				(as restated)
Net income (loss)	$	12,230	$	(118,896)	$	71,859	$	(112,469)
Other comprehensive loss:
Unrealized loss on valuation of interest rate cap	(834)		—		(661)		—
Reclassification of realized interest on interest rate cap	(122)		—		(159)		—
Other comprehensive loss	(956)		—		(820)		—
Comprehensive income (loss)	11,274		(118,896)		71,039		(112,469)
Comprehensive income (loss) attributable to noncontrolling interest	1		(53)		23		(50)
Comprehensive income (loss) attributable to shareholders	$	11,273	$	(118,843)	$	71,016	$	(112,419)

The accompanying notes are an integral part of these condensed consolidated financial statements.

9

Uniti Group Inc.

Condensed Consolidated Statements of Shareholders’ Deficit

(unaudited)

	For the three months ended September 30,
(Thousands, except share data)	Preferred Stock			Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Distributions in Excess of Accumulated Earnings		Noncontrolling Interest - OP Units		Noncontrolling Interest - Non- voting Preferred Shares		Total Shareholders' Deficit
	Shares	Amount		Shares	Amount
Balance at June 30, 2023	—	$	—	236,430,752	$	24	$	1,215,260	$	—	$	(3,548,870)	$	2,092	$	250	$	(2,331,244)
Net loss (as restated)	—	—		—	—		—		—		(118,843)		(53)		—		(118,896)
Common stock dividends declared ($0.15 per share)	—	—		—	—		—		—		(35,802)		—		—		(35,802)
Distributions to noncontrolling interest declared	—	—		—	—		—		—		—		(16)		—		(16)
Payments related to tax withholding for stock-based compensation	—	—		—	—		(9)		—		—		—		—		(9)
Stock-based compensation	—	—		3,227	—		3,148		—		—		—		—		3,148
Issuance of common stock - employee stock purchase plan	—	—		105,737	—		416		—		—		—		—		416
Balance at September 30, 2023 (as restated)	—	$	—	236,539,716	$	24	$	1,218,815	$	—	$	(3,703,515)	$	2,023	$	250	$	(2,482,403)
Balance at June 30, 2024	—	$	—	237,353,110	$	24	$	1,228,527	$	136	$	(3,722,066)	$	715	$	250	$	(2,492,414)
Net income	—	—		—	—		—		—		12,229		1		—		12,230
Other comprehensive loss	—	—		—	—		—		(956)		—		—		—		(956)
Performance award dividend	—	—		—	—		—		—		1,132		—		—		1,132
Payments related to tax withholding for stock-based compensation	—	—		—	—		(4)		—		—		—		—		(4)
Stock-based compensation	—	—		1,885	—		3,375		—		—		—		—		3,375
Issuance of common stock - employee stock purchase plan	—	—		133,136	—		330		—		—		—		—		330
Balance at September 30, 2024	—	$	—	237,488,131	$	24	$	1,232,228	$	(820)	$	(3,708,705)	$	716	$	250	$	(2,476,307)

	For the nine months ended September 30,
(Thousands, except share data)	Preferred Stock			Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income		Distributions in Excess of Accumulated Earnings		Noncontrolling Interest - OP Units		Noncontrolling Interest - Non- voting Preferred Shares		Total Shareholders' Deficit
	Shares	Amount		Shares	Amount
Balance at December 31, 2022	—	$	—	235,829,485	$	24	$	1,210,033	$	—	$	(3,483,634)	$	2,121	$	250	$	(2,271,206)
Net loss (as restated)	—	—		—	—		—		—		(112,419)		(50)		—		(112,469)
Common stock dividends declared ($0.45 per share)	—	—		—	—		—		—		(107,462)		—		—		(107,462)
Distributions to noncontrolling interest declared	—	—		—	—		—		—		—		(48)		—		(48)
Payments for settlement of common stock warrant	—	—		—	—		(56)		—		—		—		—		(56)
Termination of bond hedge option	—	—		—	—		59		—		—		—		—		59
Payments related to tax withholding for stock-based compensation	—	—		—	—		(1,359)		—		—		—		—		(1,359)
Stock-based compensation	—	—		537,590	—		9,408		—		—		—		—		9,408
Issuance of common stock - employee stock purchase plan	—	—		172,641	—		730		—		—		—		—		730
Balance at September 30, 2023 (as restated)	—	$	—	236,539,716	$	24	$	1,218,815	$	—	$	(3,703,515)	$	2,023	$	250	$	(2,482,403)
Balance at December 31, 2023	—	$	—	236,558,601	$	24	$	1,221,824	$	—	$	(3,708,240)	$	2,021	$	250	$	(2,484,121)
Net income	—	—		—	—		—		—		71,836		23		—		71,859
Other comprehensive loss	—	—		—			—		(820)		—		—		—		(820)
Common stock dividends declared ($0.30 per share)	—	—		—	—		—		—		(72,301)		—		—		(72,301)
Distributions to noncontrolling interest declared	—	—		—	—		—		—		—		(21)		—		(21)
Exchange of noncontrolling interest	—	—		53,662	—		1,215		—		—		(1,307)		—		(92)
Payments related to tax withholding for stock-based compensation	—	—		—	—		(1,587)		—		—		—		—		(1,587)
Stock-based compensation	—	—		659,685	—		10,120		—		—		—		—		10,120
Issuance of common stock - employee stock purchase plan	—	—		216,183	—		656		—		—		—		—		656
Balance at September 30, 2024	—	$	—	237,488,131	$	24	$	1,232,228	$	(820)	$	(3,708,705)	$	716	$	250	$	(2,476,307)

The accompanying notes are an integral part of these condensed consolidated financial statements.

10

Uniti Group Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

	Nine Months Ended September 30,
(Thousands)	2024		2023
			(as restated)
Cash flow from operating activities
Net income (loss)	$	71,859	$	(112,469)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	234,862		231,379
Amortization of deferred financing costs and debt discount	16,774		13,975
Loss on extinguishment of debt, net	—		31,187
Interest rate cap amortization	1,149		—
Deferred income taxes	(14,949)		(63,196)
Equity in earnings of unconsolidated entities	—		(1,990)
Distributions of cumulative earnings from unconsolidated entities	—		2,959
Cash paid for interest rate cap	(2,200)		—
Straight-line revenues and amortization of below-market lease intangibles	(24,358)		(28,795)
Stock-based compensation	10,120		9,408
Goodwill impairment	—		203,998
Loss (gain) on asset disposals	292		(242)
Gain on sale of real estate	(18,999)		(1,424)
Accretion of settlement obligation	5,081		8,273
Other	68		2
Changes in assets and liabilities:
Accounts receivable	(5,247)		(4,194)
Other assets	12,103		10,530
Accounts payable, accrued expenses and other liabilities	(105,475)		(108,826)
Net cash provided by operating activities	181,080		190,575
Cash flow from investing activities
Capital expenditures	(327,762)		(368,264)
Proceeds from sale of other equipment	528		1,581
Proceeds from sale of real estate	40,039		1,530
Proceeds from sale of unconsolidated entity	40,000		—
Net cash used in investing activities	(247,195)		(365,153)
Cash flow from financing activities
Repayment of debt	(122,942)		(2,263,662)
Proceeds from issuance of notes	309,000		2,600,000
Dividends paid	(108,445)		(107,395)
Payments of settlement payable	(73,516)		(73,516)
Borrowings under revolving credit facility	130,000		450,000
Payments under revolving credit facility	(333,000)		(367,000)
Proceeds from ABS Loan Facility	275,000		—
Finance lease payments	(2,020)		(1,601)
Payments for financing costs	(15,778)		(26,955)
Payment for settlement of common stock warrant	—		(56)
Termination of bond hedge option	—		59
Costs related to the early repayment of debt	—		(44,303)
Distributions paid to noncontrolling interests	(37)		(48)

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Payment for noncontrolling interest	(92)		—
Employee stock purchase program	656		730
Payments related to tax withholding for stock-based compensation	(1,587)		(1,359)
Net cash provided by financing activities	57,239		164,894
Net decrease in cash, restricted cash and cash equivalents	(8,876)		(9,684)
Cash, restricted cash and cash equivalents at beginning of period	62,264		43,803
Cash, restricted cash and cash equivalents at end of period	$	53,388	$	34,119
Non-cash investing and financing activities:
Property and equipment acquired but not yet paid	$	7,371	$	12,134
Tenant capital improvements	$	163,592	$	94,322

The accompanying notes are an integral part of these condensed consolidated financial statements.

12

Uniti Group Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Note 1. Organization and Description of Business

Uniti Group Inc. (the “Company,” “Uniti,” “we,” “us,” or “our”) was incorporated in the state of Maryland on September 4, 2014. We are an independent internally managed real estate investment trust (“REIT”) engaged in the acquisition, construction and leasing of mission critical infrastructure in the communications industry. We are principally focused on acquiring and constructing fiber optic, copper and coaxial broadband networks and data centers. We manage our operations focused on our two primary lines of business: Uniti Fiber and Uniti Leasing.

The Company operates through a customary “up-REIT” structure, pursuant to which we hold substantially all of our assets through a partnership, Uniti Group LP, a Delaware limited partnership (the “Operating Partnership”) that we control as general partner. The up-REIT structure is intended to facilitate future acquisition opportunities by providing the Company with the ability to use common units of the Operating Partnership as a tax-efficient acquisition currency. As of September 30, 2024, we are the sole general partner of the Operating Partnership and own approximately 99.98% of the partnership interests in the Operating Partnership.

Our Proposed Merger with Windstream

On May 3, 2024, the Company entered into an Agreement and Plan of Merger with Windstream Holdings II, LLC (the “Merger Agreement”) providing for a combination of the Company and Windstream Holdings, Inc. (together with Windstream Holdings II, LLC, its successor in interest, and its subsidiaries, “Windstream”) such that, following a pre-closing reorganization of Windstream and the merger of the Company into an entity formed in such reorganization (the "Merger"), both the Company and Windstream will be indirect wholly owned subsidiaries of a recently formed company that in the reorganization will become the parent company of Windstream (“New Uniti”). Following the Merger, the common stock of New Uniti (“New Uniti Common Stock”) is expected to be listed on the Nasdaq.

The Merger intends to reunite Windstream’s business with the underlying fiber infrastructure owned by the Company to create a premier digital infrastructure company with a strong platform for value creation. Upon consummation of the Merger, the board of directors of New Uniti will initially comprise nine members, including five directors to be appointed by Uniti. It is expected that Uniti’s existing officers will serve as initial officers of New Uniti.

At the effective time of the Merger, each share of Uniti’s common stock that is issued and outstanding will automatically be cancelled and retired and converted into the right to a number of shares of New Uniti Common Stock pursuant to an exchange ratio set forth in the Merger Agreement such that the Company's and Windstream's stockholders are expected to hold approximately 62% and 38%, respectively, of the combined company before giving effect to the conversion of any outstanding convertible securities or the issuance of warrants to purchase New Uniti Common Stock referenced below.

In addition, at the closing of the Merger, we will fund an aggregate cash payment of $425 million (less certain transaction expenses) that will be distributed to Windstream equityholders on a pro-rata basis (the “Merger Cash Consideration”). Windstream equityholders will also be entitled to pro rata distributions of (i) new shares of non-voting preferred stock of New Uniti with a dividend rate of 11% per year for the first six years, subject to an additional 0.5% per year during each of the seventh and eighth year after the initial issuance and further increased by an additional 1% per year during each subsequent year, subject to a cap of 16% per year and with an aggregate liquidation preference of $575 million, and (ii) warrants to purchase New Uniti Common Stock, with an exercise price of $0.01 per share, subject to customary adjustments, representing in the aggregate approximately 6.9% of the pro forma share total of New Uniti. We intend to fund the Merger Cash Consideration with cash on hand and borrowings under the Revolving Credit Facility (as defined herein).

Our Merger with Windstream is subject to customary closing conditions, including, among others, approval by our stockholders and receipt of required regulatory approvals, including the expiration or early termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976 and the receipt of approvals from the Federal Communications Commission and certain state public utility commissions. We currently expect our Merger with Windstream to close in 2025.

Upon consummation of the Merger, New Uniti will become an integrated telecommunications company. Initially, the legacy Uniti and Windstream organizational structures will remain separate, and the existing agreements and arrangements presently in effect between Uniti and Windstream, such as the Windstream Leases and the settlement agreement with

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Windstream, which requires Uniti to fund periodic settlement payments and reimburse Windstream for certain growth capital improvements, will remain in place. All Windstream debt obligations would remain obligations of Windstream and our debt obligations would remain as ours, with no cross-guarantees or credit support between the Company and Windstream. In September and October 2024, Windstream undertook a series of transactions through which it amended the terms of its outstanding debt to, among other things, allow for the consolidation of Uniti's and Windstream's debt following the completion of the Merger into a single silo under a common parent entity (the "Post-Closing Reorganization"). As a result, following the completion of the Merger, Uniti may, but is not required to, consummate the Post-Closing Reorganization. If the Post-Closing Reorganization is completed, certain existing agreements and arrangements presently in effect between Uniti and Windstream, including the Windstream Leases and the settlement agreement described above, could be (but are not required to be) terminated. In addition, if the Post-Closing Reorganization is completed, each obligor under Uniti's outstanding debt (other than the ABS Loan Facility) would become an obligor under Windstream's outstanding debt, and each obligor under Windstream's outstanding debt would become an obligor under Uniti's outstanding debt (other than the ABS Loan Facility).

In addition, we have agreed to suspend dividend payments or other distributions until the consummation of the Merger, except for the dividend paid on June 28, 2024 and those dividends reasonably required for us or our subsidiaries to maintain our status as a REIT or to avoid the payment or imposition of income or excise tax, among other customary exceptions. Finally, it is expected that, following consummation of the Merger, Uniti will cease to be a REIT for U.S. federal income tax purposes.

Note 2. Restatement of Previously Issued Financial Statements

During the third quarter of 2023, the Company recorded a goodwill impairment and related income tax benefits, which it reflected in its unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2023 (the “2023 Interim Financial Statements”) included in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC on November 2, 2023. As previously disclosed in the Company’s Annual Report on Form 10-K filed with the SEC on February 29, 2024, as amended by Amendment No. 1 and Amendment No. 2 thereto filed on Form 10-K/A with the SEC on March 26, 2024, and March 27, 2024, respectively (the “Annual Report”), during the fourth quarter of 2023, the Company identified certain errors with respect to the income tax benefit it recorded associated with the goodwill impairment. As a result, the goodwill impairment and income tax benefit were understated, netting to a $38.0 million increase in the net loss for the three and nine months ended September 30, 2023. As discussed in Note 2 to the Company’s consolidated financial statements included in the Annual Report, the Company had previously concluded that the error was immaterial, and the error was corrected as an immaterial correction to the 2023 Interim Financial Statements.

On October 30, 2024, the audit committee of the board of directors of the Company, in consultation with senior management of the Company, concluded that the error was material to the 2023 Interim Financial Statements and should have been reflected as a restatement of the 2023 Interim Financial Statements.

The impact of the restatement on our prior period unaudited condensed consolidated balance sheet, condensed consolidated statement of loss, condensed consolidated statement of comprehensive loss, and condensed consolidated statement of cash flows is presented below:

	As of September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill	$	208,378	$	(50,998)	$	157,380
Deferred income taxes, net	$	90,792	$	13,035	$	103,827
Total Assets	$	4,981,325	$	(37,963)	$	4,943,362
Distributions in excess of accumulated earnings	$	(3,665,569)	$	(37,946)	$	(3,703,515)
Total Uniti shareholders' deficit	$	(2,446,730)	$	(37,946)	$	(2,484,676)
Operating partnership units	$	2,040	$	(17)	$	2,023
Total shareholders' deficit	$	(2,444,440)	$	(37,963)	$	(2,482,403)
Total Liabilities and Shareholders' Deficit	$	4,981,325	$	(37,963)	$	4,943,362

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	Three Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill impairment	$	153,000	$	50,998	$	203,998
Loss before income taxes and equity in earnings from unconsolidated entities	$	(124,698)	$	(50,998)	$	(175,696)
Income tax benefit	$	(43,095)	$	(13,035)	$	(56,130)
Net loss	$	(80,933)	$	(37,963)	$	(118,896)
Net loss attributable to noncontrolling interest	$	(36)	$	(17)	$	(53)
Net loss attributable to shareholders	$	(80,897)	$	(37,946)	$	(118,843)
Net loss attributable to common shareholders	$	(81,223)	$	(37,946)	$	(119,169)
Earnings per share - Basic	$	(0.34)	$	(0.16)	$	(0.50)
Earnings per share - Diluted	$	(0.34)	$	(0.16)	$	(0.50)
Comprehensive loss:
Net loss	$	(80,933)	$	(37,963)	$	(118,896)
Comprehensive loss	$	(80,933)	$	(37,963)	$	(118,896)
Comprehensive loss attributable to noncontrolling interest	$	(36)	$	(17)	$	(53)
Comprehensive loss attributable to shareholders	$	(80,897)	$	(37,946)	$	(118,843)

	Nine Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill impairment	$	153,000	$	50,998	$	203,998
Loss before income taxes and equity in earnings from unconsolidated entities	$	(126,360)	$	(50,998)	$	(177,358)
Income tax benefit	$	(49,864)	$	(13,035)	$	(62,899)
Net loss	$	(74,506)	$	(37,963)	$	(112,469)
Net loss attributable to noncontrolling interest	$	(33)	$	(17)	$	(50)
Net loss attributable to shareholders	$	(74,473)	$	(37,946)	$	(112,419)
Net loss attributable to common shareholders	$	(75,378)	$	(37,946)	$	(113,324)
Earnings per share - Basic	$	(0.32)	$	(0.16)	$	(0.48)
Earnings per share - Diluted	$	(0.32)	$	(0.16)	$	(0.48)
Comprehensive loss:
Net loss	$	(74,506)	$	(37,963)	$	(112,469)
Comprehensive loss	$	(74,506)	$	(37,963)	$	(112,469)
Comprehensive loss attributable to noncontrolling interest	$	(33)	$	(17)	$	(50)
Comprehensive loss attributable to shareholders	$	(74,473)	$	(37,946)	$	(112,419)

	Nine Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Cash Flows from Operating Activities
Net Loss	$	(74,506)	$	(37,963)	$	(112,469)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income taxes	$	(50,161)	$	(13,035)	$	(63,196)
Goodwill impairment	$	153,000	$	50,998	$	203,998
Net cash provided by operating activities	$	190,575	$	—	$	190,575

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Note 3. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying Condensed Consolidated Financial Statements include all accounts of the Company and its wholly-owned and/or controlled subsidiaries, including the Operating Partnership. Under the Accounting Standards Codification 810, Consolidation (“ASC 810”), the Operating Partnership is considered a variable interest entity and is consolidated in the Condensed Consolidated Financial Statements of Uniti Group Inc. because the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated.

ASC 810 provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. Accordingly, significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our Annual Report.

Restricted Cash and Cash Equivalents—Restricted cash and cash equivalents represent funds that are restricted for an obligation under the ABS Loan Facility (as defined in Note 10) to maintain three months of interest and other expenses.

The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents within the Condensed Consolidated Balance Sheets to the total cash and cash equivalents and restricted cash and cash equivalents within the Condensed Consolidated Statements of Cash Flows.

(Thousands)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	34,077	$	62,264
Restricted cash and cash equivalents	19,311		—
Cash, restricted cash and cash equivalents at end of period	$	53,388	$	62,264

Concentration of Credit Risks—Prior to September 2020, we were party to a long-term exclusive triple-net lease (the “Master Lease”) with Windstream pursuant to which a substantial portion of our real property was leased to Windstream and from which a substantial portion of our leasing revenues were derived. On September 18, 2020, Uniti and Windstream bifurcated the Master Lease and entered into two structurally similar master leases (collectively, the “Windstream Leases”), which amended and restated the Master Lease in its entirety. The Windstream Leases consist of (a) a master lease (the "ILEC MLA") that governs Uniti owned assets used for Windstream's incumbent local exchange carrier ("ILEC") operations and (b) a master lease (the "CLEC MLA") that governs Uniti owned assets used for Windstream's consumer competitive local exchange carrier ("CLEC") operations. Revenue under the Windstream Leases provided 68.2% and 66.9% of our revenue for the nine months ended September 30, 2024 and 2023, respectively. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Windstream Leases, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to

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service debt if Windstream were to default under the Windstream Leases or otherwise experiences operating or liquidity difficulties and becomes unable to generate sufficient cash to make payments to us.

We monitor the credit quality of Windstream through numerous methods, including by (i) reviewing credit ratings of Windstream by nationally recognized credit agencies, (ii) reviewing the financial statements of Windstream that are required to be delivered to us pursuant to the Windstream Leases, (iii) monitoring news reports regarding Windstream and its business, (iv) conducting research to ascertain industry trends potentially affecting Windstream, (v) monitoring Windstream’s compliance with the terms of the Windstream Leases and (vi) monitoring the timeliness of its payments under the Windstream Leases.

As of the date of this Quarterly Report on Form 10-Q, Windstream is current on all lease payments. We note that in August 2020, Moody’s Investor Service assigned a B3 corporate family rating with a stable outlook to Windstream in connection with its post-emergence exit financing. At the same time, S&P Global Ratings assigned Windstream a B- issuer rating with a stable outlook. Both ratings remain current as of the date of this filing. In order to assist us in our continuing assessment of Windstream’s creditworthiness, we periodically receive certain confidential financial information and metrics from Windstream.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires incremental disclosures related to reportable segments. Specifically, the ASU requires disclosure of significant segment expense categories and amounts for each reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating this guidance to determine the impact it will have on our financial statements.

Note 4. Revenues

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue stream.

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Uniti Fiber
Lit backhaul	$	17,938	$	18,246	$	58,305	$	57,221
Enterprise and wholesale	26,381		24,211		77,601		70,144
E-Rate and government	11,327		15,911		38,645		43,947
Other	917		786		2,644		2,264
Uniti Fiber	56,563		59,154		177,195		173,576
Uniti Leasing	1,799		1,868		5,073		5,142
Total revenue from contracts with customers	58,362		61,022		182,268		178,718
Revenue accounted for under leasing guidance
Uniti Leasing	221,123		212,720		653,756		632,707
Uniti Fiber	12,762		16,913		37,588		52,750
Total revenue accounted for under leasing guidance	233,885		229,633		691,344		685,457
Total revenue	$	292,247	$	290,655	$	873,612	$	864,175

At September 30, 2024 and December 31, 2023, lease receivables were $27.3 million and $22.0 million, respectively, and receivables from contracts with customers were $21.1 million and $18.8 million, respectively.

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Contract Assets (Unbilled Revenue) and Liabilities (Deferred Revenue)

Contract assets primarily consist of unbilled construction revenue where we are utilizing our costs incurred as the measure of progress of satisfying our performance obligation. Contract assets are reported within accounts receivable, net on our Condensed Consolidated Balance Sheets. When the contract price is invoiced, the related unbilled receivable is reclassified to trade accounts receivable, where the balance will be settled upon the collection of the invoiced amount. Contract liabilities are generally comprised of upfront fees charged to the customer for the cost of establishing the necessary components of the Company’s network prior to the commencement of use by the customer. Fees charged to customers for the recurring use of the Company’s network are recognized during the related periods of service. Upfront fees that are billed in advance of providing services are deferred until such time the customer accepts the Company’s network and then are recognized as service revenues ratably over a period in which substantive services required under the revenue arrangement are expected to be performed, which is the initial term of the arrangement. During the three and nine months ended September 30, 2024, we recognized revenues of $0.8 million and $3.4 million, respectively, which were included in the December 31, 2023 contract liabilities balance.

The following table provides information about contract assets and contract liabilities accounted for under ASC 606.

(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2023	$	26	$	11,109
Balance at September 30, 2024	$	—	$	10,613

Transaction Price Allocated to Remaining Performance Obligations

Performance obligations within contracts to stand ready to provide services are typically satisfied over time or as those services are provided. Contract liabilities primarily relate to deferred revenue from upfront customer payments. The deferred revenue is recognized, and the liability reduced, over the contract term as the Company completes the performance obligation. As of September 30, 2024, our future revenues (i.e., transaction price related to remaining performance obligations) under contract accounted for under ASC 606 totaled $624.7 million, of which $552.5 million is related to contracts that are currently being invoiced and have an average remaining contract term of 3.1 years, while $72.2 million represents our backlog for sales bookings which have yet to be installed and have an average contract term of 5.3 years. We do not disclose the value of unsatisfied performance obligations for contracts that have an original expected duration of one year or less.

Note 5. Leases

Lessor Accounting

We lease communications towers, ground space, colocation space and dark fiber to tenants under operating leases. Our leases have initial lease terms ranging from less than one year to 35 years, most of which include options to extend or renew the leases for less than one year to 20 years (based on the satisfaction of certain conditions as defined in the lease agreements), and some of which may include options to terminate the leases within one to six months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

The components of lease income for the three and nine months ended September 30, 2024 and 2023 respectively, are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Lease income - operating leases	$	233,885	$	229,633	$	691,344	$	685,457

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Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of September 30, 2024 are as follows:

(Thousands)	September 30, 2024⁽¹⁾
2024	$	204,518
2025	836,266
2026	842,822
2027	843,315
2028	843,309
Thereafter	1,593,415
Total lease receivables	$	5,163,645
(1) Total future minimum lease payments to be received include $4.3 billion relating to the Windstream Leases.

The underlying assets under operating leases where we are the lessor are summarized as follows:

(Thousands)	September 30, 2024		December 31, 2023
Land	$	26,518	$	26,533
Building and improvements	348,683		347,700
Poles	333,447		314,488
Fiber	4,128,677		3,862,635
Equipment	437		436
Copper	3,973,887		3,974,410
Conduit	90,117		90,087
Tower assets	58		58
Finance lease assets	1,889		1,890
Other assets	10,432		10,434
	8,914,145		8,628,671
Less: accumulated depreciation	(5,812,265)		(5,690,066)
Underlying assets under operating leases, net	$	3,101,880	$	2,938,605

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2024 and 2023, respectively, is summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Depreciation expense for underlying assets under operating leases	$	46,307	$	45,795	$	137,955	$	136,640

Lessee Accounting

We have commitments under operating leases for communications towers, ground space, colocation space, dark fiber and buildings. We also have finance leases for dark fiber, equipment, and automobiles. Our leases have initial lease terms ranging from less than one year to 30 years, most of which include options to extend or renew the leases for less than one year to 20 years, and some of which may include options to terminate the leases within one to six months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

As of September 30, 2024, we have short term lease commitments amounting to approximately $4.2 million.

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Future lease payments under non-cancellable leases as of September 30, 2024 are as follows:

(Thousands)	Operating Leases		Finance Leases
2024	$	4,079	$	1,060
2025	17,095		4,241
2026	13,616		4,115
2027	10,833		3,408
2028	9,196		2,581
Thereafter	102,944		9,327
Total undiscounted lease payments	$	157,763	$	24,732
Less: imputed interest	(78,978)		(6,863)
Total lease liabilities	$	78,785	$	17,869

Note 6. Fair Value of Financial Instruments

FASB ASC 820, Fair Value Measurements, establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring assets and liabilities at fair values. This hierarchy establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the assessment date;

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3 – Unobservable inputs for the asset or liability.

Our financial instruments consist of cash and cash equivalents, accounts and other receivables, our outstanding notes and other debt, settlement payable, interest and dividends payable.

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The following table summarizes the fair value of our financial instruments at September 30, 2024 and December 31, 2023:

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At September 30, 2024
Assets
Derivative asset	$	231	$	—	$	231	$	—
Total	$	231	$	—	$	231	$	—
Liabilities
Senior secured notes - 10.50%, due February 15, 2028 (see Note 10)	$	3,100,886	$	—	$	3,100,886	$	—
Senior secured notes - 4.75%, due April 15, 2028	526,462		—		526,462		—
Senior unsecured notes - 6.50%, due February 15, 2029	974,565		—		974,565		—
Senior unsecured notes - 6.00%, due January 15, 2030	604,480		—		604,480		—
Convertible senior notes - 7.50% due December 1, 2027	345,783		—		345,783		—
ABS Loan Facility, variable rate, due September 1, 2025	273,625		—		273,625		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	4,999		—		4,999		—
Settlement payable	94,465		—		94,465		—
Total	$	5,925,265	$	—	$	5,925,265	$	—

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At December 31, 2023
Liabilities
Senior secured notes - 10.50%, due February 15, 2028	$	2,624,596	$	—	$	2,624,596	$	—
Senior secured notes - 4.75%, due April 15, 2028	488,205		—		488,205		—
Senior unsecured notes - 6.50% , due February 15, 2029	796,125		—		796,125		—
Senior unsecured notes - 6.00%, due January 15, 2030	486,675		—		486,675		—
Exchangeable senior notes - 4.00%, due June 15, 2024	122,140		—		122,140		—
Convertible senior notes - 7.50%, due December 1, 2027	301,755		—		301,755		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	207,979		—		207,979		—
Settlement payable	160,550		—		160,550		—
Total	$	5,188,025	$	—	$	5,188,025	$	—

The carrying value of cash and cash equivalents, accounts and other receivables, and accounts, interest and dividends payable approximate fair values due to the short-term nature of these financial instruments.

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The total principal balance of our outstanding notes and other debt was $5.87 billion at September 30, 2024, with a fair value of $5.83 billion. The estimated fair value of our outstanding notes and other debt was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as Level 2 inputs within the fair value hierarchy.

Uniti is required to make $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning October 2020 (the “Settlement Payable”). See Note 13. The Settlement Payable was initially recorded at fair value, using the present value of future cash flows. The future cash flows are discounted using discount rate input based on observable market data. Accordingly, we classify inputs used as Level 2 in the fair value hierarchy. As of September 30, 2024, the remaining Settlement Payable is $95.1 million. There have been no changes in the valuation methodologies used since the initial recording.

Note 7. Property, Plant and Equipment

The carrying value of property, plant and equipment is as follows:

(Thousands)	Depreciable Lives	September 30, 2024		December 31, 2023
Land	Indefinite	$	30,507	$	30,099
Building and improvements	3 - 40 years	371,600		366,490
Poles	30 years	333,447		314,489
Fiber	30 years	5,148,425		4,835,623
Equipment	5 - 7 years	493,096		460,463
Copper	20 years	3,973,887		3,974,410
Conduit	30 years	90,117		90,087
Tower assets	20 years	1,221		1,221
Finance lease assets	(1)	52,824		52,589
Other assets	15 - 20 years	10,435		10,436
Construction in progress	(1)	44,620		49,771
Corporate assets	3 - 7 years	16,315		15,731
		10,566,494		10,201,409
Less accumulated depreciation		(6,409,952)		(6,219,340)
Net property, plant and equipment		$	4,156,542	$	3,982,069

(1) See our Annual Report for property, plant and equipment accounting policies.

Depreciation expense for the three and nine months ended September 30, 2024 was $71.9 million and $212.6 million, respectively. Depreciation expense for the three and nine months ended September 30, 2023 was $69.9 million and $209.1 million, respectively.

CableSouth Transaction

In 2018, we acquired certain fiber assets from CableSouth Media, LLC (“CableSouth”) and leased back certain of those acquired assets to CableSouth pursuant to a triple-net lease.

During the fourth quarter of 2023, the Company entered into an agreement with a fund managed by Macquarie Asset Management ("MAM") pursuant to which MAM would make a structured equity investment into CableSouth in order to assist CableSouth in the acquisition of all of our previously acquired CableSouth fiber assets and the buyout of their triple-net lease for cash consideration of $40.0 million (the "CableSouth Transaction"). The Company completed the CableSouth Transaction on January 31, 2024 and recorded a $19.0 million gain on sale of real estate in the Condensed Consolidated Statements of Income (Loss).

The CableSouth Transaction is included in the results of the Uniti Leasing segment, and because the sale does not represent a strategic shift that will have a major effect on operations and financial results, it does not qualify for presentation as a discontinued operation.

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Note 8. Derivative Instruments and Hedging Activities

The Company uses derivative instruments to mitigate the effects of interest rate volatility inherent in our variable rate debt, which could unfavorably impact our future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes.

On March 1, 2024, the Company entered into an interest rate cap agreement (the "ABS Loan Interest Rate Cap") related to the ABS Loan Facility (as defined in Note 10). This interest rate cap was designated as a cash flow hedge, has a notional value of $275.0 million, and effectively caps the one-month term secured overnight financing rate ("SOFR ") at 4.50%.

The following table presents the fair value of the Company’s derivatives designated as hedging instruments as of September 30, 2024 and December 31, 2023:

(Thousands)	Location on Condensed Consolidated Balance Sheets	September 30, 2024		December 31, 2023
Interest rate caps	Derivative asset	$	231	$	—

The following table presents the effects of the Company’s derivative financial instrument on the Condensed Consolidated Statements of Income (Loss) for the periods presented:

(Thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships (Interest Rate Caps)	2024		2023		2024		2023
Amount of loss recognized on derivative in Other Comprehensive Loss	$	(834)	$	—	$	(661)	$	—
Amounts reclassified from Accumulated Other Comprehensive Loss into Interest Expense	$	122	$	—	$	159	$	—
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Income (Loss)	$	131,007	$	120,691	$	381,693	$	389,243

The company estimates that an additional $0.9 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next twelve months.

Exchangeable Notes Hedge Transactions

On June 25, 2019, concurrently with the pricing of the 4.00% Exchangeable Notes due June 15, 2024 (the "Exchangeable Notes"), and on June 27, 2019, concurrently with the exercise by the initial purchasers involved in the offering of the Exchangeable Notes (the “Initial Purchasers”) of their option to purchase additional Exchangeable Notes, Uniti Fiber Holdings Inc., the issuer of the Exchangeable Notes, entered into exchangeable note hedge transactions with respect to the Company’s common stock (the “Note Hedge Transactions”) with certain of the Initial Purchasers or their respective affiliates (collectively, the “Counterparties”). The Note Hedge Transactions covered, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes, the same number of shares of the Company’s common stock that initially underlie the Exchangeable Notes in the aggregate and were exercisable upon exchange of the Exchangeable Notes. The Note Hedge Transactions had an initial strike price that corresponded to the initial exchange price of the Exchangeable Notes, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes. The Note Hedge Transactions expired on June 15, 2024, upon the maturity and repayment of the Exchangeable Notes (see Note 10).

Warrant Transactions

On June 25, 2019, concurrently with the pricing of the Exchangeable Notes, and on June 27, 2019 concurrently with the exercise by the Initial Purchasers of their option to purchase additional Exchangeable Notes, the Company entered into warrant transactions to sell to the Counterparties warrants (the “Warrants”) to acquire, subject to anti-dilution adjustments, up to approximately 27.8 million shares of the Company’s common stock in the aggregate at an exercise price of approximately $16.42 per share. The initial maximum number of shares of the Company’s common stock that could be issued pursuant to the Warrants was approximately 55.5 million. The maximum number of shares of the Company's common stock that could be issued pursuant to the Warrants subsequently decreased due to the partial unwind agreements

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that the Company entered into with the Counterparties in connection with each repurchase of Exchangeable Notes. The Warrants terminated in June 2024 and are no longer outstanding.

Capped Call Transactions

On December 7, 2022, in connection with the pricing of the 7.50% Convertible Notes due December 1, 2027 (the "Convertible 2027 Notes"), the Company entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institutions at a cost of $21.1 million. The Capped Calls cover the same number of shares of the Company’s common stock that initially underlie the Convertible 2027 Notes in the aggregate. By entering into the Capped Calls, the Company expects to reduce the potential dilution to its common stock (or, in the event a conversion of the Convertible 2027 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the Convertible 2027 Notes its common stock price exceeds the conversion price of the Convertible 2027 Notes. The cap price of the Capped Calls will initially be $10.63 per share of common stock, which represents a premium of 75% over the last reported sale price of the Company’s common stock of $6.075 per share on December 7, 2022 and is subject to customary anti-dilution adjustments substantially similar to those applicable to the Convertible 2027 Notes. The Company used approximately $21.1 million of the net proceeds from the offering of the Convertible 2027 Notes to pay for the cost of the Capped Calls. The Capped Calls meet the criteria for classification in equity, are not remeasured each reporting period and are included as a reduction to additional paid-in-capital within stockholders’ equity.

Additionally on December 7, 2022, in connection with the Company’s repurchase of the Exchangeable Notes, the Company entered into partial unwind agreements with the Counterparties to unwind a portion of the Note Hedge Transactions and the Warrants described above (collectively, the “Unwind Transactions”). In connection with the Unwind Transactions, the Company received cash as a termination payment for the portion of the Note Hedge Transactions that were unwound, and the Company delivered cash as a termination payment in respect of the portion of the Warrants that were unwound. The amount of cash that was received, which was approximately $1.2 million, and the amount of cash that was delivered to the Counterparties, which was approximately $0.5 million, were based generally on the termination values of the unwound portions of such instruments.

Note 9. Goodwill and Intangible Assets and Liabilities

Changes in the carrying amount of goodwill occurring during the nine months ended September 30, 2024 are as follows:

(Thousands)	Uniti Fiber		Total
Goodwill at December 31, 2023	$	672,878	$	672,878
Accumulated impairment charges as of December 31, 2023	(515,498)		(515,498)
Balance at December 31, 2023	$	157,380	$	157,380
Goodwill at September 30, 2024	$	672,878	$	672,878
Accumulated impairment charges as of September 30, 2024	(515,498)		(515,498)
Balance at September 30, 2024	$	157,380	$	157,380

In accordance with ASC 350-20, Intangibles-Goodwill and Other ("ASC 350-20"), we evaluate goodwill for impairment

between annual impairment tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount (a “Triggering Event”). During the three months ended September 30, 2023, the Company identified a Triggering Event and, therefore, performed a qualitative and quantitative goodwill impairment test. The Triggering Event was a result of macroeconomic and financial market factors, specifically increased interest rates, impacting our discount rate. As a result of this interim assessment of goodwill, we concluded that the fair value of the Uniti Fiber segment, estimated using a combination of the income approach and market approach, was less than its carrying amount. Accordingly, we recorded a $204.0 million ($151.9 million net of tax) goodwill impairment charge in the Uniti Fiber segment during the three months ended September 30, 2023 (as restated).

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Carrying value of intangible assets and liabilities at September 30, 2024 and December 31, 2023 are as follows:

(Thousands)	September 30, 2024				December 31, 2023
	Original Cost		Accumulated Amortization		Original Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(168,630)	$	416,104	$	(151,542)
Contracts	52,536		(26,268)		52,536		(21,343)
Underlying Rights	10,497		(1,400)		10,497		(1,137)
Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(196,298)				(174,022)
Total intangible assets, net	$	282,839			$	305,115
Finite life intangible liabilities:
Below-market leases	$	191,154	$	(42,777)	$	191,154	$	(34,757)
Finite life intangible liabilities:
Below-market leases	$	191,154			$	191,154
Less: accumulated amortization	(42,777)				(34,757)
Total intangible liabilities, net	$	148,377			$	156,397

As of September 30, 2024, the remaining weighted average amortization period of the Company’s intangible assets was 13.4 years, 4 years, and 26 years for customer lists, contracts, and underlying rights, respectively. As of September 30, 2024, the total remaining weighted average amortization period for total intangible assets was 13 years.

Amortization expense for the three and nine months ended September 30, 2024 was $7.4 million and $22.3 million, respectively. Amortization expense for the three and nine months ended September 30, 2023 was $7.4 million and $22.3 million, respectively. Amortization expense is estimated to be $29.7 million for the full year of 2024, $29.7 million in 2025, $29.7 million in 2026, $29.7 million in 2027, and $28.1 million for 2028.

We recognize the amortization of below-market leases in revenue. Revenue related to the amortization of the below-market leases for the three and nine months ended September 30, 2024 was $2.7 million and $8.0 million, respectively. Revenue related to the amortization of the below-market leases for the three and nine months ended September 30, 2023 was $2.7 million and $8.0 million, respectively. As of September 30, 2024, the remaining weighted average amortization period of the Company’s intangible liabilities was 15.4 years. Revenue due to the amortization of the below-market leases is estimated to be $10.7 million for the full year of 2024, $10.7 million in 2025, $10.7 million in 2026, $10.7 million in 2027, and $10.2 million in 2028.

Note 10. Notes and Other Debt

All debt, including the senior secured credit facility and notes described below, are obligations of the Operating Partnership and/or certain of its subsidiaries as discussed below. The Company is, however, a guarantor of such debt.

Notes and other debt are as follows:

(Thousands)	September 30, 2024		December 31, 2023
Principal amount	$	5,866,500	$	5,617,442
Less unamortized discount, premium and debt issuance costs	(83,867)		(93,863)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	5,782,633	$	5,523,579

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Notes and other debt at September 30, 2024 and December 31, 2023 consisted of the following:

	September 30, 2024				December 31, 2023
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs		Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured notes - 10.50% due February 15, 2028 (discount is based on imputed interest rate of 10.99%)	$	2,900,000	$	(40,006)	$	2,600,000	$	(48,290)
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)	570,000		(5,345)		570,000		(6,360)
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)	1,110,000		(13,783)		1,110,000		(15,761)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)	700,000		(8,335)		700,000		(9,307)
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)	—		—		122,942		(427)
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)	306,500		(6,742)		306,500		(8,092)
ABS Loan Facility, variable rate, due September 1, 2025 (discount is based on imputed interest rate of 10.33%)	275,000		(4,983)		—		—
Senior secured revolving credit facility, variable rate, due September 24, 2027 (discount is based on imputed interest rate of 11.16%)	5,000		(4,673)		208,000		(5,625)
Total	$	5,866,500	$	(83,867)	$	5,617,442	$	(93,863)

At September 30, 2024, notes and other debt included the following: (i) $5.0 million balance under the Revolving Credit Facility (as defined below) pursuant to that certain credit agreement, dated as of April 24, 2015, by and among the Operating Partnership, Uniti Group Finance 2019 Inc. and CSL Capital, LLC (hereinafter, the “Borrowers”), the guarantors party thereto, Bank of America, N.A., as administrative agent, collateral agent, swing line lender and an L/C issuer and certain other lenders named therein, as amended (the “Credit Agreement”); (ii) $275.0 million under the bridge loan and security agreement (the "ABS Loan Agreement"), a multi-draw term loan facility dated February 23, 2024, entered into by and among Uniti Fiber Bridge Borrower LLC (the “ABS Bridge Borrower”), Uniti Fiber Bridge HoldCo LLC and Uniti Fiber GulfCo LLC (together, the “ABS Bridge Loan Parties”), each an indirect subsidiary of the Company, Wilmington Trust, National Association, as administrative agent, collateral agent, account bank and verification agent, Barclays Bank PLC, as facility agent, and the lenders identified therein; (iii) $2.9 billion aggregate principal amount of 10.50% Senior Secured Notes due February 15, 2028 (the “February 2028 Secured Notes”); (iv) $570.0 million aggregate principal amount of 4.75% Senior Secured Notes due April 15, 2028 (the “April 2028 Secured Notes”); (v) $1.1 billion aggregate principal amount of 6.50% Senior Unsecured Notes due February 15, 2029 (the “2029 Notes”); (vi) $700.0 million aggregate principal amount of 6.00% Senior Notes due January 15, 2030 (the “2030 Notes”); and (vii) $306.5 million aggregate principal amount of Convertible 2027 Notes and, together with the February 2028 Secured Notes, April 2028 Secured Notes, 2029 Notes, and the 2030 Notes, the "Notes". The terms of the Notes are as described in the Company’s Annual Report.

Credit Agreement

The Borrowers are party to the Credit Agreement, which provides for a $500 million revolving credit facility that will mature on September 24, 2027 (the “Revolving Credit Facility”) and provides us with the ability to obtain revolving loans as well as swingline loans and letters of credit from time to time. On June 17, 2024, the Borrowers, each a subsidiary of the Company, entered into Amendment No. 9 (the “Amendment”) to the Credit Agreement. Pursuant to the Amendment, the Credit Agreement’s requirement for the Operating Partnership to use commercially reasonable efforts to maintain its status as a REIT will now terminate (i) at the end of the taxable year in which the Company’s proposed merger with Windstream is consummated or, (ii) at December 31, 2024, if the Company determines that by reason of such proposed merger, the Company will cease to qualify as a REIT for the year during which the Merger is consummated.

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All obligations under the Credit Agreement are guaranteed by (i) the Company and (ii) certain of the Operating Partnership’s subsidiaries (the “Subsidiary Guarantors”) and are secured by substantially all of the assets of the Borrowers and the Subsidiary Guarantors.

The Borrowers are subject to customary covenants under the Credit Agreement, including an obligation to maintain a consolidated secured leverage ratio, as defined in the Credit Agreement, not to exceed 5.00 to 1.00. We are permitted, subject to customary conditions, to incur other indebtedness, so long as, on a pro forma basis after giving effect to any such indebtedness, our consolidated total leverage ratio, as defined in the Credit Agreement, does not exceed 6.50 to 1.00 and, if such debt is secured, our consolidated secured leverage ratio, as defined in the Credit Agreement, does not exceed 4.00 to 1.00. In addition, the Credit Agreement contains customary events of default, including a cross default provision whereby the failure of the Borrowers or certain of their subsidiaries to make payments under other debt obligations, or the occurrence of certain events affecting those other borrowing arrangements, could trigger an obligation to repay any amounts outstanding under the Credit Agreement. In particular, a repayment obligation could be triggered if (i) the Borrowers or certain of their subsidiaries fail to make a payment when due of any principal or interest on any other indebtedness aggregating $75.0 million or more, or (ii) an event occurs that causes, or would permit the holders of any other indebtedness aggregating $75.0 million or more to cause, such indebtedness to become due prior to its stated maturity. As of September 30, 2024, the Borrowers were in compliance with all of the covenants under the Credit Agreement.

A termination of either Windstream Lease would result in an “event of default” under the Credit Agreement if a replacement lease is not entered into within ninety (90) calendar days and we do not maintain pro forma compliance with a consolidated secured leverage ratio, as defined in the Credit Agreement, of 5.00 to 1.00.

Borrowings under the Revolving Credit Facility bear interest at a rate equal to either a base rate plus an applicable margin ranging from 2.75% to 3.50% or a Term SOFR rate plus an applicable margin ranging from 3.75% to 4.50% in each case, calculated in a customary manner and determined based on our consolidated secured leverage ratio. We are required to pay a quarterly commitment fee under the Revolving Credit Facility equal to 0.50% of the average amount of unused commitments during the applicable quarter (subject to a step-down to 0.40% per annum of the average amount of unused commitments during the applicable quarter upon achievement of a consolidated secured leverage ratio not to exceed a certain level), as well as quarterly letter of credit fees equal to the product of (A) the applicable margin with respect to Term SOFR borrowings and (B) the average amount available to be drawn under outstanding letters of credit during such quarter.

Mandatory Exchange of Additional February 2028 Secured Notes

As previously disclosed, on May 17, 2024, the Operating Partnership, CSL Capital, LLC, Uniti Group Finance 2019 Inc. and Uniti Fiber Holdings Inc. (collectively, the “Issuers”) completed a private offering of $300.0 million aggregate principal amount of February 2028 Secured Notes (the "Additional February 2028 Secured Notes"). In accordance with the terms of the indenture governing the Additional February 2028 Secured Notes, following the receipt of regulatory approval to enable certain subsidiaries of the Operating Partnership to guarantee the Additional February 2028 Secured Notes, the Issuers caused the Additional February 2028 Notes to be mandatorily exchanged for February 2028 Secured Notes issued as “additional notes” under the Indenture dated as of February 14, 2023, as amended and supplemented among the Issuers, the guarantors party thereto and the trustee and collateral agent party thereto (the “2023 Indenture”). The mandatory exchange occurred on November 1, 2024, and the additional notes comprise part of the same series as the February 2028 Secured Notes issued under the 2023 Indenture and have the same CUSIP numbers as, and are fungible with, the February 2028 Secured Notes issued under the 2023 Indenture.

February 2028 Secured Notes

On February 14, 2023, the Issuers completed a private offering of $2.6 billion aggregate principal amount of the February 2028 Secured Notes. The Issuers used the net proceeds from the offering to fund the redemption in full of the Issuers’ outstanding 7.875% senior secured notes due 2025 (the "2025 Secured Notes"), to repay outstanding borrowings under the Revolving Credit Facility and to pay any related premiums, fees and expenses in connection with the foregoing. On February 14, 2023, the Issuers deposited the full redemption price of $2.25 billion for the 2025 Secured Notes with the trustee and satisfied and discharged their obligations with respect to the 2025 Secured Notes at such time. During the first quarter of 2023, we recorded $32.3 million of loss on the extinguishment of the 2025 Secured Notes within interest expense, net on the Condensed Consolidation Statements of Income (Loss), which includes $10.3 million of non-cash

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interest expense for the write off of the unamortized discount and deferred financing costs and $22.0 million of cash interest expense for the redemption premium.

Exchangeable Notes

The Exchangeable Notes matured on June 15, 2024, and the principal balance of $122.9 million was repaid.

Asset-Backed Bridge Loan Facility

On February 23, 2024, ABS Bridge Borrower and the other ABS Bridge Loan Parties entered into the ABS Loan Agreement, which provides for a secured, multi-draw term loan facility of up to $350 million (the “ABS Loan Facility”). On March 1, 2024 (the “ABS Loan Closing Date”), the ABS Bridge Borrower made an initial drawing under the ABS Loan Facility in a principal amount of $275 million. Amounts borrowed under the ABS Loan Facility may not be reborrowed. Unless otherwise terminated pursuant to the terms of the ABS Loan Agreement, the ABS Loan Facility matures on the date that is 18 months from the ABS Loan Closing Date. The Company intends to refinance the ABS Loan Facility in full with proceeds from a long-term asset-backed securitized debt offering secured primarily by certain Uniti Fiber network assets.

Amounts outstanding under the ABS Loan Facility bear interest at a floating rate equal to, at the Company’s option, either (i) the one-month or three-month SOFR, plus a spread of 3.75% per annum or (ii) Base Rate (as defined in the ABS Loan Agreement), plus a spread of 2.75% per annum; provided that the spread will automatically increase to (a) 4.50% per annum in the case of loans bearing interest based on SOFR and 3.50% per annum in the case of loans bearing interest based on Base Rate, in each case to the extent outstanding on and after the date that is 12 months following the ABS Loan Closing Date and (b) 5.25% per annum in the case of loans bearing interest based on SOFR and 4.25% per annum in the case of loans bearing interest based on Base Rate, in each case to the extent outstanding on and after the date that is 15 months following the ABS Loan Closing Date. The Company capped SOFR interest expense at 4.50% for the duration of the ABS Loan Facility pursuant to the ABS Loan Interest Rate Cap (see Note 8).

In connection with the ABS Loan Facility, the Company formed Uniti Fiber ABS Parent LLC, an indirect subsidiary of the Company that qualifies as a bankruptcy-remote special purpose entity (“ABS Parent”) and directed the formation of the ABS Bridge Loan Parties, which are direct or indirect wholly-owned subsidiaries of ABS Parent. Each of the ABS Bridge Loan Parties is a special purpose, bankruptcy-remote, indirect subsidiary of the Company. The ABS Loan Facility is secured by equity in the ABS Bridge Borrower and substantially all of the assets of the ABS Bridge Loan Parties (subject to certain customary limited exceptions) and is non-recourse to the Company. Each of the ABS Bridge Loan Parties and ABS Parent was designated as an unrestricted subsidiary under the Credit Agreement and the applicable indentures governing the Company’s outstanding senior notes. The assets of the ABS Bridge Loan Parties will only be available for payment of the obligations arising under the ABS Loan Agreement and will not be available to pay any obligations or claims of the Company’s other creditors.

In connection with the initial funding under the ABS Loan Facility on the ABS Loan Closing Date, the Company, directly or indirectly, (i) transferred certain Uniti Fiber non-regulated and interstate customer contracts and related equipment to the ABS Bridge Loan Parties and (ii) granted an indefeasible right of use in the related fiber network assets to such ABS Bridge Loan Parties. In addition, certain of the ABS Bridge Loan Parties entered into a management agreement (the “Management Agreement”) with Uniti Fiber Holdings Inc. (in its capacity as manager thereunder, the “Manager”), pursuant to which the Manager is responsible for servicing and administering the assets securing the ABS Loan Facility and is permitted to make reimbursable servicing advances in respect of the collateral securing the ABS Loan Facility under certain circumstances.

The ABS Loan Agreement contains customary covenants limiting the ability of the ABS Bridge Loan Parties to: incur or guarantee additional indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell fiber network assets; enter into transactions with the Company and other affiliates; and create restrictions on the ability of the ABS Bridge Loan Parties to incur liens on their assets constituting collateral to secure obligations under the ABS Loan Agreement. These covenants are subject to a number of limitations, qualifications and exceptions. The ABS Loan Agreement also contains a maximum leverage financial maintenance covenant and customary events of default.

Deferred Financing Cost

Deferred financing costs were incurred in connection with the issuance of the Notes and our entry into the Revolving Credit Facility and the ABS Loan Facility. These costs are amortized using the effective interest method over the term of the related indebtedness and are included in interest expense in our Condensed Consolidated Statements of Income (Loss).

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For the three and nine months ended September 30, 2024, we recognized $6.3 million and $17.4 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs. For the three and nine months ended September 30, 2023, we recognized $4.4 million and $13.6 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs.

Note 11. Earnings Per Share

Our time-based restricted stock awards are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as common stock. As participating securities, we included these instruments in the computation of earnings per share under the two-class method described in FASB ASC 260, Earnings per Share (“ASC 260”).

We also have outstanding performance-based restricted stock units that contain forfeitable rights to receive dividends. Therefore, the awards are considered non-participating restrictive shares and are not dilutive under the two-class method until performance conditions are met.

The dilutive effect of the Exchangeable Notes, which were repaid on June 15, 2024 (see Note 10), and the Convertible 2027 Notes is calculated by using the “if-converted” method. This assumes an add-back of interest, net of income taxes, to net income attributable to shareholders as if the securities were converted at the beginning of the reporting period (or at time of issuance, if later) and the resulting common shares included in number of weighted average shares. The dilutive effect of the Warrants (see Note 8) is calculated using the treasury-stock method. During the three and nine months ended September 30, 2024 and 2023, the Warrants were excluded from diluted shares outstanding because the exercise price exceeded the average market price of our common stock for the reporting period.

The following sets forth the computation of basic and diluted earnings per share under the two-class method:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2024		2023		2024		2023
			(as restated)				(as restated)
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	12,229	$	(118,843)	$	71,836	$	(112,419)
Less: Income allocated to participating securities	(334)		(321)		(1,493)		(890)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Net income (loss) attributable to common shares	$	11,890	$	(119,169)	$	70,328	$	(113,324)
Denominator:
Basic weighted-average common shares outstanding	237,480		236,533		237,242		236,352
Basic income (loss) earnings per common share	$	0.05	$	(0.50)	$	0.30	$	(0.48)

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	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2024		2023		2024		2023
			(as restated)				(as restated)
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	12,229	$	(118,843)	$	71,836	$	(112,419)
Less: Income allocated to participating securities	(334)		(321)		(1,493)		(890)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Impact on if-converted dilutive securities	—		—		—		—
Net income (loss) attributable to common shares	$	11,890	$	(119,169)	$	70,328	$	(113,324)
Denominator:
Basic weighted-average common shares outstanding	237,480		236,533		237,242		236,352
Effect of dilutive non-participating securities	—		—		—		—
Impact on if-converted dilutive securities	—		—		—		—
Weighted-average shares for dilutive earnings per common share	237,480		236,533		237,242		236,352
Dilutive earnings (loss) per common share	$	0.05	$	(0.50)	$	0.30	$	(0.48)

For the three and nine months ended September 30, 2024, 1,412,563 non-participating securities were excluded from the computation of earnings per share, as their performance conditions have not been met. For the three and nine months ended September 30, 2024, we excluded 42,043,892 and 50,032,050 potential common shares related to the Exchangeable Notes and the Convertible 2027 Notes, respectively, from the computation of earnings per share, as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2023, 1,053,189 non-participating securities were excluded from the computation of earnings per share, as their performance conditions have not been met. For the three and nine months ended September 30, 2023, we excluded 53,427,833 and 53,836,845 potential common shares related to the Exchangeable Notes and the Convertible 2027 Notes, respectively, from the computation of earnings per share, as their effect would have been anti-dilutive.

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Note 12. Segment Information

Our management, including our chief executive officer, who is our chief operating decision maker, manages our operations as two reportable segments, in addition to our corporate operations, which include:

Uniti Leasing: Represents the operations of our leasing business which is engaged in the acquisition and construction of mission-critical communications assets and leasing them to anchor customers on either an exclusive or shared-tenant basis, in addition to the leasing of dark fiber on our existing dark fiber network assets that we either constructed or acquired. While the Leasing segment represents our REIT operations, certain aspects of the Leasing segment are also operated through taxable REIT subsidiaries.

Uniti Fiber: Represents the operations of our fiber business which is a leading provider of infrastructure solutions, including cell site backhaul and dark fiber, to the telecommunications industry.

Corporate: Represents our corporate office and shared service functions. Certain costs and expenses, primarily related to headcount, information technology systems, insurance, professional fees and similar charges, that are directly attributable to operations of our business segments are allocated to the respective segments.

Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense and the impact, which may be recurring in nature, of transaction and integration related costs, costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, costs associated with the implementation of our enterprise resource planning system, goodwill impairment charges, severance costs, costs related to the settlement with Windstream, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. The Company believes that net income, as defined by GAAP, is the most appropriate earnings metric; however, we believe that Adjusted EBITDA serves as a useful supplement to net income because it allows investors, analysts and management to evaluate the performance of our segments in a manner that is comparable period over period. Adjusted EBITDA should not be considered as an alternative to net income as determined in accordance with GAAP.

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Selected financial data related to our segments is presented below for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	222,922	$	69,325	$	—	$	292,247
Adjusted EBITDA	$	215,188	$	25,557	$	(5,421)	$	235,324
Less:
Interest expense							131,007
Depreciation and amortization	45,281		34,031		13		79,325
Transaction related and other costs							14,404
Other, net							918
Stock-based compensation							3,375
Income tax benefit							(5,935)
Net income							$	12,230

	Three Months Ended September 30, 2023
	(as restated)
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	214,588	$	76,067	$	—	$	290,655
Adjusted EBITDA	$	208,561	$	29,857	$	(5,408)	$	233,010
Less:
Interest expense							120,691
Depreciation and amortization	44,754		32,570		13		77,337
Transaction related and other costs							1,441
Gain on sale of real estate							(1,424)
Goodwill impairment							203,998
Other, net							2,091
Stock-based compensation							3,148
Income tax benefit							(56,130)
Adjustments for equity in earnings from unconsolidated entities							754
Net loss							$	(118,896)

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	Nine Months Ended September 30, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	658,829	$	214,783	$	—	$	873,612
Adjusted EBITDA	$	636,718	$	80,486	$	(16,593)	$	700,611
Less:
Interest expense							381,693
Depreciation and amortization	134,874		99,948		40		234,862
Transaction related and other costs							31,068
Gain on sale of real estate							(18,999)
Other, net							3,877
Stock-based compensation							10,120
Income tax benefit							(13,869)
Net income							$	71,859

	Nine Months Ended September 30, 2023
	(as restated)
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	637,849	$	226,326	$	—	$	864,175
Adjusted EBITDA	$	620,079	$	88,712	$	(16,413)	$	692,378
Less:
Interest expense							389,243
Depreciation and amortization	133,617		97,719		43		231,379
Transaction related and other costs							9,805
Gain on sale of real estate							(1,424)
Goodwill impairment							203,998
Other, net							23,073
Stock-based compensation							9,408
Income tax benefit							(62,899)
Adjustments for equity in earnings from unconsolidated entities							2,264
Net loss							$	(112,469)

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Note 13. Commitments and Contingencies

In the ordinary course of our business, we are subject to claims and administrative proceedings, none of which we believe are material or would be expected to have, individually or in the aggregate, a material adverse effect on our business, financial condition, cash flows or results of operations.

Windstream Commitments

Following the consummation of our settlement agreement with Windstream, including entry into the Windstream Leases, we are obligated to make $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning in October 2020, and Uniti may prepay any installments due on or after the first anniversary of the settlement agreement (discounted at a 9% rate). As of September 30, 2024, the Company has made payments totaling $386.9 million.

Further, beginning in October 2020, we became obligated to reimburse Windstream for up to an aggregate of $1.75 billion for certain growth capital improvements in long-term fiber and related assets made by Windstream (“Growth Capital Improvements”) through 2029. Uniti’s reimbursement commitment for Growth Capital Improvements does not require Uniti to reimburse Windstream for maintenance or repair expenditures (except for costs incurred for fiber replacements to the property leased under the competitive local exchange carrier master lease agreement, up to $70 million during the term), and each such reimbursement is subject to underwriting standards. Uniti’s total annual reimbursement commitments for the Growth Capital Improvements under both Windstream Leases (and under separate equipment loan facilities) were limited to $225 million in 2023, and are limited to $225 million per year in 2024; $175 million per year in 2025 and 2026; and $125 million per year in 2027 through 2029. If the cost incurred by Windstream (or the successor tenant under a Windstream Lease) for Growth Capital Improvements in any calendar year exceeds the annual limit for such calendar year, Windstream (or such tenant, as the case may be) may submit such excess costs for reimbursement in any subsequent year and such excess costs shall be funded from the annual commitment amounts in such subsequent period. In addition, to the extent that reimbursements for Growth Capital Improvements funded in any calendar year during the term is less than the annual limit for such calendar year, the unfunded amount in any calendar year will carry-over and may be added to the annual limits for subsequent calendar years, subject to an annual limit of $250 million in any calendar year. During the nine months ended September 30, 2024, Uniti reimbursed $230.8 million of Growth Capital Improvements, of which $104.6 million represented the reimbursement of capital improvements completed in 2023 that were previously classified as tenant funded capital improvements. As of the date of this Quarterly Report on Form 10-Q, we have reimbursed a total of $1.0 billion of Growth Capital Improvements.

Starting on the first anniversary of each installment of reimbursement for a Growth Capital Improvement, the rent payable by Windstream under the applicable Windstream Lease will increase by an amount equal to 8.0% (the “Rent Rate”) of such installment of reimbursement. The Rent Rate will thereafter increase to 100.5% of the prior Rent Rate on each anniversary of each reimbursement. In the event that the tenant’s interest in either Windstream Lease is transferred by Windstream under the terms thereof (unless transferred to the same transferee), or if Uniti transfers its interests as landlord under either Windstream Lease (unless to the same transferee), the reimbursement rights and obligations will be allocated between the ILEC MLA and the CLEC MLA by Windstream, provided that the maximum that may be allocated to the CLEC MLA following such transfer is $20 million per year. If Uniti fails to reimburse any Growth Capital Improvement reimbursement payment or equipment loan funding request as and when it is required to do so under the terms of the Windstream Leases, and such failure continues for thirty (30) days, then such unreimbursed amounts may be applied as an offset against the rent owed by Windstream under the Windstream Leases (and such amounts will thereafter be treated as if Uniti had reimbursed them).

Uniti and Windstream have entered into separate ILEC and CLEC Equipment Loan and Security Agreements (collectively “Equipment Loan Agreement”) in which Uniti will provide up to $125 million (limited to $25 million in any calendar year) of the $1.75 billion of Growth Capital Improvements commitments discussed above in the form of loans for Windstream to purchase equipment related to network upgrades or to be used in connection with the Windstream Leases. Interest on these loans will accrue at 8% from the date of the borrowing. All equipment financed through the Equipment Loan Agreement is the sole property of Windstream; however, Uniti will receive a first-lien security interest in the equipment purchased with the loans. No loans have been made under the Equipment Loan Agreement.

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Note 14. Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component is as follows for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Cash flow hedge:
Balance at beginning of period attributable to shareholders	$	136	$	—	$	—	$	—
Change in fair value of derivative asset	(834)		—		(661)		—
Amounts reclassified from accumulated other comprehensive income	(122)		—		(159)		—
Balance at end of period	(820)		—		(820)		—
Less: Other comprehensive income attributable to noncontrolling interest	0		—		0		—
Balance at end of period attributable to shareholders	(820)		—		(820)		—
Accumulated other comprehensive loss at end of period	$	(820)	$	—	$	(820)	$	—

Note 15. Capital Stock

The limited partnership interests in our operating partnership (commonly called “OP Units”), are exchangeable on a one-for-one basis for shares of our common stock or, at our election, cash of equivalent value. No OP Units held by third parties were exchanged during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company exchanged 68,384 OP Units held by third parties, of which 53,662 OP Units were exchanged for an equal number of shares of our common stock and 14,722 OP Units were purchased for cash consideration of $0.1 million, representing approximately 65% of the OP Units held by third parties with a carrying value of $1.3 million as of the exchange dates.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following management’s discussion and analysis of financial condition and results of operations describes the principal factors affecting the results of our operations, financial condition, and changes in financial condition for the three and nine months ended September 30, 2024. This discussion should be read in conjunction with the accompanying Condensed Consolidated Financial Statements, and the notes thereto set forth in Part I, Item 1 "Financial Statements" of this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 29, 2024, as amended by Amendment No. 1 and Amendment No. 2 thereto filed on Form 10-K/A with the SEC on March 26, 2024 and March 27, 2024, respectively (the “Annual Report”).

Overview

Company Description

Uniti Group Inc. (the “Company”, “Uniti”, “we”, “us” or “our”) is an independent, internally managed real estate investment trust (“REIT”) engaged in the acquisition, construction and leasing of mission critical infrastructure in the communications industry. We are principally focused on acquiring and constructing fiber optic, copper and coaxial broadband networks and data centers.

On April 24, 2015, we were separated and spun-off (the “Spin-Off”) from Windstream Holdings, Inc. (“Windstream Holdings” and together with Windstream Holdings II, LLC, its successor in interest, and its subsidiaries, “Windstream”) pursuant to which Windstream contributed certain telecommunications network assets, including fiber and copper networks and other real estate (the “Distribution Systems”) and a small consumer competitive local exchange carrier (“CLEC”) business (the “Consumer CLEC Business”) to Uniti and Uniti issued common stock and indebtedness and paid cash obtained from borrowings under Uniti’s senior credit facilities to Windstream. In connection with the Spin-Off, we entered

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into a long-term exclusive triple-net lease (the “Master Lease”) with Windstream, pursuant to which a substantial portion of our real property is leased to Windstream and from which a substantial portion of our leasing revenues are currently derived. In connection with Windstream’s emergence from bankruptcy, Uniti and Windstream bifurcated the Master Lease and entered into two structurally similar master leases (collectively, the “Windstream Leases”), which amended and restated the Master Lease in its entirety. The Windstream Leases consist of (a) a master lease (the “ILEC MLA”) that governs Uniti owned assets used for Windstream’s incumbent local exchange carrier (“ILEC”) operations and (b) a master lease (the “CLEC MLA”) that governs Uniti owned assets used for Windstream’s CLEC operations.

Uniti operates as a REIT for U.S. federal income tax purposes. As a REIT, the Company is generally not subject to U.S. federal income taxes on income generated by its REIT operations, which includes income derived from the Windstream Leases. We have elected to treat the subsidiaries through which we operate our fiber business, Uniti Fiber, and certain aspects of our leasing business, Uniti Leasing, as taxable REIT subsidiaries (“TRSs”). TRSs enable us to engage in activities that result in income that does not constitute qualifying income for a REIT. Our TRSs are subject to U.S. federal, state and local corporate income taxes.

The Company operates through a customary "up-REIT" structure, pursuant to which we hold substantially all of our assets through a partnership, Uniti Group LP, a Delaware limited partnership (the “Operating Partnership”), that we control as general partner. The up-REIT structure is intended to facilitate future acquisition opportunities by providing the Company with the ability to use common units of the Operating Partnership as a tax-efficient acquisition currency. As of September 30, 2024, we are the sole general partner of the Operating Partnership and own approximately 99.98% of the partnership interests in the Operating Partnership. In addition, we have undertaken a series of transactions to permit us to hold certain assets through subsidiaries that are taxed as REITs, which may also facilitate future acquisition opportunities.

We aim to grow and diversify our portfolio and tenant base by pursuing a range of transaction structures with communication service providers, including (i) sale-leaseback transactions, whereby we acquire existing infrastructure assets from third parties, including communication service providers, and lease them back on a long-term triple-net basis; (ii) leasing of dark fiber and selling of lit services on our existing fiber network assets that we either constructed or acquired; (iii) whole company acquisitions, which may include the use of one or more TRSs that are permitted under the tax laws to acquire and operate non-REIT businesses and assets subject to certain limitations; (iv) capital investment financing, whereby we offer communication service providers a cost efficient method of raising funds for discrete capital investments to upgrade or expand their network; and (v) mergers and acquisitions financing, whereby we facilitate mergers and acquisition transactions as a capital partner, including through operating company-property company (“OpCo-PropCo”) structures.

Segments

We manage our operations as two reportable business segments, in addition to our corporate operations, which include:

Uniti Leasing: Represents the operations of our leasing business, which is engaged in the acquisition and construction of mission-critical communications assets and leasing them to anchor customers on either an exclusive or shared-tenant basis, in addition to the leasing of dark fiber on our existing dark fiber network assets that we either constructed or acquired. While the Leasing segment represents our REIT operations, certain aspects of the Leasing segment are also operated through TRSs.

Uniti Fiber: Represents the operations of our fiber business which is a leading provider of infrastructure solutions, including cell site backhaul and dark fiber, to the telecommunications industry.

Corporate: Represents our corporate office and shared service functions. Certain costs and expenses, primarily related to headcount, information technology systems, insurance, professional fees and similar charges, that are directly attributable to operations of our business segments are allocated to the respective segments.

We evaluate the performance of each segment based on Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense and the impact, which may be recurring in nature, of transaction and integration related costs, costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, costs associated with the implementation of our enterprise resource planning system, goodwill impairment charges, severance costs, costs related to the settlement with Windstream, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt,

36

including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. For more information on Adjusted EBITDA, see “Non-GAAP Financial Measures.” Detailed information about our segments can be found in Note 12 to our accompanying Condensed Consolidated Financial Statements contained in Part I, Item 1 "Financial Statements" of this Quarterly Report on Form 10-Q.

Significant Business Developments

Our Proposed Merger with Windstream

On May 3, 2024, the Company entered into an Agreement and Plan of Merger with Windstream Holdings II, LLC (the “Merger Agreement”) providing for a combination of the Company and Windstream such that, following a pre-closing reorganization of Windstream and the merger of the Company into an entity formed in such reorganization (the "Merger"), both the Company and Windstream will be indirect wholly owned subsidiaries of a recently formed company that in the reorganization will become the parent company of Windstream (“New Uniti”). Following the Merger, the common stock of New Uniti (“New Uniti Common Stock”) is expected to be listed on the Nasdaq.

The Merger intends to reunite Windstream’s business with the underlying fiber infrastructure owned by the Company to create a premier digital infrastructure company with a strong platform for value creation. Upon consummation of the Merger, the board of directors of New Uniti will initially comprise nine members, including five directors to be appointed by Uniti. It is expected that Uniti’s existing officers will serve as initial officers of New Uniti.

At the effective time of the Merger, each share of Uniti’s common stock that is issued and outstanding will automatically be cancelled and retired and converted into the right to a number of shares of New Uniti Common Stock pursuant to an exchange ratio set forth in the Merger Agreement such that the Company's and Windstream's stockholders are expected to hold approximately 62% and 38%, respectively, of the combined company before giving effect to the conversion of any outstanding convertible securities or the issuance of warrants to purchase New Uniti Common Stock referenced below.

In addition, at the closing of the Merger, we will fund an aggregate cash payment of $425 million (less certain transaction expenses) that will be distributed to Windstream equityholders on a pro-rata basis (the “Merger Cash Consideration”). Windstream equityholders will also be entitled to pro rata distributions of (i) new shares of non-voting preferred stock of New Uniti with a dividend rate of 11% per year for the first six years, subject to an additional 0.5% per year during each of the seventh and eighth year after the initial issuance and further increased by an additional 1% per year during each subsequent year, subject to a cap of 16% per year and with an aggregate liquidation preference of $575 million, and (ii) warrants to purchase New Uniti Common Stock, with an exercise price of $0.01 per share, subject to customary adjustments, representing in the aggregate approximately 6.9% of the pro forma share total of New Uniti. We intend to fund the Merger Cash Consideration with cash on hand and borrowings under the Revolving Credit Facility (as defined herein).

Our Merger with Windstream is subject to customary closing conditions, including, among others, approval by our

stockholders and receipt of required regulatory approvals, including the expiration or early termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976 and the receipt of approvals from the Federal Communications Commission and certain state public utility commissions. We currently expect our Merger with Windstream to close in 2025.

Upon consummation of the Merger, New Uniti will become an integrated telecommunications company. Initially, the legacy Uniti and Windstream organizational structures will remain separate, and the existing agreements and arrangements presently in effect between Uniti and Windstream, such as the Windstream Leases and the settlement agreement with Windstream, which requires Uniti to fund periodic settlement payments and reimburse Windstream for certain growth capital improvements, will remain in place. All Windstream debt obligations would remain obligations of Windstream and our debt obligations would remain as ours, with no cross-guarantees or credit support between the Company and Windstream. For a description of the Windstream Leases and the settlement agreement with Windstream, refer to “Liquidity and Capital Resources—Windstream Leases” within Part I, Item 2 "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in this Quarterly Report on Form 10-Q. In September and October 2024, Windstream undertook a series of transactions through which it amended the terms of its outstanding debt to, among other things, allow for the consolidation of Uniti's and Windstream's debt following the completion of the Merger into a single silo under a common parent entity (the "Post-Closing Reorganization"). As a result, following the completion of the Merger, Uniti may, but is not required to, consummate the Post-Closing Reorganization. If the Post-Closing Reorganization

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is completed, certain existing agreements and arrangements presently in effect between Uniti and Windstream, including the Windstream Leases and the settlement agreement described above, could be (but are not required to be) terminated. In addition, if the Post-Closing Reorganization is completed, each obligor under Uniti's outstanding debt (other than the ABS Loan Facility) would become an obligor under Windstream's outstanding debt, and each obligor under Windstream's outstanding debt would become an obligor under Uniti's outstanding debt (other than the ABS Loan Facility).

In addition, we have agreed to suspend dividend payments or other distributions until the consummation of the Merger, except for the dividend paid on June 28, 2024 and those dividends reasonably required for us or our subsidiaries to maintain our status as a REIT or to avoid the payment or imposition of income or excise tax, among other customary exceptions. Finally, it is expected that, following consummation of the Merger, Uniti will cease to be a REIT for U.S. federal income tax purposes.

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Results of Operations

Comparison of the three months ended September 30, 2024 and 2023

The following table sets forth our results of operations expressed as dollars and as a percentage of total revenues for the periods indicated:

	Three Months Ended September 30,
	2024			2023
(Thousands)	Amount		% of Revenues	Amount		% of Revenues
				(as restated)
Revenues:
Revenue from rentals
Uniti Leasing	$	221,123	75.6%	$	212,720	73.3%
Uniti Fiber	12,762		4.4%	16,913		5.8%
Total revenue from rentals	233,885		80.0%	229,633		79.1%
Service revenues
Uniti Leasing	1,799		0.6%	1,868		0.6%
Uniti Fiber	56,563		19.4%	59,154		20.3%
Total service revenues	58,362		20.0%	61,022		20.9%
Total revenues	292,247		100.0%	290,655		100.0%
Costs and Expenses:
Interest expense, net	131,007		44.8%	120,691		41.5%
Depreciation and amortization	79,325		27.2%	77,337		26.6%
General and administrative expense	26,697		9.1%	25,481		8.8%
Operating expense (exclusive of depreciation and amortization)	34,519		11.8%	37,392		12.9%
Transaction related and other costs	14,404		4.9%	1,441		0.5%
Gain on sale of real estate	—		0.0%	(1,424)		(0.5%)
Goodwill impairment	—		0.0%	203,998		70.2%
Other expense (income), net	—		0.0%	1,435		0.5%
Total costs and expenses	285,952		97.8%	466,351		160.5%
Income (loss) before income taxes and equity in earnings from unconsolidated entities	6,295		2.2%	(175,696)		(60.5%)
Income tax benefit	(5,935)		(2.0%)	(56,130)		(19.3%)
Equity in earnings from unconsolidated entities	—		—%	(670)		(0.2%)
Net income (loss)	12,230		4.2%	(118,896)		(41.0%)
Net income (loss) attributable to noncontrolling interests	1		0.0%	(53)		(0.0%)
Net income (loss) attributable to shareholders	12,229		4.2%	(118,843)		(40.9%)
Participating securities' share in earnings	(334)		(0.1%)	(321)		(0.1%)
Dividends declared on convertible preferred stock	(5)		(0.0%)	(5)		(0.0%)
Net income (loss) attributable to common shareholders	$	11,890	4.1%	$	(119,169)	(41.0%)

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The following tables set forth revenues, Adjusted EBITDA and net income of our reportable segments for the three months ended September 30, 2024 and 2023:

	Three Months Ended September 30, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	222,922	$	69,325	$	—	$	292,247
Adjusted EBITDA	$	215,188	$	25,557	$	(5,421)	$	235,324
Less:
Interest expense							131,007
Depreciation and amortization	45,281		34,031		13		79,325
Transaction related and other costs							14,404
Other, net							918
Stock-based compensation							3,375
Income tax benefit							(5,935)
Net income							$	12,230

	Three Months Ended September 30, 2023
	(as restated)
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	214,588	$	76,067	$	—	$	290,655
Adjusted EBITDA	$	208,561	$	29,857	$	(5,408)	$	233,010
Less:
Interest expense							120,691
Depreciation and amortization	44,754		32,570		13		77,337
Transaction related and other costs							1,441
Gain on sale of real estate							(1,424)
Goodwill impairment							203,998
Other, net							2,091
Stock-based compensation							3,148
Income tax benefit							(56,130)
Adjustments for equity in earnings from unconsolidated entities							754
Net loss							$	(118,896)

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Summary of Operating Metrics

	Operating Metrics
	September 30,
	2024	2023	% Increase / (Decrease)
Operating metrics:
Uniti Leasing:
Fiber strand miles	5,650,000	5,460,000	3.5%
Copper strand miles	231,000	230,000	0.4%
Uniti Fiber:
Fiber strand miles	3,040,000	2,940,000	3.4%
Customer connections	29,415	28,257	4.1%

Revenues

	Three Months Ended September 30,
	2024			2023
(Thousands)	Amount		% of Consolidated Revenues	Amount		% of Consolidated Revenues
				(as restated)
Revenues:
Uniti Leasing	$	222,922	76.3%	$	214,588	73.8%
Uniti Fiber	69,325		23.7%	76,067		26.2%
Total revenues	$	292,247	100.0%	$	290,655	100.0%

Uniti Leasing – Uniti Leasing revenues are primarily attributable to rental revenue from leasing our Distribution Systems to Windstream pursuant to the Windstream Leases. Under the Windstream Leases, Windstream is responsible for the costs related to operating the Distribution Systems, including property taxes, insurance, and maintenance and repair costs. As a result, we do not record an obligation related to the payment of property taxes, as Windstream makes direct payments to the taxing authorities. The initial term of the Windstream Leases expires on April 30, 2030. Annual rent under the Windstream Leases for the full year 2024 is $675.6 million and is subject to annual escalation at a rate of 0.5%. For a description of the Windstream Leases, see “Liquidity and Capital Resources— Windstream Leases” below.

The rent for the first year of each renewal term under the Windstream Leases will be an amount agreed to by us and Windstream. While the agreements require that the renewal rent be "Fair Market Rent," if we are unable to agree, the renewal Fair Market Rent will be determined by an independent appraisal process. Commencing with the second year of each renewal term, the renewal rent will increase at an escalation rate of 0.5%.

Pursuant to the Windstream Leases, Windstream (or any successor tenant under a Windstream Lease) has the right to cause Uniti to reimburse up to an aggregate $1.75 billion for certain growth capital improvements in long-term value accretive fiber and related assets made by Windstream (or the applicable tenant under the Windstream Lease) to certain ILEC and CLEC properties (the “Growth Capital Improvements” or “GCIs”). Uniti’s total annual reimbursement commitments to Windstream for the Growth Capital Improvements is discussed below in “Liquidity and Capital Resources—Windstream Leases.”

Starting on the first anniversary of each installment of reimbursement for a Growth Capital Improvement, the rent payable by Windstream under the applicable Windstream Lease will increase by an amount equal to 8.0% (the “Rent Rate”) of such installment of reimbursement. The Rent Rate will thereafter increase to 100.5% of the prior Rent Rate on each anniversary of each reimbursement. In the event that the tenant’s interest in either Windstream Lease is transferred by Windstream under the terms thereof (unless transferred to the same transferee), or if Uniti transfers its interests as landlord under either Windstream Lease (unless to the same transferee), the reimbursement rights and obligations will be allocated between the ILEC MLA and the CLEC MLA by Windstream, provided that the maximum that may be allocated to the CLEC MLA following such transfer is $20.0 million per year. If Uniti fails to reimburse any Growth Capital Improvement payment or

41

equipment loan funding request as and when it is required to do so under the terms of the Windstream Leases, and such failure continues for thirty (30) days, then such unreimbursed amounts may be applied as an offset against the rent owed by Windstream under the Windstream Leases (and such amounts will thereafter be treated as if Uniti had reimbursed them).

The Windstream Leases provide that tenant funded capital improvements (“TCIs”), defined as maintenance, repair, overbuild, upgrade or replacement to the Distribution Systems, including without limitation, the replacement of copper distribution systems with fiber distribution systems, automatically become property of Uniti upon their construction by Windstream. We receive non-monetary consideration related to TCIs as they automatically become our property, and we recognize the cost basis of TCIs that are capital in nature as property, plant, and equipment and deferred revenue. We depreciate the property, plant, and equipment over their estimated useful lives and amortize the deferred revenue as additional leasing revenues over the same depreciable life of the TCI assets. TCIs exclude Growth Capital Improvements as and when reimbursed by Uniti.

	Three Months Ended September 30,
	2024			2023
(Thousands)	Amount		% of Segment Revenues	Amount		% of Segment Revenues
				(as restated)
Uniti Leasing revenues:
Windstream Leases:
Cash revenue
Cash rent	$	169,180	75.9%	$	168,338	78.5%
GCI revenue	14,613		6.6%	8,450		3.9%
Total cash revenue	183,793		82.5%	176,788		82.4%
Non-cash revenue
TCI revenue	12,791		5.7%	11,707		5.4%
GCI revenue	3,136		1.4%	4,436		2.1%
Other straight-line revenue	558		0.2%	1,401		0.7%
Total non-cash revenue	16,485		7.3%	17,544		8.2%
Total Windstream revenue	200,278		89.8%	194,332		90.6%
Other services	22,644		10.2%	20,256		9.4%
Total Uniti Leasing revenues	$	222,922	100.0%	$	214,588	100.0%

The increase in TCI revenue is attributable to continued investment by Windstream. Windstream invested $69.6 million in TCIs during the quarter ended September 30, 2024. The total amount invested in TCIs by Windstream since the inception of the Windstream Leases (including the Master Lease) was $1.3 billion as of September 30, 2024 and $1.1 billion as of September 30, 2023.

The increase in GCI revenue is attributable to Uniti’s continued reimbursement of Growth Capital Improvements. During the three months ended September 30, 2024, Uniti reimbursed $34.2 million of Growth Capital Improvements. As of the date of this Quarterly Report on Form 10-Q, we have reimbursed a total of $1.0 billion of Growth Capital Improvements.

We recognized $22.6 million and $20.3 million of revenues from other services including non-Windstream triple-net leasing and dark fiber indefeasible rights of use (“IRU”) arrangements for the three months ended September 30, 2024 and 2023, respectively. The increase is primarily driven by revenues from new customer arrangements.

Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Windstream Leases, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to maintain our status as a REIT and service debt if Windstream were to become unable to generate sufficient cash to make payments to us.

We monitor the credit quality of Windstream through numerous methods, including by (i) reviewing credit ratings of Windstream by nationally recognized credit agencies, (ii) reviewing the financial statements of Windstream that are required to be delivered to us pursuant to the Windstream Leases, (iii) monitoring new reports regarding Windstream and its business, (iv) conducting research to ascertain industry trends potentially affecting Windstream, (v) monitoring

42

Windstream’s compliance with the terms of the Windstream Leases and (vi) monitoring the timeliness of its payments under the Windstream Leases.

As of the date of this Quarterly Report on Form 10-Q, Windstream is current on all lease payments. Moody's Investor Service's current corporate family rating for Windstream is B3 with a stable outlook. S&P Global Ratings' current issuer rating for Windstream is B- with a stable outlook. In addition, in order to assist us in our continuing assessment of Windstream’s creditworthiness, we periodically receive certain confidential financial information and metrics from Windstream.

Uniti Fiber – Uniti Fiber revenues for the three months ended September 30, 2024 and 2023 consisted of the following:

	Three Months Ended September 30,
	2024			2023
(Thousands)	Amount		% of Segment Revenues	Amount		% of Segment Revenues
				(as restated)
Uniti Fiber revenues:
Lit backhaul services	$	17,938	25.9%	$	18,246	24.0%
Enterprise and wholesale	26,381		38.1%	24,211		31.9%
E-Rate and government	11,327		16.3%	15,911		20.9%
Dark fiber and small cells	12,762		18.4%	16,913		22.2%
Other services	917		1.3%	786		1.0%
Total Uniti Fiber revenues	$	69,325	100.0%	$	76,067	100.0%

For the three months ended September 30, 2024, Uniti Fiber revenues totaled $69.3 million as compared to $76.1 million for the three months ended September 30, 2023. Uniti Fiber revenues decreased $6.7 million, primarily attributable to a $4.6 million decrease in E-rate and government, driven primarily by non-recurring equipment and installation sales, and a $4.2 million decrease in dark fiber and small cells, driven primarily by one-time cancellation revenues, partially offset by a $2.2 million increase in enterprise and wholesale, driven primarily by increased customer connections.

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Interest Expense, net

	Three Months Ended September 30,
(Thousands)	2024		2023		Increase / (Decrease)
			(as restated)
Interest expense, net:
Cash:
Senior secured notes	$	84,411	$	75,019	$	9,392
Senior unsecured notes	34,284		35,514		(1,230)
Senior secured revolving credit facility - variable rate	676		3,510		(2,834)
ABS Loan Facility	5,672		—		5,672
Interest rate cap	(19)		—		(19)
Other	(972)		49		(1,021)
Total cash interest	124,052		114,092		9,960
Non-cash:
Amortization of deferred financing costs and debt discount	5,824		4,520		1,304
Accretion of settlement payable	1,421		2,497		(1,076)
Interest rate cap	429		—		429
Capitalized interest	(719)		(418)		(301)
Total non-cash interest	6,955		6,599		356
Total interest expense, net	$	131,007	$	120,691	$	10,316

Interest expense for the three months ended September 30, 2024 increased $10.3 million compared to the three months ended September 30, 2023. The increase is primarily attributable to an increase in cash interest of $10.0 million driven by the Additional February 2028 Secured Notes issued on May 17, 2024 and the March 1, 2024 initial drawing of $275 million on the ABS Loan Facility.

Depreciation and Amortization Expense

	Three Months Ended September 30,
(Thousands)	2024		2023		Increase / (Decrease)
			(as restated)
Depreciation and amortization expense by segment:
Depreciation expense
Uniti Leasing	$	43,552	$	43,026	$	526
Uniti Fiber	28,335		26,872		1,463
Corporate	13		13		—
Total depreciation expense	71,900		69,911		1,989
Amortization expense
Uniti Leasing	1,729		1,728		1
Uniti Fiber	5,696		5,698		(2)
Total amortization expense	7,425		7,426		(1)
Total depreciation and amortization expense	$	79,325	$	77,337	$	1,988

Uniti Leasing – Uniti Leasing depreciation expense increased $0.5 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily attributable to asset additions since September 30, 2023, offset by the decrease associated with the CableSouth network sale in the first quarter of 2024.

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Uniti Fiber – Uniti Fiber depreciation expense increased $1.5 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily attributable to asset additions since September 30, 2023.

General and Administrative Expense

General and administrative expenses include compensation costs, including stock-based compensation awards, professional and legal services, corporate office costs and other costs associated with administrative activities of our segments.

	Three Months Ended September 30,
	2024			2023
(Thousands)	Amount		% of Consolidated Revenues	Amount		% of Consolidated Revenues
				(as restated)
General and administrative expense by segment:
Uniti Leasing	$	2,972	1.0%	$	2,668	1.0%
Uniti Fiber	16,313		5.6%	15,590		5.4%
Corporate	7,412		2.5%	7,223		2.4%
Total general and administrative expenses	$	26,697	9.1%	$	25,481	8.8%

Uniti Leasing – Uniti Leasing general and administrative expense increased $0.3 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily attributable to an increase in personnel expenses.

Uniti Fiber – Uniti Fiber general and administrative expense increased $0.7 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily attributable to an increase in personnel and insurance expenses.

Corporate – Corporate general and administrative expense increased $0.2 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily attributable to an increase in personnel expenses of $0.7 million, partially offset by a decrease in insurance expense of $0.5 million.

Operating Expense

Operating expenses consist of network related costs, such as dark fiber and tower rents, lit service and maintenance expense and costs associated with our construction activities.

	Three Months Ended September 30,
	2024			2023
(Thousands)	Amount		% of Consolidated Revenues	Amount		% of Consolidated Revenues
				(as restated)
Operating expense by segment:
Uniti Leasing	$	6,096	2.1%	$	6,070	2.1%
Uniti Fiber	28,423		9.7%	31,322		10.8%
Total operating expenses	$	34,519	11.8%	$	37,392	12.9%

Uniti Leasing – Uniti Leasing operating expense remained consistent for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023.

Uniti Fiber – Uniti Fiber operating expense decreased $2.9 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily attributable to a decrease in non-recurring installation and equipment expense of $3.4 million and off network expense of $0.5 million, partially offset by an increase in personnel expenses of $0.9 million.

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Goodwill Impairment

During the third quarter of 2023, as a result of macroeconomic and financial market factors, specifically, increased interest rates impacting our discount rate, we concluded that it was more likely than not that the fair value of the Uniti Fiber segment, estimated using a combination of the income approach and market approach, was less that its carrying amount. Accordingly, we recorded a $204.0 million ($151.9 million net of tax) goodwill impairment in the Uniti Fiber segment during the nine months ended September 30, 2023. We recorded no impairment during the three months ended September 30, 2024. See Note 9 of Notes to Condensed Consolidated Financial Statements in Part I Item 1 of this Quarterly Report on Form 10-Q.

Transaction Related and Other Costs

Transaction related and other costs include incremental acquisition, pursuit, transaction and integration costs (including unsuccessful acquisition pursuit costs). For the three months ended September 30, 2024, we incurred $14.4 million of transaction related and other costs, compared to $1.4 million of such costs during the three months ended September 30, 2023. The increase is primarily attributable to costs associated with the Merger.

Income Tax Benefit

The income tax benefit recorded for the three months ended September 30, 2024 and 2023, respectively, is related to the tax impact of the following:

	Three Months Ended September 30,
(Thousands)	2024		2023
			(as restated)
Income tax benefit
Pre-tax loss (Uniti Fiber)	$	(6,321)	$	(56,522)
REIT state and local taxes	386		392
Total income tax benefit	$	(5,935)	$	(56,130)

Comparison of the nine months ended September 30, 2024 and 2023

The following table sets forth our results of operations expressed as dollars and as a percentage of total revenues for the periods indicated:

46

	Nine Months Ended September 30,
	2024				2023
(Thousands)	Amount		% of Revenues		Amount		% of Revenues
					(as restated)
Revenues:
Revenue from rentals
Uniti Leasing	$	653,756	74.8	%	$	632,707	73.2	%
Uniti Fiber	37,588		4.3	%	52,750		6.1	%
Total revenue from rentals	691,344		79.1	%	685,457		79.3	%
Service revenues
Uniti Leasing	5,073		0.6	%	5,142		0.6	%
Uniti Fiber	177,195		20.3	%	173,576		20.1	%
Total service revenues	182,268		20.9	%	178,718		20.7	%
Total revenues	873,612		100.0	%	864,175		100.0	%
Costs and Expenses:
Interest expense, net	381,693		43.7	%	389,243		45.0	%
Depreciation and amortization	234,862		26.9	%	231,379		26.8	%
General and administrative expense	80,546		9.2	%	77,331		9.0	%
Operating expense (exclusive of depreciation and amortization)	106,753		12.2	%	109,878		12.7	%
Transaction related and other costs	31,068		3.6	%	9,805		1.1	%
Goodwill impairment	—		—	%	203,998		23.6	%
Gain on sale of real estate	(18,999)		(2.2	%)	(1,424)		(0.2	%)
Other expense (income), net	(301)		—	%	21,323		2.5	%
Total costs and expenses	815,622		93.4	%	1,041,533		120.5	%
Income (loss) before income taxes and equity in earnings from unconsolidated entities	57,990		6.6	%	(177,358)		(20.5	%)
Income tax benefit	(13,869)		(1.6	%)	(62,899)		(7.3	%)
Equity in earnings from unconsolidated entities	—		—	%	(1,990)		(0.2	%)
Net income (loss)	71,859		8.2	%	(112,469)		(13.0	%)
Net income (loss) attributable to noncontrolling interests	23		0.0	%	(50)		0.0	%
Net income (loss) attributable to shareholders	71,836		8.2	%	(112,419)		(13.0	%)
Participating securities' share in earnings	(1,493)		(0.2	%)	(890)		(0.1	%)
Dividends declared on convertible preferred stock	(15)		0.0	%	(15)		—	%
Net income (loss) attributable to common shareholders	$	70,328	8.1	%	$	(113,324)	(13.1	%)

The following tables set forth revenues, Adjusted EBITDA and net income of our reportable segments for the nine months ended September 30, 2024 and 2023:

47

	Nine Months Ended September 30, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	658,829	$	214,783	$	—	$	873,612
Adjusted EBITDA	$	636,718	$	80,486	$	(16,593)	$	700,611
Less:
Interest expense							381,693
Depreciation and amortization	134,874		99,948		40		234,862
Transaction related and other costs							31,068
Gain on sale of real estate							(18,999)
Other, net							3,877
Stock-based compensation							10,120
Income tax benefit							(13,869)
Net income							$	71,859

	Nine Months Ended September 30, 2023
	(as restated)
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	637,849	$	226,326	$	—	$	864,175
Adjusted EBITDA	$	620,079	$	88,712	$	(16,413)	$	692,378
Less:
Interest expense							389,243
Depreciation and amortization	133,617		97,719		43		231,379
Transaction related and other costs							9,805
Goodwill impairment							203,998
Gain on sale of real estate							(1,424)
Other, net							23,073
Stock-based compensation							9,408
Income tax benefit							(62,899)
Adjustments for equity in earnings from unconsolidated entities							2,264
Net loss							$	(112,469)

Revenues

	Nine Months Ended September 30,
	2024			2023
(Thousands)	Amount		% of Consolidated Revenues	Amount		% of Consolidated Revenues
				(as restated)
Revenues:
Uniti Leasing	$	658,829	75.4%	$	637,849	73.8%
Uniti Fiber	214,783		24.6%	226,326		26.2%
Total revenues	$	873,612	100.0%	$	864,175	100.0%

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Uniti Leasing – Uniti Leasing revenues for the nine months ended September 30, 2024 and 2023 consisted of the following:

	Nine Months Ended September 30,
	2024			2023
(Thousands)	Amount		% of Segment Revenues	Amount		% of Segment Revenues
				(as restated)
Uniti Leasing revenues:
Windstream Leases:
Cash revenue
Cash rent	$	506,417	76.9%	$	503,897	79.0%
GCI revenue	38,888		5.9%	22,128		3.5%
Total cash revenue	545,305		82.8%	526,025		82.5%
Non-cash revenue
TCI revenue	37,248		5.7%	34,628		5.4%
GCI revenue	10,643		1.6%	12,245		1.9%
Other straight-line revenue	2,796		0.4%	5,323		0.9%
Total non-cash revenue	50,687		7.7%	52,196		8.2%
Total Windstream revenue	595,992		90.5%	578,221		90.7%
Other services	62,837		9.5%	59,628		9.3%
Total Uniti Leasing revenues	$	658,829	100.0%	$	637,849	100.0%

The increase in TCI revenue is attributable to continued investment by Windstream.

The increase in GCI revenue is attributable to Uniti’s continued reimbursement of Growth Capital Improvements. During the nine months ended September 30, 2024, Uniti reimbursed $230.8 million of Growth Capital Improvements. As of the date of this Quarterly Report on Form 10-Q, we have reimbursed a total of $1.0 billion of Growth Capital Improvements.

We recognized $62.8 million and $59.6 million of revenues from non-Windstream triple-net leasing, dark fiber IRU arrangements, and other services for the nine months ended September 30, 2024 and 2023, respectively. The increase is primarily attributable to revenues from new customer arrangements.

Uniti Fiber – Uniti Fiber revenues for the nine months ended September 30, 2024 and 2023 consisted of the following:

	Nine Months Ended September 30,
	2024			2023
(Thousands)	Amount		% of Segment Revenues	Amount		% of Segment Revenues
				(as restated)
Uniti Fiber revenues:
Lit backhaul services	$	58,305	27.2%	$	57,221	25.3%
Enterprise and wholesale	77,601		36.1%	70,144		31.0%
E-Rate and government	38,645		18.0%	43,947		19.4%
Dark fiber and small cells	37,588		17.5%	52,750		23.3%
Other services	2,644		1.2%	2,264		1.0%
Total Uniti Fiber revenues	$	214,783	100.0%	$	226,326	100.0%

For the nine months ended September 30, 2024, Uniti Fiber revenues totaled $214.8 million as compared to $226.3 million for the nine months ended September 30, 2023. Uniti Fiber revenues decreased by $11.5 million, primarily attributable to a $15.2 million decrease in dark fiber and small cells, driven primarily by one-time cancellation revenues, and $5.3 million decrease in E-rate and government, driven primarily by non-recurring equipment and installation sales and net churn,

49

partially offset by a $7.5 million increase in enterprise and wholesale, driven primarily by increased customer connections and internet services.

50

Interest Expense, net

	Nine Months Ended September 30,
(Thousands)	2024		2023		Increase / (Decrease)
			(as restated)
Interest expense, net:
Cash:
Senior secured notes	$	238,210	$	243,226	$	(5,016)
Senior unsecured notes	105,143		106,674		(1,531)
Senior secured revolving credit facility - variable rate	6,560		8,143		(1,583)
ABS Loan Facility	13,234		—		13,234
Interest rate cap	1		—		1
Other	(2,277)		758		(3,035)
Total cash interest	360,871		358,801		2,070
Non-cash:
Amortization of deferred financing costs and debt discount	16,774		13,974		2,800
Write off of deferred financing costs and debt discount	—		10,412		(10,412)
Accretion of settlement payable	5,080		8,273		(3,193)
Gain on extinguishment of debt	—		(1,269)		1,269
Interest rate cap	1,149		—		1,149
Capitalized interest	(2,181)		(948)		(1,233)
Total non-cash interest	20,822		30,442		(9,620)
Total interest expense, net	$	381,693	$	389,243	$	(7,550)

Interest expense for the nine months ended September 30, 2024 decreased $7.6 million compared to the nine months ended September 30, 2023. The decrease is primarily attributable to a loss on extinguishment of debt of $32.3 million recognized in the first quarter of 2023 related to the 7.875% senior secured notes due 2025 (the "2025 Secured Notes"), which included $10.3 million of non-cash interest expense for the write off of the unamortized discount and deferred financing costs and $22.0 million of cash interest expense for the redemption premium, and a reduction in the accretion expense on the settlement payable of $3.2 million, partially offset by an increase in cash interest on our senior secured notes and the ABS Loan Facility of $30.3 million.

Depreciation and Amortization Expense

	Nine Months Ended September 30,
(Thousands)	2024		2023		Increase / (Decrease)
			(as restated)
Depreciation and amortization expense by segment:
Depreciation expense
Uniti Leasing	$	129,686	$	128,430	$	1,256
Uniti Fiber	82,859		80,601		2,258
Corporate	40		43		(3)
Total depreciation expense	212,585		209,074		3,511
Amortization expense
Uniti Leasing	5,188		5,187		1
Uniti Fiber	17,089		17,118		(29)
Total amortization expense	22,277		22,305		(28)
Total depreciation and amortization expense	$	234,862	$	231,379	$	3,483

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Uniti Leasing – Uniti Leasing depreciation expense increased $1.3 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The increase is primarily attributable to asset additions since September 30, 2023, partially offset by the decrease associated with the CableSouth network sale in the first quarter of 2024.

Uniti Fiber – Uniti Fiber depreciation expense increased $2.3 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The increase is primarily attributable to asset additions since September 30, 2023.

General and Administrative Expense

General and administrative expenses include compensation costs, including stock-based compensation awards, professional and legal services, corporate office costs and other costs associated with administrative activities of our segments.

	Nine Months Ended September 30,
	2024				2023
(Thousands)	Amount		% of Consolidated Revenues		Amount		% of Consolidated Revenues
					(as restated)
General and administrative expense by segment:
Uniti Leasing	$	8,903	1.0	%	$	8,713	1.0	%
Uniti Fiber	48,624		5.6	%	46,692		5.4	%
Corporate	23,019		2.6	%	21,926		2.5	%
Total general and administrative expenses	$	80,546	9.2	%	$	77,331	8.9	%

Uniti Leasing – Uniti Leasing general and administrative expense increased $0.2 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, primarily attributable to an increase in personnel expenses.

Uniti Fiber – Uniti Fiber general and administrative expense increased $1.9 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, which is primarily attributable to increases in personnel and insurance expenses.

Corporate – Corporate general and administrative expense increased $1.1 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, which is primarily attributable to an increase in professional and legal fees of $2.0 million, partially offset by a decrease in insurance expenses of $1.0 million.

Operating Expense

Operating expense consists of network related costs, such as dark fiber and tower rents, lit service and maintenance expense and costs associated with our construction activities.

	Nine Months Ended September 30,
	2024			2023
(Thousands)	Amount		% of Consolidated Revenues	Amount		% of Consolidated Revenues
				(as restated)
Operating expense by segment:
Uniti Leasing	$	17,823	2.0%	$	17,113	2.0%
Uniti Fiber	88,930		10.2%	92,765		10.7%
Total operating expenses	$	106,753	12.2%	$	109,878	12.7%

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Uniti Leasing – Uniti Leasing operating expense increased $0.7 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The increase is primarily attributable to increases in leased asset costs of $1.3 million, partially offset by a decrease in non-recurring operating expenses of $0.6 million.

Uniti Fiber – Uniti Fiber operating expenses decreased $3.8 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, which is primarily attributable to decreases in off network expense of $2.5 million and non-recurring installation and equipment expense of $2.1 million, partially offset by an increase in personnel expense of $0.8 million.

Goodwill Impairment

During the third quarter of 2023, as a result of macroeconomic and financial market factors, specifically, increased interest rates impacting our discount rate, we concluded that it was more likely than not that the fair value of the Uniti Fiber segment, estimated using a combination of the income approach and market approach, was less that its carrying amount. Accordingly, we recorded a $204.0 million ($151.9 million net of tax) goodwill impairment in the Uniti Fiber segment during the nine months ended September 30, 2023. We recorded no impairment during the nine months ended September 30, 2024. See Note 9 of Notes to Condensed Consolidated Financial Statements in Part I Item 1 of this Quarterly Report on Form 10-Q.

Transaction Related and Other Costs

Transaction related and other costs during the nine months ended September 30, 2024 and 2023 included acquisition, pursuit, transaction and integration costs (including unsuccessful acquisition pursuit costs). For the nine months ended September 30, 2024, we incurred $31.1 million of transaction related and other costs, compared to $9.8 million of such costs during the nine months ended September 30, 2023. The increase relates primarily to costs associated with the Merger.

Other Expense (Income), net

Other expense (income), net changed $21.6 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, which included $20.6 million of costs related to the issuance of the February 2028 Secured Notes.

Income Tax Benefit

The income tax benefit recorded for the nine months ended September 30, 2024 and 2023, respectively, is related to the tax impact of the following:

	Nine Months Ended September 30,
(Thousands)	2024		2023
			(as restated)
Income tax benefit
Pre-tax loss (Uniti Fiber)	$	(15,071)	$	(64,077)
REIT state and local taxes	1,157		1,151
Other	45		27
Total income tax benefit	$	(13,869)	$	(62,899)

Non-GAAP Financial Measures

We refer to EBITDA, Adjusted EBITDA, Funds From Operations (“FFO”) (as defined by the National Association of Real Estate Investment Trusts (“NAREIT”)) and Adjusted Funds From Operations (“AFFO”) in our analysis of our results of operations, which are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). While we believe that net income, as defined by GAAP, is the most appropriate earnings measure, we also believe that EBITDA, Adjusted EBITDA, FFO and AFFO are important non-GAAP supplemental measures of operating performance for a REIT.

We define “EBITDA” as net income, as defined by GAAP, before interest expense, provision for income taxes and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA before stock-based compensation expense and

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the impact, which may be recurring in nature, of incremental acquisition, pursuit, transaction and integration costs (including unsuccessful acquisition pursuit costs), costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, and costs associated with the implementation of our enterprise resource planning system, (collectively, “Transaction Related and Other Costs”), costs related to the settlement with Windstream, goodwill impairment charges, severance costs, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. We believe EBITDA and Adjusted EBITDA are important supplemental measures to net income because they provide additional information to evaluate our operating performance on an unleveraged basis. In addition, Adjusted EBITDA is calculated similar to defined terms in our material debt agreements used to determine compliance with specific financial covenants. Since EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, they should not be considered as alternatives to net income determined in accordance with GAAP.

Because the historical cost accounting convention used for real estate assets requires the recognition of depreciation expense except on land, such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined by NAREIT as net income attributable to common shareholders computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization and impairment charges, and includes adjustments to reflect the Company’s share of FFO from unconsolidated entities. We compute FFO in accordance with NAREIT’s definition.

The Company defines AFFO, as FFO excluding (i) Transaction Related and Other Costs; (ii) costs related to the litigation settlement with Windstream, accretion on our settlement obligation, and gains on prepayment of our settlement obligation as these items are not reflective of ongoing operating performance; (iii) goodwill impairment charges; (iv) certain non-cash revenues and expenses such as stock-based compensation expense, amortization of debt and equity discounts, amortization of deferred financing costs, depreciation and amortization of non-real estate assets, amortization of non-cash rights-of-use assets, straight line revenues, non-cash income taxes, and the amortization of other non-cash revenues to the extent that cash has not been received, such as revenue associated with the amortization of TCIs; and (v) the impact, which may be recurring in nature, of the write-off of unamortized deferred financing fees, additional costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, severance costs, taxes associated with tax basis cancellation of debt, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments and similar or infrequent items less maintenance capital expenditures. AFFO includes adjustments to reflect the Company’s share of AFFO from unconsolidated entities. We believe that the use of FFO and AFFO, and their respective per share amounts, combined with the required GAAP presentations, improves the understanding of operating results of REITs among investors and analysts, and makes comparisons of operating results among such companies more meaningful. We consider FFO and AFFO to be useful measures for reviewing comparative operating performance. In particular, we believe AFFO, by excluding certain revenue and expense items, can help investors compare our operating performance between periods and to other REITs on a consistent basis without having to account for differences caused by unanticipated items and events, such as transaction and integration related costs. The Company uses FFO and AFFO, and their respective per share amounts, only as performance measures, and FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. While FFO and AFFO are relevant and widely used measures of operating performance of REITs, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating performance.

Further, our computations of EBITDA, Adjusted EBITDA, FFO and AFFO may not be comparable to that reported by other REITs or companies that do not define FFO in accordance with the current NAREIT definition or that interpret the current NAREIT definition or define EBITDA, Adjusted EBITDA and AFFO differently than we do.

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The reconciliation of our net income (loss) to EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023 is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
			(as restated)				(as restated)
Net income (loss)	$	12,230	$	(118,896)	$	71,859	$	(112,469)
Depreciation and amortization	79,325		77,337		234,862		231,379
Interest expense, net	131,007		120,691		381,693		389,243
Income tax benefit	(5,935)		(56,130)		(13,869)		(62,899)
EBITDA	$	216,627	$	23,002	$	674,545	$	445,254
Stock based compensation	3,375		3,148		10,120		9,408
Transaction related and other costs	14,404		1,441		31,068		9,805
Goodwill impairment	—		203,998		—		203,998
Gain on sale of real estate	—		(1,424)		(18,999)		(1,424)
Other, net (1)	918		2,091		3,877		23,073
Adjustments for equity in earnings from unconsolidated entities	—		754		—		2,264
Adjusted EBITDA	$	235,324	$	233,010	$	700,611	$	692,378

(1) A reconciliation of Other expense (income), net as reported in our Condensed Consolidated Statements of Income (Loss) to Other, net is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
			(as restated)				(as restated)
Other expense (income), net	$	—	$	1,435	$	(301)	$	21,323
Amortization of non-cash rights-of-use assets (a)	851		759		2,521		2,277
Severance costs (b)	67		—		1,657		—
Insurance recovery (a)	—		(103)		—		(527)
Other, net	$	918	$	2,091	$	3,877	$	23,073

(a) Included within the Operating expense (exclusive of depreciation and amortization) line item in our Condensed Consolidated Statements of Income (Loss).

(b) Included within the General and administration expense line item in our Condensed Consolidated Statements of Income (Loss).

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The reconciliation of our net income (loss) attributable to common shareholders to FFO and AFFO for the three and nine months ended September 30, 2024 and 2023 is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
			(as restated)				(as restated)
Net income (loss) attributable to common shareholders	$	11,890	$	(119,169)	$	70,328	$	(113,324)
Real estate depreciation and amortization	56,370		55,405		167,915		164,983
Gain on sale of real estate, net of tax	—		(1,424)		(18,951)		(1,424)
Participating securities share in earnings	334		321		1,493		890
Participating securities share in FFO	(1,871)		(321)		(4,166)		(1,298)
Real estate depreciation and amortization from unconsolidated entities	—		435		—		1,305
Adjustments for noncontrolling interests	(9)		(24)		(34)		(74)
FFO attributable to common shareholders	$	66,714	$	(64,777)	$	216,585	$	51,058
Transaction related and other costs	14,404		1,441		31,068		9,805
Amortization of deferred financing costs and debt discount	5,824		4,521		16,774		13,975
Write off of deferred financing costs and debt discount	—		—		—		10,412
Costs related to the early repayment of debt	—		—		—		51,997
Stock based compensation	3,375		3,148		10,120		9,408
Non-real estate depreciation and amortization	22,955		21,932		66,947		66,396
Goodwill impairment	—		203,998		—		203,998
Straight-line revenues and amortization of below-market lease intangibles	(7,320)		(9,579)		(24,358)		(28,795)
Maintenance capital expenditures	(1,891)		(1,594)		(5,889)		(5,338)
Other, net	(16,999)		(63,998)		(44,297)		(90,076)
Adjustments for equity in earnings from unconsolidated entities	—		320		—		960
Adjustments for noncontrolling interests	(3)		(72)		(11)		(109)
AFFO attributable to common shareholders	$	87,059	$	95,340	$	266,939	$	293,691

Liquidity and Capital Resources

Our principal liquidity needs are to fund operating expenses, meet debt service obligations, fund investment activities, including capital expenditures, and to fund the Merger Cash Consideration. Furthermore, following consummation of our settlement agreement with Windstream, including entry into the Windstream Leases, we are obligated (i) to make $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning in October 2020 and (ii) to reimburse Windstream for up to an aggregate of $1.75 billion for Growth Capital Improvements in long-term value accretive fiber and related assets made by Windstream through 2029. To date, we have paid $386.9 million of the $490.1 million due to Windstream under the settlement agreement. Uniti’s reimbursement commitment for Growth Capital Improvements does not require Uniti to reimburse Windstream for maintenance or repair expenditures (except for costs incurred for fiber replacements to the CLEC MLA leased property, up to $70 million during the term), and each such reimbursement is subject to underwriting standards. Uniti’s total annual reimbursement commitments for the Growth Capital Improvements under both Windstream Leases (and under separate equipment loan facilities) were limited to $225 million in 2022 and 2023, and are limited to $225 million per year in 2024; $175 million per year in 2025 and 2026; and $125 million per year in 2027 through 2029.

Our primary sources of liquidity and capital resources are cash on hand, cash provided by operating activities (primarily from the Windstream Leases), available borrowings under our credit agreement by and among the Operating Partnership, CSL Capital, LLC and Uniti Group Finance 2019 Inc., the guarantors party thereto, Bank of America, N.A., as administrative agent, collateral agent, swing line lender and an L/C issuer and certain other lenders named therein (the

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"Credit Agreement"), and proceeds from the issuance of debt and equity securities. See “—Outlook” for additional information concerning our near-term and long-term liquidity requirements.

As of September 30, 2024, we had total cash and cash equivalents of $53.4 million, including $19.3 million of restricted cash and cash equivalents, approximately $495.0 million of borrowing availability under our revolving credit facility maturing on September 24, 2027 under the Credit Agreement (the “Revolving Credit Facility”), and up to $75.0 million of borrowing capacity under our ABS Loan Facility, subject to satisfying certain financial metrics and transferring certain additional assets into the facility as collateral, which we expect to occur within twelve months. Subsequent to September 30, 2024, there have been no material outlays of funds outside of our scheduled interest payments. Availability under our Revolving Credit Facility is subject to various conditions, including a maximum secured leverage ratio of 5.0:1. In addition, if we incur debt under our Revolving Credit Facility or otherwise such that our total leverage ratio exceeds 6.5:1, our Revolving Credit Facility would impose significant restrictions on our ability to pay dividends. See “—Dividends.”

	Nine Months Ended September 30,
(Thousands)	2024		2023
			(as restated)
Cash flow from operating activities:
Net cash provided by operating activities	$	181,080	$	190,575

Cash provided by operating activities is primarily attributable to our leasing activities, which includes the leasing of mission-critical communications assets to anchor customers on either an exclusive or shared-tenant basis, in addition to the leasing of dark fiber network assets to the telecommunications industry. Cash used in operating activities includes compensation and related costs, interest payments, and other changes in working capital. Net cash provided by operating activities was $181.1 million and $190.6 million for the nine months ended September 30, 2024 and 2023, respectively. The decrease in net cash provided by operating activities during the nine months ended September 30, 2024 is primarily attributable to an increase in cash interest expense of $2.1 million and cash paid for the interest rate cap of $2.2 million, along with a decrease in distributions from unconsolidated entities of $3.0 million.

	Nine Months Ended September 30,
(Thousands)	2024		2023
			(as restated)
Cash flow from investing activities:
Capital expenditures	$	(327,762)	$	(368,264)
Proceeds from sale of other equipment	528		1,581
Proceeds from sale of real estate	40,039		1,530
Proceeds from sale of unconsolidated entity	40,000		—
Net cash used in investing activities	$	(247,195)	$	(365,153)

Net cash used in investing activities decreased $118.0 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, primarily driven by proceeds from the sale of our investment in BB Fiber Holdings LLC of $40.0 million, proceeds from the sale of the CableSouth network of $40.0 million, and a decrease in Uniti Fiber and Uniti Leasing capital expenditures of $37.9 million. Capital expenditures are primarily related to our Uniti Fiber and Uniti Leasing businesses for deployment of network assets, as described below under “—Capital Expenditures.”

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	Nine Months Ended September 30,
(Thousands)	2024		2023
			(as restated)
Cash flow from financing activities:
Repayment of debt	$	(122,942)	$	(2,263,662)
Proceeds from issuance of notes	309,000		2,600,000
Dividends paid	(108,445)		(107,395)
Payments of settlement payable	(73,516)		(73,516)
Borrowings under revolving credit facility	130,000		450,000
Payments under revolving credit facility	(333,000)		(367,000)
Proceeds from ABS Loan Facility	275,000		—
Finance lease payments	(2,020)		(1,601)
Payments for financing costs	(15,778)		(26,955)
Payment for settlement of common stock warrant	—		(56)
Termination of bond hedge option	—		59
Costs related to the early repayment of debt	—		(44,303)
Distributions paid to noncontrolling interests	(37)		(48)
Payment for noncontrolling interest	(92)		—
Employee stock purchase program	656		730
Payments related to tax withholding for stock-based compensation	(1,587)		(1,359)
Net cash provided by financing activities	$	57,239	$	164,894

Net cash provided by financing activities was $57.2 million for the nine months ended September 30, 2024, which was primarily related to the $309.0 million proceeds from issuance of the Additional February 2028 Secured Notes and $275.0 million of proceeds from the ABS Loan Facility, partially offset by $122.9 million repayment of debt, net payments under the Revolving Credit Facility of $203.0 million, dividend payments of $108.4 million, repayments of the settlement payable of $73.5 million, and payments for financing costs of $15.8 million. Net cash provided by financing activities was $164.9 million for the nine months ended September 30, 2023, which was primarily related to proceeds from issuance of the February 2028 Secured Notes of $2.6 billion, offset by repayment of the 2025 Secured Notes of $2.3 billion, net borrowings under the Revolving Credit Facility of $83.0 million, dividend payments of $107.4 million, repayments of the settlement payable of $73.5 million, costs related to the early repayment of the 2025 Secured Notes of $44.3 million, and payments for financing costs of $27.0 million.

Windstream Leases

The initial term of the Windstream Leases expires on April 30, 2030. The aggregate initial annual rent under the Windstream Leases is $663.0 million. The Windstream Leases contain cross-guarantees and cross-default provisions, which will remain effective as long as Windstream or an affiliate is the tenant under both of the Windstream Leases and unless and until the landlords under the ILEC MLA are different from the landlords under the CLEC MLA. The Windstream Leases permit Uniti to transfer its rights and obligations and otherwise monetize or encumber the Windstream Leases, together or separately, so long as Uniti does not transfer interests in either Windstream Lease to a Windstream competitor.

Beginning in October 2020, pursuant to the Windstream Leases, Windstream (or any successor tenant under a Windstream Lease) has the right to cause Uniti to reimburse up to an aggregate $1.75 billion of Growth Capital Improvements through 2029. Uniti’s reimbursement commitment for Growth Capital Improvements does not require Uniti to reimburse Windstream for maintenance or repair expenditures (except for costs incurred for fiber replacements to the CLEC MLA leased property, up to $70 million during the term), and each such reimbursement is subject to underwriting standards. Uniti’s total annual reimbursement commitments for the Growth Capital Improvements under both Windstream Leases (and under separate equipment loan facilities) were limited to $225 million in 2022 and 2023, and are limited to $225 million in 2024; $175 million per year in 2025 and 2026; and $125 million per year in 2027 through 2029. If the cost incurred by Windstream (or the successor tenant under a Windstream Lease) for Growth Capital Improvements in any calendar year exceeds the annual limit for such calendar year, Windstream (or such tenant, as the case may be) may submit

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such excess costs for reimbursement in any subsequent year and such excess costs shall be funded from the annual commitment amounts in such subsequent period. In addition, to the extent that reimbursements for Growth Capital Improvements funded in any calendar year during the term is less than the annual limit for such calendar year, the unfunded amount in any calendar year will carry-over and may be added to the annual limits for subsequent calendar years, subject to an annual limit of $250 million in any calendar year.

Starting on the first anniversary of each installment of reimbursement for a Growth Capital Improvement, the rent payable by Windstream under the applicable Windstream Lease will increase by an amount equal to 8.0% (the “Rent Rate”) of such installment of reimbursement. The Rent Rate will thereafter increase to 100.5% of the prior Rent Rate on each anniversary of each reimbursement. In the event that the tenant’s interest in either Windstream Lease is transferred by Windstream under the terms thereof (unless transferred to the same transferee), or if Uniti transfers its interests as landlord under either Windstream Lease (unless to the same transferee), the reimbursement rights and obligations will be allocated between the ILEC MLA and the CLEC MLA by Windstream, provided that the maximum that may be allocated to the CLEC MLA following such transfer is $20 million per year. If Uniti fails to reimburse any Growth Capital Improvement reimbursement payment or equipment loan funding request as and when it is required to do so under the terms of the Windstream Leases, and such failure continues for thirty (30) days, then such unreimbursed amounts may be applied as an offset against the rent owed by Windstream under the Windstream Leases (and such amounts will thereafter be treated as if Uniti had reimbursed them).

Uniti and Windstream have entered into separate ILEC and CLEC Equipment Loan and Security Agreements (collectively “Equipment Loan Agreement”) in which Uniti will provide up to $125 million (limited to $25 million in any calendar year) of the $1.75 billion of Growth Capital Improvements commitments discussed above in the form of loans for Windstream to purchase equipment related to network upgrades or to be used in connection with the Windstream Leases. Interest on these loans will accrue at 8% from the date of the borrowing. All equipment financed through the Equipment Loan Agreement is the sole property of Windstream; however, Uniti will receive a first-lien security interest in the equipment purchased with the loans. No such loans have been made as of September 30, 2024.

UP-REIT Operating Partnership Units

Our UP-REIT structure enables us to acquire properties by issuing to sellers, as a form of consideration, limited partnership interests in our operating partnership, (commonly called “OP Units”). We believe that this structure will facilitate our ability to acquire individual properties and portfolios of properties by enabling us to structure transactions which will defer taxes payable by a seller while preserving our available cash for other purposes, including the possible payment of dividends. We would expect to eliminate this structure when we complete the Windstream combination.

Outlook

We anticipate continuing to invest in our network infrastructure across our Uniti Leasing and Uniti Fiber portfolios. We anticipate that we will partially finance these needs, as well as operating expenses (including our debt service obligations), from our cash on hand, borrowings under our Revolving Credit Facility and ABS Loan Facility, and cash flows provided by operating activities. As of September 30, 2024, we had $495.0 million in borrowing availability under our Revolving Credit Facility. Additionally, we have up to $75.0 million in borrowing availability under our ABS Loan Facility, subject to satisfying certain financial metrics and transferring certain additional assets into the facility as collateral, which we expect will occur within twelve months. In addition, we anticipate our cash on hand and borrowing availability under the Revolving Credit Facility and ABS Loan Facility, combined with our cash flows provided by operating activities, will be sufficient to fund our business operations, reimbursement commitments for Growth Capital Improvements and obligations under the settlement agreement with Windstream, and debt service over the next twelve months. However, we may need to access the capital markets to generate additional funds to fund such expenditures. On a longer-term basis, the Company believes the same sources of liquidity and capital will be sufficient to satisfy these liquidity needs and anticipated capital expenditures, which we anticipate will be in line with historic amounts. See “Liquidity and Capital Resources” and “—Capital Expenditures” for additional information. A significant portion of the Company's indebtedness matures within the next four years, and the Company expects that it will need to refinance or repay its indebtedness at maturity by raising additional capital (which could include a combination of equity offerings and/or debt offerings) or instead seek to extend the applicable maturity dates of its indebtedness. We closely monitor the equity and debt markets and may seek to access them promptly if and when we determine market conditions are appropriate.

The amount, nature and timing of any capital markets transactions will depend on: our operating performance and other circumstances; our then-current commitments and obligations; the amount, nature and timing of our capital requirements; any limitations imposed by our current credit arrangements; and overall market conditions. These expectations are forward-

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looking and subject to several uncertainties and assumptions. If our expectations about our liquidity prove to be incorrect or we are unable to access the capital markets as we anticipate, we would be subject to a shortfall in liquidity in the future which could lead to a reduction in our capital expenditures and/or dividends and, in an extreme case, our ability to pay our debt service obligations. If this shortfall occurs rapidly and with little or no notice, it could limit our ability to address the shortfall on a timely basis.

In addition to exploring potential capital markets transactions, the Company regularly evaluates market conditions, its liquidity profile, and various financing alternatives for opportunities to enhance its capital structure. If opportunities are favorable, the Company may refinance or repurchase existing debt. However, there can be no assurances that any debt refinancing would be on similar or more favorable terms than our existing arrangements. This would include the risk that interest rates could increase and/or there may be changes to our existing covenants.

Capital Expenditures

	Nine Months Ended September 30, 2024
(Thousands)	Success Based		Maintenance		Non-Network		Total
Capital expenditures
Uniti Leasing	$	13,949	$	—	$	—	$	13,949
Growth capital improvements	230,815		—		—		230,815
Uniti Fiber	76,611		5,889		469		82,969
Corporate	—		—		29		29
Total capital expenditures	$	321,375	$	5,889	$	498	$	327,762

We categorize our capital expenditures as either (i) success-based, (ii) maintenance, or (iii) non-network. We define success-based capital expenditures as those related to installing existing or anticipated contractual customer service orders. Maintenance capital expenditures are those necessary to keep existing network elements fully operational. We anticipate continuing to invest in our network infrastructure across our Uniti Leasing and Uniti Fiber businesses and expect that cash on hand and cash flows provided by operating activities will be sufficient to support these investments. We have the right, but not the obligation (except for Growth Capital Improvements), to reimburse growth capital expenditures in certain of our lease arrangements where we are the lessor.

Uniti’s total annual reimbursement commitments to Windstream for the Growth Capital Improvements is discussed above in this Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in “Liquidity and Capital Resources—Windstream Leases.” Growth Capital Improvements are treated as success-based capital improvements based on the rents paid with respect to such amounts.

If circumstances warrant, we may need to take measures to conserve cash, which may include a suspension, delay or reduction in success-based capital expenditures.

Dividends

We have elected to be taxed as a REIT for U.S. federal income tax purposes. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its taxable income. In order to maintain our REIT status, we intend to make dividend payments of all or substantially all of our taxable income to holders of our common stock out of assets legally available for this purpose, if and to the extent authorized by our board of directors. Before we make any dividend payments, whether for U.S. federal income tax purposes or otherwise, we must first meet both our operating requirements and debt service obligations. If our cash available for distribution is less than our taxable income, we could be required to sell assets or borrow funds to make cash dividends or we may make a portion of the required dividend in the form of a taxable distribution of stock or debt securities.

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The following table below sets out details regarding our cash dividends on our common stock:

Period	Payment Date	Cash Dividend Per Share		Record Date
January 1, 2024 - March 31, 2024	April 12, 2024	$	0.15	March 28, 2024
April 1, 2024 - June 30, 2024	June 28, 2024	$	0.15	June 14, 2024

Under the Merger Agreement with Windstream, we have agreed to suspend dividend payments or other distributions until the consummation of the Merger, except for the dividend paid on June 28, 2024 and those dividends reasonably required for us or our subsidiaries to maintain its status as a REIT or to avoid the payment or imposition of income or excise tax, among other customary exceptions. Any dividends must be declared by our Board of Directors, which will take into account various factors including our current and anticipated operating results, our financial position, REIT requirements, conditions prevailing in the market, restrictions in our debt documents and additional factors they deem appropriate. Dividend payments are not guaranteed, and our Board of Directors may decide, in its absolute discretion, at any time and for any reason, not to pay dividends or to change the amount paid as dividends.

Critical Accounting Estimates

We make certain judgments and use certain estimates and assumptions when applying accounting principles in the preparation of our Condensed Consolidated Financial Statements. The nature of the estimates and assumptions are material due to the levels of subjectivity and judgment necessary to account for highly uncertain factors or the susceptibility of such factors to change. We have identified the accounting for income taxes, revenue recognition, the impairment of property, plant and equipment, goodwill impairment and business combinations as critical accounting estimates, as they are the most important to our financial statement presentation and require difficult, subjective and complex judgments.

We believe the current assumptions and other considerations used to estimate amounts reflected in our accompanying Condensed Consolidated Financial Statements are appropriate. However, if actual experience differs from the assumptions and other considerations used in estimating amounts reflected in our Condensed Consolidated Financial Statements, the resulting changes could have a material adverse effect on our consolidated results of operations and, in certain situations, could have a material adverse effect on our financial condition.

For further information on our critical accounting estimates, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the notes to our audited financial statements included in our Annual Report. As of September 30, 2024, there has been no material change to these estimates.

Recent Accounting Guidance

New accounting rules and disclosures can impact our reported results and comparability of our financial statements. See Note 3 to our accompanying Condensed Consolidated Financial Statements contained in Part I, Item 1 "Financial Statements" of this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

There have been no material changes from the information reported under Part II, Item 7A "Quantitative and Qualitative Disclosures About Market Risk" of our Annual Report.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

We have established disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive and principal financial officers as appropriate, to allow timely decisions regarding required disclosure.

61

Our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2024, and based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2024.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act, that occurred during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

62

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

A description of legal proceedings can be found in Note 13 - Commitments and Contingencies to our Condensed Consolidated Financial Statements, included in Part I, Item 1 " Financial Statements" of this Quarterly Report on Form 10-Q, and is incorporated by reference into this Item 1.

Item 1A. Risk Factors.

There have been no material changes to the risk factors affecting our business that were discussed in Part II, Item 1A "Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on May 3, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities

The table below provides information regarding shares withheld from Uniti employees to satisfy minimum statutory tax withholding obligations arising from the vesting of restricted stock granted under the Uniti Group Inc. 2015 Equity Incentive Plan. The shares of common stock withheld to satisfy tax withholding obligations may be deemed purchases of such shares required to be disclosed pursuant to this Item 2.

Period	Total Number of Shares Purchased	Average Price Paid per Share(1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
July 1, 2024 to July 31, 2024	—	—		—	—
August 1, 2024 to August 31, 2024	1,029	$	4.05	—	—
September 1, 2024 to September 30, 2024	—	—		—	—
Total	1,029	$	4.05	—	—

(1) The average price paid per share is the weighted average of the fair market prices at which we calculated the number of shares withheld to cover tax withholdings for the employees.

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures.

Not Applicable

Item 5. Other Information.

(a) None

(b) None

(c) During the three months ended September 30, 2024, none of the Company’s directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

63

Item 6. Exhibits.

Exhibit Number	Description
2.1#	Agreement and Plan of Merger, dated as of May 3, 2024, by and between Uniti Group Inc. and Windstream Holdings II, LLC (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K dated and filed with the SEC as of May 3, 2024 (File No. 001-36708))
2.2#	Amendment No. 1 to Agreement and Plan of Merger, dated July 17, 2024, by and between Uniti Group Inc. and Windstream Holdings II, LLC (incorporated by reference to Exhibit 2.2 to the Company's Quarterly Report on Form 10-Q dated and filed with the SEC as of August 1,2024 (File No. 001-36708))
4.1*	Second Supplemental Indenture, dated as of November 1, 2024, among Uniti Group LP, Uniti Fiber Holdings Inc., Uniti Group Finance 2019 Inc. and CSL Capital, LLC, as Issuers, the guarantors named therein, and Deutsche Bank Company Americas, as trustee and collateral agent, relating to the 10.50% Senior Secured Notes due 2028.
31.1*	Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

______________________________

*	Filed herewith
#	Schedules and similar attachments have been omitted from this filing pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule or similar attachment will be furnished to the Securities and Exchange Commission upon request.

64

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.

		UNITI GROUP INC.
Date:	November 8, 2024	/s/ Paul E. Bullington
		Paul E. Bullington Senior Vice President – Chief Financial Officer and Treasurer (Principal Financial Officer)
Date:	November 8, 2024	/s/ Travis T. Black
		Travis T. Black Senior Vice President – Chief Accounting Officer (Principal Accounting Officer)

65

EX-4.1

EXECUTION VERSION

SECOND SUPPLEMENTAL INDENTURE
10.50% SENIOR SECURED NOTES DUE 2028

Second Supplemental Indenture (this “Supplemental Indenture”), dated as of November 1, 2024, among Uniti Group LP, a Delaware limited partnership (“Uniti”), Uniti Fiber Holdings Inc., a Delaware corporation (“Uniti Fiber”), Uniti Group Finance 2019 Inc., a Delaware corporation (“Uniti Group Finance”) and CSL Capital, LLC, a Delaware limited liability company (“CSL Capital,” and together with Uniti, Uniti Fiber and Uniti Group Finance, the “Issuers”), the guarantors listed on the signature pages hereto (the “Guarantors”) and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee and as collateral agent (the “Trustee”).

W I T N E S S E T H

WHEREAS the Issuers and the Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended, supplemented or otherwise modified through the date hereof, the “Indenture”), dated as of February 14, 2023, among the Issuers, the Guarantors party thereto and the Trustee, providing for the issuance of 10.50% Senior Secured Notes due 2028 (the “Notes”), initially in the aggregate principal amount of $2,600,000,000 (the “Initial Notes”);

WHEREAS the issuance and delivery of an aggregate principal amount of $300,000,000 of Notes (the “New Notes”) as Additional Notes under the Indenture have been authorized by resolutions adopted by the boards of directors of the Issuers;

WHEREAS the Incurrence of the Indebtedness represented by the New Notes is permitted as of the date hereof by Sections 2.01 and 4.09 of the Indenture and the New Notes will be issued in compliance with the other applicable provisions of the Indenture;

WHEREAS the Issuers and the Guarantors have complied with all applicable conditions precedent provided for in the Indenture related to the issuance of the New Notes;

WHEREAS the Initial Notes and the New Notes will be treated as a single series with the other Notes for all purposes under the Indenture and will have the same terms as to status, redemption or otherwise as such Notes; and

WHEREAS the Issuers and the Guarantors have requested that the Trustee execute and deliver this Supplemental Indenture and, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

#98837542v7    

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Issuers, the Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

SECTION 1.Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals hereto are used herein as therein defined, except that the term “Holders” in this Supplemental Indenture shall refer to the term “Holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such holders of Notes. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

SECTION 2.Terms of New Securities. The following terms relating to the New Notes are hereby established:

(a)Principal Amount. The aggregate principal amount of the New Notes that may be authenticated and delivered under the Indenture, as amended hereby, shall be $300,000,000.

(b)The New Notes shall be issuable in whole or in part in the form of one or more Global Notes. The depositary for such Global Notes shall be The Depository Trust Company.

(c)The New Notes shall have the other terms set forth in the form of global security attached hereto as Exhibit A.

(d)The New Notes shall be considered Additional Notes issued pursuant to Section 2.01 of the Indenture.

SECTION 3.Form of the New Notes. The New Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto. The New Notes shall be executed on behalf of each Issuer by an Officer and authenticated by the Trustee pursuant to Section 2.02 of the Indenture.

SECTION 4.Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

SECTION 5.Reaffirmation. Each of the Issuers hereby ratifies and reaffirms its Obligations under the Indenture and the Notes; each Guarantor hereby ratifies and reaffirms its Guarantee.

2

SECTION 6.Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

SECTION 7.Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile, electronic or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes.

SECTION 8.Interpretation; Effect of Headings. This Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this Supplemental Indenture will henceforth be read together. The Section headings herein are for convenience only and shall not effect the construction thereof.

SECTION 9.Obligations of the Trustee. Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto.

[Signature Pages Follow]

3

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

            THE ISSUERS:

UNITI GROUP LP By: Uniti Group Inc., as its general partner
	By:	/s/ Daniel L. Heard
	Name: Daniel L. Heard
	Title: Executive Vice President – General Counsel and Secretary

UNITI FIBER HOLDINGS INC.
By:	/s/ Daniel L. Heard
Name: Daniel L. Heard
Title: Executive Vice President – General Counsel and Secretary

UNITI GROUP FINANCE 2019 INC.
By:	/s/ Daniel L. Heard
Name: Daniel L. Heard
Title: Executive Vice President – General Counsel and Secretary

CSL CAPITAL, LLC
By:	/s/ Daniel L. Heard
Name: Daniel L. Heard
Title: Executive Vice President – General Counsel and Secretary

[Signature Page to Supplemental Indenture]

#98837542v7    

THE GUARANTORS:

ANS CONNECT LLC CONTACT NETWORK, LLC CSL ALABAMA SYSTEM, LLC CSL ARKANSAS SYSTEM, LLC CSL FLORIDA SYSTEM, LLC CSL GEORGIA REALTY, LLC CSL GEORGIA SYSTEM, LLC CSL IOWA SYSTEM, LLC CSL KENTUCKY SYSTEM, LLC CSL MISSISSIPPI SYSTEM, LLC CSL MISSOURI SYSTEM, LLC CSL NATIONAL GP, LLC CSL NEW MEXICO SYSTEM, LLC CSL NORTH CAROLINA REALTY GP, LLC CSL OHIO SYSTEM, LLC CSL OKLAHOMA SYSTEM, LLC CSL REALTY, LLC CSL TENNESSEE REALTY PARTNER, LLC CSL TENNESSEE REALTY, LLC CSL TEXAS SYSTEM, LLC HUNT TELECOMMUNICATIONS, LLC INFORMATION TRANSPORT SOLUTIONS, LLC NEXUS SYSTEMS, LLC PEG BANDWIDTH DC, LLC PEG BANDWIDTH DE, LLC PEG BANDWIDTH LA, LLC PEG BANDWIDTH MA, LLC PEG BANDWIDTH MD, LLC PEG BANDWIDTH MS, LLC PEG BANDWIDTH NJ, LLC PEG BANDWIDTH NY TELEPHONE CORP. PEG BANDWIDTH PA, LLC PEG BANDWIDTH TX, LLC PEG BANDWIDTH VA, LLC SOUTHERN LIGHT, LLC UNITI DARK FIBER LLC UNITI FIBER 2020 LLC UNITI FIBER LLC UNITI GROUP FINANCE INC. UNITI GROUP HOLDCO LLC UNITI GROUP INC. UNITI LEASING LLC UNITI LEASING X LLC UNITI LEASING XI LLC UNITI LEASING XII LLC UNITI NATIONAL LLC UNITI TOWERS NMS HOLDINGS LLC, each as a Guarantor

By:

/s/ Daniel L. Heard

[Signature Page to Supplemental Indenture]

#98837542v7    

Name:    Daniel L. Heard

Title:    EVP, General Counsel and Secretary

CSL NATIONAL, LP, as a Guarantor By: CSL NATIONAL GP, LLC, as its general partner
	By:	/s/ Daniel L. Heard
	Name: Daniel L. Heard
	Title: Executive Vice President – General Counsel and Secretary

CSL NORTH CAROLINA REALTY, LP, as a Guarantor By: CSL NORTH CAROLINA REALTY GP, LLC, as its general partner
	By:	/s/ Daniel L. Heard
	Name: Daniel L. Heard
	Title: Executive Vice President – General Counsel and Secretary

CSL NORTH CAROLINA SYSTEM, LP, as a Guarantor By: CSL NORTH CAROLINA REALTY GP, LLC, as its general partner
	By:	/s/ Daniel L. Heard
	Name: Daniel L. Heard
	Title: Executive Vice President – General Counsel and Secretary

[Signature Page to Supplemental Indenture]

#98837542v7    

UNITI HOLDINGS LP, as a Guarantor
	By: UNITI HOLDINGS GP LLC, as its general partner
		By:	/s/ Daniel L. Heard
			Name:    Daniel L. Heard
			Title:    Executive Vice President – General Counsel and Secretary

[Signature Page to Supplemental Indenture]

#98837542v7    

UNITI LATAM LP, as a Guarantor
	By: UNITI LATAM GP LLC, as its general partner
		By:	/s/ Daniel L. Heard
			Name:    Daniel L. Heard
			Title:    Executive Vice President – General Counsel and Secretary

UNITI QRS HOLDINGS LP, as a Guarantor
	By: UNITI QRS Holdings GP LLC, as its general partner
		By:	/s/ Daniel L. Heard
			Name:    Daniel L. Heard
			Title:    Executive Vice President – General Counsel and Secretary

[Signature Page to Supplemental Indenture]

#98837542v7    

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee and as Collateral Agent
By:	/s/ Sebastian Hidalgo
Name:		Sebastian Hidalgo
Title:		Assistant Vice President

By:	/s/ Kenneth R. Ring
Name:		Kenneth R. Ring
Title:		Director

[Signature Page to Supplemental Indenture]

#98837542v7    

EXHIBIT A

[FACE OF NOTE]

    [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]

    [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture]

    [Insert the Regulation S Temporary Global Note Legend, if applicable pursuant to the provisions of the Indenture]

A-1

CUSIP [ ]
ISIN [ ]

[[RULE 144A][REGULATION S] GLOBAL NOTE
representing up to
$ ]
10.50% Senior Secured Notes due 2028

No.

[$ ]

UNITI GROUP LP, UNITI GROUP FINANCE 2019 INC., UNITI FIBER HOLDINGS INC., and CSL CAPITAL, LLC

jointly and severally promise to pay to CEDE & CO. or registered assigns, the principal sum [set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto] [of United States Dollars] on February 15, 2028.

Interest Payment Dates: March 15 and September 15

Record Dates: March 1 and September 1

A-2

IN WITNESS HEREOF, each of the Issuers have caused this instrument to be duly executed.

UNITI GROUP LP
By:     UNITI GROUP INC., as its general     partner
By:
	Name:
	Title:
UNITI FIBER HOLDINGS INC.,
By:
	Name:
	Title:

UNITI GROUP FINANCE 2019 INC.
By:
	Name:
	Title:

CSL CAPITAL, LLC
By:
	Name:
	Title:

A-3

This is one of the Notes referred to in the within-mentioned Indenture:

Dated:

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

By:    

    Name:

    Title:

A-4

[Back of Note]

10.50% Senior Secured Notes due 2028

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

(1)    INTEREST. Uniti Group LP, a Delaware limited partnership, Uniti Group Finance 2019 Inc., a Delaware corporation, Uniti Fiber Holdings Inc., a Delaware Corporation, and CSL Capital, LLC, a Delaware limited liability company, jointly and severally promise to pay interest on the principal amount of this Note at 10.50% per annum from September 15, 2024 until maturity. The Issuers will pay interest semi-annually in arrears on March 15 and September 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). The first Interest Payment Date shall be March 15, 2025. Interest on the Notes will accrue from September 15, 2024. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest, if any, from time to time on demand at the interest rate on the Notes. At maturity, the Issuers will pay accrued and unpaid interest from the most recent date to which interest has been paid or provided for. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.

(2)    METHOD OF PAYMENT. The Issuers will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business on March 1 or September 1 (whether or not a Business Day), as the case may be, immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and premium, if any, on, all Global Notes and all other Notes the Holders of which hold at least $5,000,000 aggregate principal amount of the Notes and shall have provided wire transfer instructions to the Issuers or the Paying Agent for a U.S. dollar account in the continental U.S. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

(3)    PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank Trust Company Americas will act as Paying Agent and Registrar. The Issuers may change the Paying Agents or the Registrars without prior notice to the Holders. The Company or any of its Subsidiaries may act as a Paying Agent or Registrar.

A-5

(4)    INDENTURE. The Issuers issued the Notes under an Indenture, dated as of February 14, 2023, as amended and supplemented as of the date hereof (the “Indenture”), among Uniti Group LP, Uniti Group Finance 2019 Inc., Uniti Fiber Holdings Inc., CSL Capital, LLC, the Guarantors named therein and the Trustee. This Note is one of a duly authorized issue of notes of the Issuers designated as its 10.50% Senior Secured Notes due 2028. This Note is one of the Additional Notes referred to in the Indenture and which the Issuers are entitled to issue pursuant to Section 2.01 of the Indenture. The terms of the Notes include those stated in the Indenture and, solely to the extent expressly incorporated into the Indenture by the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling (other than with respect to pre-issuance interest).

(5)    OPTIONAL REDEMPTION.

(a)    Except as described below under clauses 5(b), 5(d), 5(e), 5(f) and 5(g) hereof, the Issuers will not be entitled to redeem the Notes at their option prior to September 15, 2025.

(b)    At any time prior to September 15, 2025, the Issuers may, at their option, redeem all or a part of the Notes upon notice as described in Section 3.03 of the Indenture on one or more occasions, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of the Redemption Date, and, without duplication, accrued and unpaid interest, if any, to, but excluding, the Redemption Date, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date.

(c)    At any time from and including September 15, 2025 through and including March 14, 2026, the Issuers may, at their option, redeem the Notes, in whole or in part, upon notice as described as described in Section 3.03 of the Indenture on one or more occasions, at a redemption price of 105.250% (expressed as a percentage of principal amount of the Notes to be redeemed), plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. On and after March 15, 2026, the Issuers may, at their option, redeem the Notes, in whole or in part, upon notice as described in Section 3.03 of the Indenture on one or more occasions, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on

A-6

the relevant Interest Payment Date, if redeemed during the twelve-month period beginning on March 15 of each of the years indicated below:

Year	Percentage
2026	102.625%
2027 and thereafter	100%

(d)    At any time prior to September 15, 2025, the Issuers may, at their option, upon notice as described in Section 3.03 of the Indenture on one or more occasions, redeem up to 40% of the aggregate principal amount of Notes issued by them (including any Additional Notes) at a redemption price equal to 110.50% of the principal amount thereof plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable Redemption Date, with the net cash proceeds of one or more Equity Offerings; provided that at least 60% of the aggregate principal amount of Notes originally issued under the Indenture remains outstanding immediately after the occurrence of each such redemption (for the avoidance of doubt, after giving effect to any prior or contemporaneous redemption or other cancellation of the Notes); provided further that each such redemption occurs within 120 days of the date of closing of each such Equity Offering. Notice of any redemption upon any Equity Offering may be given prior to such Equity Offering, and any redemption or notice may, at the Issuers’ discretion, be subject to conditions, including completion of the related Equity Offering. If any such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuers’ discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption Date so delayed. The Issuers shall provide notice to the Trustee of the satisfaction of the condition precedent by the close of business on the Business Day prior to the Redemption Date.

(e)    At any time prior to February 15, 2025, the Issuers may, at their option, upon notice pursuant to Section 3.03 of the Indenture on one or more occasions, redeem up to 10% of the aggregate principal amount of the Notes issued under the Indenture in any twelve-month period, at a redemption price equal to 103% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling on or prior to the Redemption Date. Notwithstanding the foregoing, the Issuers may not use the proceeds of any offering of Additional Notes with a price to investors equal to or in excess of 103% to finance any such optional redemption.

A-7

(f)    In connection with any tender offer for the Notes, in the event that Holders of not less than 90% in aggregate principal amount of the then outstanding Notes accept a tender offer and the Issuers (or any third party making such offer) purchase all of the Notes tendered by such Holders, the Issuers (or any such third party) will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following the purchase pursuant to the tender offer described above, to redeem all of such Notes that remain outstanding following such purchase at a redemption price equal to the highest price paid in such tender offer, plus, without duplication, accrued and unpaid interest on the Notes that remain outstanding, to, but excluding, the date of purchase.

(g)    In the event that Holders of not less than 90% in aggregate principal amount of the then outstanding Notes accept a Change of Control Offer and the Issuers (or any third party making such Change of Control Offer in lieu of the Issuers as described above) purchase all of the Notes tendered by such Holders, the Issuers (or any such third party) will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following the purchase pursuant to such Change of Control Offer, to redeem all of such Notes that remain outstanding following such purchase at a redemption price equal to the Change of Control Payment, plus, to the extent not included in the Change of Control Payment, accrued and unpaid interest on the Notes that remain outstanding, to, but excluding, the date of purchase.

(h)    Any redemption pursuant to this paragraph 5 shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture.

(6)    MANDATORY REDEMPTION. The Issuers shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.

(7)    NOTICE OF REDEMPTION. Subject toSection 3.03of the Indenture, notice of redemption will be transmitted at least 10 days but not more than 60 days before the Redemption Date (except that redemption notices may be transmitted more than 60 days prior to a Redemption Date if the notice is issued in connection with Article 8 or Article 12 of the Indenture) to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the Redemption Date interest ceases to accrue on Notes or portions thereof called for redemption subject to satisfaction of any conditions specified therein.

(8)    OFFERS TO REPURCHASE.

(a)    Upon the occurrence of a Change of Control Repurchase Event, the Issuers shall make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price equal to 101% of the

A-8

aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to the date of purchase (the “Change of Control Payment”). The Change of Control Offer shall be made in accordance with Section 4.14 of the Indenture.

(b)    If the Company or any of its Restricted Subsidiaries consummates an Asset Sale, within fifteen (15) Business Days of each date that Excess Proceeds exceed $75.0 million, the Issuers shall commence an offer to all Holders of the Notes and, if required by the terms of any Indebtedness that is pari passu with the Notes (“Pari Passu Indebtedness”), to the holders of such Pari Passu Indebtedness (an “Asset Sale Offer”), to purchase the maximum principal amount of Notes (including any Additional Notes) and such other Pari Passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon, if any (or, in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for or permitted by the terms of such Pari Passu Indebtedness), to the date fixed for the closing of such offer, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate principal amount of Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuers may use any remaining Excess Proceeds for general corporate purposes, subject to other covenants contained in the Indenture. If the aggregate amount of Notes and the Pari Passu Indebtedness surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the Issuers or the agent for such Pari Passu Indebtedness shall select such Pari Passu Indebtedness to be purchased (a) if the Notes or such Pari Passu Indebtedness are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes or such Pari Passu Indebtedness, as applicable, are listed, (b) on a pro rata basis based on the amount (determined as set forth above) of the Notes and such Pari Passu Indebtedness tendered or (c) by lot or such similar method in accordance with the procedures of The Depository Trust Company; provided that no notes of $2,000 or less shall be repurchased in part. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

(9)    DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder to furnish appropriate endorsements and transfer documents in connection with a transfer of the Notes. Holders shall pay all taxes due on transfer. The Issuers are not required to transfer or exchange any Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Issuers are not required to issue, transfer or exchange any Notes for a period of 15 days before the transmission of a notice of redemption of Notes to be redeemed.

A-9

(10)    PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.

(11)    AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Guarantees or the Notes may be amended or supplemented as provided in the Indenture.

(12)    DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 30% in principal amount of the then outstanding Notes may declare the principal, premium, if any, interest and any other monetary obligations on all the then outstanding Notes to be due and payable immediately, subject to each limitation set forth in the Indenture. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable immediately without further action or notice. Upon the outstanding Notes becoming due and payable upon or after the occurrence of an Event of Default, whether automatically or by declaration, such Notes (together with accrued and unpaid interest thereon) will immediately become due and payable (the date thereof, the “Relevant Date”) and (i) if the Relevant Date occurs prior to September 15, 2025, the Applicable Premium that would have been payable upon an optional redemption of the Notes on the Relevant Date or (ii) if the Relevant Date occurs on or after September 15, 2025 and prior to March 15, 2027, the redemption premium that would have been payable upon an optional redemption of the Notes on the Relevant Date as set forth in paragraph 5 of this Note shall, in either case, also be immediately due and payable on the Relevant Date. Holders may not enforce the Indenture, the Notes or the Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default and its consequences under the Indenture except a continuing Default in payment of the principal of, premium, if any, or interest on, any of the Notes held by a non-consenting Holder. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuers are required within ten (10) Business Days after becoming aware of any Default, to deliver to the Trustee a statement specifying such Default and what action the Issuers propose to take with respect thereto.

(13)    AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual or electronic signature of the Trustee.

(14)    COLLATERAL. The Notes are secured by a security interest in the Collateral, subject to the terms of the Security Documents, the Intercreditor Agreement

A-10

and any other applicable intercreditor agreement, subject to release or termination as provided in the Indenture and the Security Documents.

(15)    GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THE NOTES AND THE GUARANTEES.

(16)    CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

The Issuers will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Issuers at the following address:

Uniti Group LP
2101 Riverfront Drive

Suite A
Little Rock, AR 72202
Attention: General Counsel

Uniti Group Finance 2019 Inc.
2101 Riverfront Drive

Suite A
Little Rock, AR 72202
Attention: General Counsel

Uniti Fiber Holdings Inc.

2101 Riverfront Drive

Suite A
Little Rock, AR 72202
Attention: General Counsel

CSL Capital, LLC
2101 Riverfront Drive

Suite A
Little Rock, AR 72202
Attention: General Counsel

A-11

ASSIGNMENT FORM

To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:
	(Insert assignee’s legal name)
(Insert assignee’s soc. sec. or tax I.D. no.)
(Print or type assignee’s name, address and zip code)
and irrevocably appoint to transfer this Note on the books of the Issuers. The agent may substitute another to act for him.
Date:
Your Signature:
(Sign exactly as your name appears on the face of this Note)
Signature Guarantee*:
*Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

A-12

OPTION OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate box below:
☐	Section 4.10	☐	Section 4.14
If you want to elect to have only part of this Note purchased by the Issuers pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased:
$ ________________
Date:
Your Signature:
(Sign exactly as your name appears on the face of this Note)
Tax Identification No.:
Signature Guarantee*:
*Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

A-13

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

The initial outstanding principal amount of this Global Note is $ . The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made:

Date of Exchange Amount of decrease in Principal Amount Amount of increase in Principal Amount of this Global Note Principal Amount of this Global Note following such decrease or increase Signature of authorized signatory of Trustee or Note Custodian

*    This schedule should be included only if the Note is issued in global form.

A-14

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Kenneth A. Gunderman, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Uniti Group Inc.;

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(s) 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(s) 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: November 8, 2024	By:	/s/Kenneth A. Gunderman
		Kenneth A. Gunderman
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Paul E. Bullington, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Uniti Group Inc.;

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(s) 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(s) 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: November 8, 2024	By:	/s/ Paul E. Bullington
		Paul E. Bullington
		Senior Vice President –Chief Financial Officer and Treasurer

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 Uniti Group Inc. (the “Company”) for the period ending September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

(1)The Report fully 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.

Date: November 8, 2024	By:	/s/ Kenneth A. Gunderman
		Kenneth A. Gunderman
		President and Chief Executive Officer

EX-32.2

Exhibit 32.2

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 Uniti Group Inc. (the “Company”) for the period ending September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

(1)The Report fully 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.

Date: November 8, 2024	By:	/s/ Paul E. Bullington
		Paul E. Bullington
		Senior Vice President – Chief Financial Officer and Treasurer

XML

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36708
Entity Registrant Name	Uniti Group Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-5230630
Entity Address, Address Line One	2101 Riverfront Drive, Suite A
Entity Address, City or Town	Little Rock
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72202
City Area Code	501
Local Phone Number	850-0820
Title of 12(b) Security	Common Stock
Trading Symbol	UNIT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		244,114,544
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001620280
Current Fiscal Year End Date	--12-31

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Property, plant and equipment, net	$ 4,156,542	$ 3,982,069
Cash and cash equivalents	34,077	62,264
Restricted cash and cash equivalents	19,311	0
Accounts receivable, net	51,604	46,358
Goodwill	157,380	157,380
Intangible assets, net	282,839	305,115
Straight-line revenue receivable	105,823	90,988
Operating lease right-of-use assets, net	126,791	125,105
Derivative asset	231	0
Other assets	39,996	118,117
Deferred income tax assets, net	124,077	109,128
Assets held for sale	0	28,605
Total Assets	5,098,671	5,025,129
Liabilities:
Accounts payable, accrued expenses and other liabilities	95,844	119,340
Settlement payable (Note 13)	95,147	163,583
Intangible liabilities, net	148,377	156,397
Accrued interest payable	56,562	133,683
Deferred revenue	1,299,759	1,273,661
Dividends payable	2	36,162
Operating lease liabilities	78,785	84,404
Finance lease obligations	17,869	18,110
Notes and other debt, net	5,782,633	5,523,579
Liabilities held for sale	0	331
Total liabilities	7,574,978	7,509,250
Commitments and contingencies (Note 13)
Shareholders' Deficit:
Preferred stock, $0.0001 par value, 50,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.0001 par value, 500,000 shares authorized; issued and outstanding: 237,488 shares at September 30, 2024 and 236,559 at December 31, 2023	24	24
Additional paid-in capital	1,232,228	1,221,824
Accumulated other comprehensive loss	(820)	0
Distributions in excess of accumulated earnings	(3,708,705)	(3,708,240)
Total Uniti shareholders' deficit	(2,477,273)	(2,486,392)
Noncontrolling interests:
Operating partnership units	716	2,021
Cumulative non-voting convertible preferred stock, $0.01 par value, 6 shares authorized, 3 issued and outstanding	250	250
Total shareholders' deficit	(2,476,307)	(2,484,121)
Total Liabilities and Shareholders' Deficit	$ 5,098,671	$ 5,025,129

XML

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	237,488,000	236,559,000
Common stock, shares outstanding (in shares)	237,488,000	236,559,000
Cumulative non-voting convertible preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Cumulative non-voting convertible preferred shares authorized (in shares)	6,000	6,000
Cumulative non-voting convertible preferred shares issued (in shares)	3,000	3,000
Cumulative non-voting convertible preferred shares outstanding (in shares)	3,000	3,000

XML

Condensed Consolidated Statements of Income (Loss) (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenue from rentals	$ 233,885	$ 229,633	$ 691,344	$ 685,457
Total service revenues	58,362	61,022	182,268	178,718
Total revenues	292,247	290,655	873,612	864,175
Costs and Expenses:
Interest expense, net	131,007	120,691	381,693	389,243
Depreciation and amortization	79,325	77,337	234,862	231,379
General and administrative expense	26,697	25,481	80,546	77,331
Operating expense (exclusive of depreciation and amortization)	34,519	37,392	106,753	109,878
Transaction related and other costs	14,404	1,441	31,068	9,805
Gain on sale of real estate	0	(1,424)	(18,999)	(1,424)
Goodwill impairment	0	203,998	0	203,998
Other expense (income), net	0	1,435	(301)	21,323
Total costs and expenses	285,952	466,351	815,622	1,041,533
Income (loss) before income taxes and equity in earnings from unconsolidated entities	6,295	(175,696)	57,990	(177,358)
Income tax benefit	(5,935)	(56,130)	(13,869)	(62,899)
Equity in earnings from unconsolidated entities	0	(670)	0	(1,990)
Net income (loss)	12,230	(118,896)	71,859	(112,469)
Net income (loss) attributable to noncontrolling interests	1	(53)	23	(50)
Net income (loss) attributable to shareholders	12,229	(118,843)	71,836	(112,419)
Participating securities' share in earnings	(334)	(321)	(1,493)	(890)
Dividends declared on convertible preferred stock	(5)	(5)	(15)	(15)
Net income (loss) attributable to common shareholders	$ 11,890	$ (119,169)	$ 70,328	$ (113,324)
Income (Loss) per common share:
Basic (in dollars per share)	$ 0.05	$ (0.50)	$ 0.30	$ (0.48)
Diluted (in dollars per share)	$ 0.05	$ (0.50)	$ 0.30	$ (0.48)
Weighted-average number of common shares outstanding:
Basic (in shares)	237,480	236,533	237,242	236,352
Diluted (in shares)	237,480	236,533	237,242	236,352
Uniti Leasing
Revenues:
Total revenue from rentals	$ 221,123	$ 212,720	$ 653,756	$ 632,707
Total service revenues	1,799	1,868	5,073	5,142
Uniti Fiber
Revenues:
Total revenue from rentals	12,762	16,913	37,588	52,750
Total service revenues	$ 56,563	59,154	$ 177,195	$ 173,576
Costs and Expenses:
Goodwill impairment		$ 204,000

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 12,230	$ (118,896)	$ 71,859	$ (112,469)
Other comprehensive loss:
Unrealized loss on valuation of interest rate cap	(834)	0	(661)	0
Reclassification of realized interest on interest rate cap	(122)	0	(159)	0
Other comprehensive loss	(956)	0	(820)	0
Comprehensive income (loss)	11,274	(118,896)	71,039	(112,469)
Comprehensive income (loss) attributable to noncontrolling interest	1	(53)	23	(50)
Comprehensive income (loss) attributable to shareholders	$ 11,273	$ (118,843)	$ 71,016	$ (112,419)

XML

Condensed Consolidated Statements of Shareholders' Deficit (unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Accumulated Earnings	Noncontrolling Interest - OP Units	Noncontrolling Interest - Non- voting Preferred Shares
Beginning balance (in shares) at Dec. 31, 2022		0
Beginning balance (in shares) at Dec. 31, 2022			235,829,485,000
Beginning balance at Dec. 31, 2022	$ (2,271,206)	$ 0	$ 24	$ 1,210,033	$ 0	$ (3,483,634)	$ 2,121	$ 250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(112,469)					(112,419)	(50)
Other comprehensive loss	0
Common stock dividends declared	(107,462)					(107,462)
Distributions to noncontrolling interest declared	(48)						(48)
Payments for settlement of common stock warrant	(56)			(56)
Termination of bond hedge option	59			59
Payments related to tax withholding for stock-based compensation	(1,359)			(1,359)
Stock-based compensation (in shares)			537,590,000
Stock-based compensation	9,408			9,408
Issuance of common stock - employee stock purchase plan (in shares)			172,641,000
Issuance of common stock - employee stock purchase plan	730			730
Ending balance (in shares) at Sep. 30, 2023		0
Ending balance (in shares) at Sep. 30, 2023			236,539,716,000
Ending balance at Sep. 30, 2023	(2,482,403)	$ 0	$ 24	1,218,815	0	(3,703,515)	2,023	250
Beginning balance (in shares) at Jun. 30, 2023		0
Beginning balance (in shares) at Jun. 30, 2023			236,430,752,000
Beginning balance at Jun. 30, 2023	(2,331,244)	$ 0	$ 24	1,215,260	0	(3,548,870)	2,092	250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(118,896)					(118,843)	(53)
Other comprehensive loss	0
Common stock dividends declared	(35,802)					(35,802)
Distributions to noncontrolling interest declared	(16)						(16)
Payments related to tax withholding for stock-based compensation	(9)			(9)
Stock-based compensation (in shares)			3,227,000
Stock-based compensation	3,148			3,148
Issuance of common stock - employee stock purchase plan (in shares)			105,737,000
Issuance of common stock - employee stock purchase plan	416			416
Ending balance (in shares) at Sep. 30, 2023		0
Ending balance (in shares) at Sep. 30, 2023			236,539,716,000
Ending balance at Sep. 30, 2023	$ (2,482,403)	$ 0	$ 24	1,218,815	0	(3,703,515)	2,023	250
Beginning balance (in shares) at Dec. 31, 2023	0	0
Beginning balance (in shares) at Dec. 31, 2023			236,558,601,000
Beginning balance at Dec. 31, 2023	$ (2,484,121)	$ 0	$ 24	1,221,824	0	(3,708,240)	2,021	250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	71,859					71,836	23
Other comprehensive loss	(820)				(820)
Common stock dividends declared	(72,301)					(72,301)
Distributions to noncontrolling interest declared	(21)						(21)
Exchange of noncontrolling interest (in shares)			53,662,000
Exchange of noncontrolling interest	(92)			1,215			(1,307)
Payments related to tax withholding for stock-based compensation	(1,587)			(1,587)
Stock-based compensation (in shares)			659,685,000
Stock-based compensation	10,120			10,120
Issuance of common stock - employee stock purchase plan (in shares)			216,183,000
Issuance of common stock - employee stock purchase plan	$ 656			656
Ending balance (in shares) at Sep. 30, 2024	0	0
Ending balance (in shares) at Sep. 30, 2024			237,488,131,000
Ending balance at Sep. 30, 2024	$ (2,476,307)	$ 0	$ 24	1,232,228	(820)	(3,708,705)	716	250
Beginning balance (in shares) at Jun. 30, 2024		0
Beginning balance (in shares) at Jun. 30, 2024			237,353,110,000
Beginning balance at Jun. 30, 2024	(2,492,414)	$ 0	$ 24	1,228,527	136	(3,722,066)	715	250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	12,230					12,229	1
Other comprehensive loss	(956)				(956)
Performance award dividend	1,132					1,132
Payments related to tax withholding for stock-based compensation	(4)			(4)
Stock-based compensation (in shares)			1,885,000
Stock-based compensation	3,375			3,375
Issuance of common stock - employee stock purchase plan (in shares)			133,136,000
Issuance of common stock - employee stock purchase plan	$ 330			330
Ending balance (in shares) at Sep. 30, 2024	0	0
Ending balance (in shares) at Sep. 30, 2024			237,488,131,000
Ending balance at Sep. 30, 2024	$ (2,476,307)	$ 0	$ 24	$ 1,232,228	$ (820)	$ (3,708,705)	$ 716	$ 250

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Condensed Consolidated Statements of Shareholders' Deficit (Parenthetical) (unaudited) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared per share (in dollars per share)	$ 0.15	$ 0.45	$ 0.30

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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flow from operating activities
Net income (loss)	$ 71,859	$ (112,469)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	234,862	231,379
Amortization of deferred financing costs and debt discount	16,774	13,975
Loss on extinguishment of debt, net	0	31,187
Interest rate cap amortization	1,149	0
Deferred income taxes	(14,949)	(63,196)
Equity in earnings of unconsolidated entities	0	(1,990)
Distributions of cumulative earnings from unconsolidated entities	0	2,959
Cash paid for interest rate cap	(2,200)	0
Straight-line revenues and amortization of below-market lease intangibles	(24,358)	(28,795)
Stock-based compensation	10,120	9,408
Goodwill impairment	0	203,998
Loss (gain) on asset disposals	292	(242)
Gain on sale of real estate	(18,999)	(1,424)
Accretion of settlement obligation	5,081	8,273
Other	68	2
Changes in assets and liabilities:
Accounts receivable	(5,247)	(4,194)
Other assets	12,103	10,530
Accounts payable, accrued expenses and other liabilities	(105,475)	(108,826)
Net cash provided by operating activities	181,080	190,575
Cash flow from investing activities
Capital expenditures	(327,762)	(368,264)
Proceeds from sale of other equipment	528	1,581
Proceeds from sale of real estate	40,039	1,530
Proceeds from sale of unconsolidated entity	40,000	0
Net cash used in investing activities	(247,195)	(365,153)
Cash flow from financing activities
Repayment of debt	(122,942)	(2,263,662)
Proceeds from issuance of notes	309,000	2,600,000
Dividends paid	(108,445)	(107,395)
Payments of settlement payable	(73,516)	(73,516)
Borrowings under revolving credit facility	130,000	450,000
Payments under revolving credit facility	(333,000)	(367,000)
Proceeds from ABS Loan Facility	275,000	0
Finance lease payments	(2,020)	(1,601)
Payments for financing costs	(15,778)	(26,955)
Payment for settlement of common stock warrant	0	(56)
Termination of bond hedge option	0	59
Costs related to the early repayment of debt	0	(44,303)
Distributions paid to noncontrolling interests	(37)	(48)
Payment for noncontrolling interest	(92)	0
Employee stock purchase program	656	730
Payments related to tax withholding for stock-based compensation	(1,587)	(1,359)
Net cash provided by financing activities	57,239	164,894
Net decrease in cash, restricted cash and cash equivalents	(8,876)	(9,684)
Cash, restricted cash and cash equivalents at beginning of period	62,264	43,803
Cash, restricted cash and cash equivalents at end of period	53,388	34,119
Non-cash investing and financing activities:
Property and equipment acquired but not yet paid	7,371	12,134
Tenant capital improvements	$ 163,592	$ 94,322

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Organization and Description of Business

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

Organization and Description of Business

Uniti Group Inc. (the “Company,” “Uniti,” “we,” “us,” or “our”) was incorporated in the state of Maryland on September 4, 2014. We are an independent internally managed real estate investment trust (“REIT”) engaged in the acquisition, construction and leasing of mission critical infrastructure in the communications industry. We are principally focused on acquiring and constructing fiber optic, copper and coaxial broadband networks and data centers. We manage our operations focused on our two primary lines of business: Uniti Fiber and Uniti Leasing.

The Company operates through a customary “up-REIT” structure, pursuant to which we hold substantially all of our assets through a partnership, Uniti Group LP, a Delaware limited partnership (the “Operating Partnership”) that we control as general partner. The up-REIT structure is intended to facilitate future acquisition opportunities by providing the Company with the ability to use common units of the Operating Partnership as a tax-efficient acquisition currency. As of September 30, 2024, we are the sole general partner of the Operating Partnership and own approximately 99.98% of the partnership interests in the Operating Partnership.

Our Proposed Merger with Windstream

On May 3, 2024, the Company entered into an Agreement and Plan of Merger with Windstream Holdings II, LLC (the “Merger Agreement”) providing for a combination of the Company and Windstream Holdings, Inc. (together with Windstream Holdings II, LLC, its successor in interest, and its subsidiaries, “Windstream”) such that, following a pre-closing reorganization of Windstream and the merger of the Company into an entity formed in such reorganization (the "Merger"), both the Company and Windstream will be indirect wholly owned subsidiaries of a recently formed company that in the reorganization will become the parent company of Windstream (“New Uniti”). Following the Merger, the common stock of New Uniti (“New Uniti Common Stock”) is expected to be listed on the Nasdaq.

The Merger intends to reunite Windstream’s business with the underlying fiber infrastructure owned by the Company to create a premier digital infrastructure company with a strong platform for value creation. Upon consummation of the Merger, the board of directors of New Uniti will initially comprise nine members, including five directors to be appointed by Uniti. It is expected that Uniti’s existing officers will serve as initial officers of New Uniti.

At the effective time of the Merger, each share of Uniti’s common stock that is issued and outstanding will automatically be cancelled and retired and converted into the right to a number of shares of New Uniti Common Stock pursuant to an exchange ratio set forth in the Merger Agreement such that the Company's and Windstream's stockholders are expected to hold approximately 62% and 38%, respectively, of the combined company before giving effect to the conversion of any outstanding convertible securities or the issuance of warrants to purchase New Uniti Common Stock referenced below.

In addition, at the closing of the Merger, we will fund an aggregate cash payment of $425 million (less certain transaction expenses) that will be distributed to Windstream equityholders on a pro-rata basis (the “Merger Cash Consideration”). Windstream equityholders will also be entitled to pro rata distributions of (i) new shares of non-voting preferred stock of New Uniti with a dividend rate of 11% per year for the first six years, subject to an additional 0.5% per year during each of the seventh and eighth year after the initial issuance and further increased by an additional 1% per year during each subsequent year, subject to a cap of 16% per year and with an aggregate liquidation preference of $575 million, and (ii) warrants to purchase New Uniti Common Stock, with an exercise price of $0.01 per share, subject to customary adjustments, representing in the aggregate approximately 6.9% of the pro forma share total of New Uniti. We intend to fund the Merger Cash Consideration with cash on hand and borrowings under the Revolving Credit Facility (as defined herein).

Our Merger with Windstream is subject to customary closing conditions, including, among others, approval by our stockholders and receipt of required regulatory approvals, including the expiration or early termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976 and the receipt of approvals from the Federal Communications Commission and certain state public utility commissions. We currently expect our Merger with Windstream to close in 2025.

Upon consummation of the Merger, New Uniti will become an integrated telecommunications company. Initially, the legacy Uniti and Windstream organizational structures will remain separate, and the existing agreements and arrangements presently in effect between Uniti and Windstream, such as the Windstream Leases and the settlement agreement with

Windstream, which requires Uniti to fund periodic settlement payments and reimburse Windstream for certain growth capital improvements, will remain in place. All Windstream debt obligations would remain obligations of Windstream and our debt obligations would remain as ours, with no cross-guarantees or credit support between the Company and Windstream. In September and October 2024, Windstream undertook a series of transactions through which it amended the terms of its outstanding debt to, among other things, allow for the consolidation of Uniti's and Windstream's debt following the completion of the Merger into a single silo under a common parent entity (the "Post-Closing Reorganization"). As a result, following the completion of the Merger, Uniti may, but is not required to, consummate the Post-Closing Reorganization. If the Post-Closing Reorganization is completed, certain existing agreements and arrangements presently in effect between Uniti and Windstream, including the Windstream Leases and the settlement agreement described above, could be (but are not required to be) terminated. In addition, if the Post-Closing Reorganization is completed, each obligor under Uniti's outstanding debt (other than the ABS Loan Facility) would become an obligor under Windstream's outstanding debt, and each obligor under Windstream's outstanding debt would become an obligor under Uniti's outstanding debt (other than the ABS Loan Facility).

In addition, we have agreed to suspend dividend payments or other distributions until the consummation of the Merger, except for the dividend paid on June 28, 2024 and those dividends reasonably required for us or our subsidiaries to maintain our status as a REIT or to avoid the payment or imposition of income or excise tax, among other customary exceptions. Finally, it is expected that, following consummation of the Merger, Uniti will cease to be a REIT for U.S. federal income tax purposes.

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Restatement of Previously Issued Financial Statements

9 Months Ended

Sep. 30, 2024

Prior Period Adjustment [Abstract]

Restatement of Previously Issued Financial Statements

Restatement of Previously Issued Financial Statements

During the third quarter of 2023, the Company recorded a goodwill impairment and related income tax benefits, which it reflected in its unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2023 (the “2023 Interim Financial Statements”) included in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC on November 2, 2023. As previously disclosed in the Company’s Annual Report on Form 10-K filed with the SEC on February 29, 2024, as amended by Amendment No. 1 and Amendment No. 2 thereto filed on Form 10-K/A with the SEC on March 26, 2024, and March 27, 2024, respectively (the “Annual Report”), during the fourth quarter of 2023, the Company identified certain errors with respect to the income tax benefit it recorded associated with the goodwill impairment. As a result, the goodwill impairment and income tax benefit were understated, netting to a $38.0 million increase in the net loss for the three and nine months ended September 30, 2023. As discussed in Note 2 to the Company’s consolidated financial statements included in the Annual Report, the Company had previously concluded that the error was immaterial, and the error was corrected as an immaterial correction to the 2023 Interim Financial Statements.

On October 30, 2024, the audit committee of the board of directors of the Company, in consultation with senior management of the Company, concluded that the error was material to the 2023 Interim Financial Statements and should have been reflected as a restatement of the 2023 Interim Financial Statements.

The impact of the restatement on our prior period unaudited condensed consolidated balance sheet, condensed consolidated statement of loss, condensed consolidated statement of comprehensive loss, and condensed consolidated statement of cash flows is presented below:

	As of September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill	$	208,378	$	(50,998)	$	157,380
Deferred income taxes, net	$	90,792	$	13,035	$	103,827
Total Assets	$	4,981,325	$	(37,963)	$	4,943,362
Distributions in excess of accumulated earnings	$	(3,665,569)	$	(37,946)	$	(3,703,515)
Total Uniti shareholders' deficit	$	(2,446,730)	$	(37,946)	$	(2,484,676)
Operating partnership units	$	2,040	$	(17)	$	2,023
Total shareholders' deficit	$	(2,444,440)	$	(37,963)	$	(2,482,403)
Total Liabilities and Shareholders' Deficit	$	4,981,325	$	(37,963)	$	4,943,362

	Three Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill impairment	$	153,000	$	50,998	$	203,998
Loss before income taxes and equity in earnings from unconsolidated entities	$	(124,698)	$	(50,998)	$	(175,696)
Income tax benefit	$	(43,095)	$	(13,035)	$	(56,130)
Net loss	$	(80,933)	$	(37,963)	$	(118,896)
Net loss attributable to noncontrolling interest	$	(36)	$	(17)	$	(53)
Net loss attributable to shareholders	$	(80,897)	$	(37,946)	$	(118,843)
Net loss attributable to common shareholders	$	(81,223)	$	(37,946)	$	(119,169)
Earnings per share - Basic	$	(0.34)	$	(0.16)	$	(0.50)
Earnings per share - Diluted	$	(0.34)	$	(0.16)	$	(0.50)
Comprehensive loss:
Net loss	$	(80,933)	$	(37,963)	$	(118,896)
Comprehensive loss	$	(80,933)	$	(37,963)	$	(118,896)
Comprehensive loss attributable to noncontrolling interest	$	(36)	$	(17)	$	(53)
Comprehensive loss attributable to shareholders	$	(80,897)	$	(37,946)	$	(118,843)

	Nine Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill impairment	$	153,000	$	50,998	$	203,998
Loss before income taxes and equity in earnings from unconsolidated entities	$	(126,360)	$	(50,998)	$	(177,358)
Income tax benefit	$	(49,864)	$	(13,035)	$	(62,899)
Net loss	$	(74,506)	$	(37,963)	$	(112,469)
Net loss attributable to noncontrolling interest	$	(33)	$	(17)	$	(50)
Net loss attributable to shareholders	$	(74,473)	$	(37,946)	$	(112,419)
Net loss attributable to common shareholders	$	(75,378)	$	(37,946)	$	(113,324)
Earnings per share - Basic	$	(0.32)	$	(0.16)	$	(0.48)
Earnings per share - Diluted	$	(0.32)	$	(0.16)	$	(0.48)
Comprehensive loss:
Net loss	$	(74,506)	$	(37,963)	$	(112,469)
Comprehensive loss	$	(74,506)	$	(37,963)	$	(112,469)
Comprehensive loss attributable to noncontrolling interest	$	(33)	$	(17)	$	(50)
Comprehensive loss attributable to shareholders	$	(74,473)	$	(37,946)	$	(112,419)

	Nine Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Cash Flows from Operating Activities
Net Loss	$	(74,506)	$	(37,963)	$	(112,469)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income taxes	$	(50,161)	$	(13,035)	$	(63,196)
Goodwill impairment	$	153,000	$	50,998	$	203,998
Net cash provided by operating activities	$	190,575	$	—	$	190,575

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Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Summary of Significant Accounting Policies

The accompanying Condensed Consolidated Financial Statements include all accounts of the Company and its wholly-owned and/or controlled subsidiaries, including the Operating Partnership. Under the Accounting Standards Codification 810, Consolidation (“ASC 810”), the Operating Partnership is considered a variable interest entity and is consolidated in the Condensed Consolidated Financial Statements of Uniti Group Inc. because the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated.

ASC 810 provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. Accordingly, significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our Annual Report.

Restricted Cash and Cash Equivalents—Restricted cash and cash equivalents represent funds that are restricted for an obligation under the ABS Loan Facility (as defined in Note 10) to maintain three months of interest and other expenses.

The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents within the Condensed Consolidated Balance Sheets to the total cash and cash equivalents and restricted cash and cash equivalents within the Condensed Consolidated Statements of Cash Flows.

(Thousands)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	34,077	$	62,264
Restricted cash and cash equivalents	19,311		—
Cash, restricted cash and cash equivalents at end of period	$	53,388	$	62,264

Concentration of Credit Risks—Prior to September 2020, we were party to a long-term exclusive triple-net lease (the “Master Lease”) with Windstream pursuant to which a substantial portion of our real property was leased to Windstream and from which a substantial portion of our leasing revenues were derived. On September 18, 2020, Uniti and Windstream bifurcated the Master Lease and entered into two structurally similar master leases (collectively, the “Windstream Leases”), which amended and restated the Master Lease in its entirety. The Windstream Leases consist of (a) a master lease (the "ILEC MLA") that governs Uniti owned assets used for Windstream's incumbent local exchange carrier ("ILEC") operations and (b) a master lease (the "CLEC MLA") that governs Uniti owned assets used for Windstream's consumer competitive local exchange carrier ("CLEC") operations. Revenue under the Windstream Leases provided 68.2% and 66.9% of our revenue for the nine months ended September 30, 2024 and 2023, respectively. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Windstream Leases, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to

service debt if Windstream were to default under the Windstream Leases or otherwise experiences operating or liquidity difficulties and becomes unable to generate sufficient cash to make payments to us.

We monitor the credit quality of Windstream through numerous methods, including by (i) reviewing credit ratings of Windstream by nationally recognized credit agencies, (ii) reviewing the financial statements of Windstream that are required to be delivered to us pursuant to the Windstream Leases, (iii) monitoring news reports regarding Windstream and its business, (iv) conducting research to ascertain industry trends potentially affecting Windstream, (v) monitoring Windstream’s compliance with the terms of the Windstream Leases and (vi) monitoring the timeliness of its payments under the Windstream Leases.

As of the date of this Quarterly Report on Form 10-Q, Windstream is current on all lease payments. We note that in August 2020, Moody’s Investor Service assigned a B3 corporate family rating with a stable outlook to Windstream in connection with its post-emergence exit financing. At the same time, S&P Global Ratings assigned Windstream a B- issuer rating with a stable outlook. Both ratings remain current as of the date of this filing. In order to assist us in our continuing assessment of Windstream’s creditworthiness, we periodically receive certain confidential financial information and metrics from Windstream.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires incremental disclosures related to reportable segments. Specifically, the ASU requires disclosure of significant segment expense categories and amounts for each reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating this guidance to determine the impact it will have on our financial statements.

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Revenues

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue stream.

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Uniti Fiber
Lit backhaul	$	17,938	$	18,246	$	58,305	$	57,221
Enterprise and wholesale	26,381		24,211		77,601		70,144
E-Rate and government	11,327		15,911		38,645		43,947
Other	917		786		2,644		2,264
Uniti Fiber	56,563		59,154		177,195		173,576
Uniti Leasing	1,799		1,868		5,073		5,142
Total revenue from contracts with customers	58,362		61,022		182,268		178,718
Revenue accounted for under leasing guidance
Uniti Leasing	221,123		212,720		653,756		632,707
Uniti Fiber	12,762		16,913		37,588		52,750
Total revenue accounted for under leasing guidance	233,885		229,633		691,344		685,457
Total revenue	$	292,247	$	290,655	$	873,612	$	864,175

At September 30, 2024 and December 31, 2023, lease receivables were $27.3 million and $22.0 million, respectively, and receivables from contracts with customers were $21.1 million and $18.8 million, respectively.

Contract Assets (Unbilled Revenue) and Liabilities (Deferred Revenue)

Contract assets primarily consist of unbilled construction revenue where we are utilizing our costs incurred as the measure of progress of satisfying our performance obligation. Contract assets are reported within accounts receivable, net on our Condensed Consolidated Balance Sheets. When the contract price is invoiced, the related unbilled receivable is reclassified to trade accounts receivable, where the balance will be settled upon the collection of the invoiced amount. Contract liabilities are generally comprised of upfront fees charged to the customer for the cost of establishing the necessary components of the Company’s network prior to the commencement of use by the customer. Fees charged to customers for the recurring use of the Company’s network are recognized during the related periods of service. Upfront fees that are billed in advance of providing services are deferred until such time the customer accepts the Company’s network and then are recognized as service revenues ratably over a period in which substantive services required under the revenue arrangement are expected to be performed, which is the initial term of the arrangement. During the three and nine months ended September 30, 2024, we recognized revenues of $0.8 million and $3.4 million, respectively, which were included in the December 31, 2023 contract liabilities balance.

The following table provides information about contract assets and contract liabilities accounted for under ASC 606.

(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2023	$	26	$	11,109
Balance at September 30, 2024	$	—	$	10,613

Transaction Price Allocated to Remaining Performance Obligations

Performance obligations within contracts to stand ready to provide services are typically satisfied over time or as those services are provided. Contract liabilities primarily relate to deferred revenue from upfront customer payments. The deferred revenue is recognized, and the liability reduced, over the contract term as the Company completes the performance obligation. As of September 30, 2024, our future revenues (i.e., transaction price related to remaining performance obligations) under contract accounted for under ASC 606 totaled $624.7 million, of which $552.5 million is related to contracts that are currently being invoiced and have an average remaining contract term of 3.1 years, while $72.2 million represents our backlog for sales bookings which have yet to be installed and have an average contract term of 5.3 years. We do not disclose the value of unsatisfied performance obligations for contracts that have an original expected duration of one year or less.

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Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

Leases

Lessor Accounting

We lease communications towers, ground space, colocation space and dark fiber to tenants under operating leases. Our leases have initial lease terms ranging from less than one year to 35 years, most of which include options to extend or renew the leases for less than one year to 20 years (based on the satisfaction of certain conditions as defined in the lease agreements), and some of which may include options to terminate the leases within one to six months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

The components of lease income for the three and nine months ended September 30, 2024 and 2023 respectively, are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Lease income - operating leases	$	233,885	$	229,633	$	691,344	$	685,457

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of September 30, 2024 are as follows:

(Thousands)	September 30, 2024⁽¹⁾
2024	$	204,518
2025	836,266
2026	842,822
2027	843,315
2028	843,309
Thereafter	1,593,415
Total lease receivables	$	5,163,645
(1) Total future minimum lease payments to be received include $4.3 billion relating to the Windstream Leases.

The underlying assets under operating leases where we are the lessor are summarized as follows:

(Thousands)	September 30, 2024		December 31, 2023
Land	$	26,518	$	26,533
Building and improvements	348,683		347,700
Poles	333,447		314,488
Fiber	4,128,677		3,862,635
Equipment	437		436
Copper	3,973,887		3,974,410
Conduit	90,117		90,087
Tower assets	58		58
Finance lease assets	1,889		1,890
Other assets	10,432		10,434
	8,914,145		8,628,671
Less: accumulated depreciation	(5,812,265)		(5,690,066)
Underlying assets under operating leases, net	$	3,101,880	$	2,938,605

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2024 and 2023, respectively, is summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Depreciation expense for underlying assets under operating leases	$	46,307	$	45,795	$	137,955	$	136,640

Lessee Accounting

We have commitments under operating leases for communications towers, ground space, colocation space, dark fiber and buildings. We also have finance leases for dark fiber, equipment, and automobiles. Our leases have initial lease terms ranging from less than one year to 30 years, most of which include options to extend or renew the leases for less than one year to 20 years, and some of which may include options to terminate the leases within one to six months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

As of September 30, 2024, we have short term lease commitments amounting to approximately $4.2 million.

Future lease payments under non-cancellable leases as of September 30, 2024 are as follows:

(Thousands)	Operating Leases		Finance Leases
2024	$	4,079	$	1,060
2025	17,095		4,241
2026	13,616		4,115
2027	10,833		3,408
2028	9,196		2,581
Thereafter	102,944		9,327
Total undiscounted lease payments	$	157,763	$	24,732
Less: imputed interest	(78,978)		(6,863)
Total lease liabilities	$	78,785	$	17,869

Leases

Leases

Lessor Accounting

We lease communications towers, ground space, colocation space and dark fiber to tenants under operating leases. Our leases have initial lease terms ranging from less than one year to 35 years, most of which include options to extend or renew the leases for less than one year to 20 years (based on the satisfaction of certain conditions as defined in the lease agreements), and some of which may include options to terminate the leases within one to six months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

The components of lease income for the three and nine months ended September 30, 2024 and 2023 respectively, are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Lease income - operating leases	$	233,885	$	229,633	$	691,344	$	685,457

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of September 30, 2024 are as follows:

(Thousands)	September 30, 2024⁽¹⁾
2024	$	204,518
2025	836,266
2026	842,822
2027	843,315
2028	843,309
Thereafter	1,593,415
Total lease receivables	$	5,163,645
(1) Total future minimum lease payments to be received include $4.3 billion relating to the Windstream Leases.

The underlying assets under operating leases where we are the lessor are summarized as follows:

(Thousands)	September 30, 2024		December 31, 2023
Land	$	26,518	$	26,533
Building and improvements	348,683		347,700
Poles	333,447		314,488
Fiber	4,128,677		3,862,635
Equipment	437		436
Copper	3,973,887		3,974,410
Conduit	90,117		90,087
Tower assets	58		58
Finance lease assets	1,889		1,890
Other assets	10,432		10,434
	8,914,145		8,628,671
Less: accumulated depreciation	(5,812,265)		(5,690,066)
Underlying assets under operating leases, net	$	3,101,880	$	2,938,605

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2024 and 2023, respectively, is summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Depreciation expense for underlying assets under operating leases	$	46,307	$	45,795	$	137,955	$	136,640

Lessee Accounting

We have commitments under operating leases for communications towers, ground space, colocation space, dark fiber and buildings. We also have finance leases for dark fiber, equipment, and automobiles. Our leases have initial lease terms ranging from less than one year to 30 years, most of which include options to extend or renew the leases for less than one year to 20 years, and some of which may include options to terminate the leases within one to six months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

As of September 30, 2024, we have short term lease commitments amounting to approximately $4.2 million.

Future lease payments under non-cancellable leases as of September 30, 2024 are as follows:

(Thousands)	Operating Leases		Finance Leases
2024	$	4,079	$	1,060
2025	17,095		4,241
2026	13,616		4,115
2027	10,833		3,408
2028	9,196		2,581
Thereafter	102,944		9,327
Total undiscounted lease payments	$	157,763	$	24,732
Less: imputed interest	(78,978)		(6,863)
Total lease liabilities	$	78,785	$	17,869

Leases

Leases

Lessor Accounting

We lease communications towers, ground space, colocation space and dark fiber to tenants under operating leases. Our leases have initial lease terms ranging from less than one year to 35 years, most of which include options to extend or renew the leases for less than one year to 20 years (based on the satisfaction of certain conditions as defined in the lease agreements), and some of which may include options to terminate the leases within one to six months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

The components of lease income for the three and nine months ended September 30, 2024 and 2023 respectively, are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Lease income - operating leases	$	233,885	$	229,633	$	691,344	$	685,457

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of September 30, 2024 are as follows:

(Thousands)	September 30, 2024⁽¹⁾
2024	$	204,518
2025	836,266
2026	842,822
2027	843,315
2028	843,309
Thereafter	1,593,415
Total lease receivables	$	5,163,645
(1) Total future minimum lease payments to be received include $4.3 billion relating to the Windstream Leases.

The underlying assets under operating leases where we are the lessor are summarized as follows:

(Thousands)	September 30, 2024		December 31, 2023
Land	$	26,518	$	26,533
Building and improvements	348,683		347,700
Poles	333,447		314,488
Fiber	4,128,677		3,862,635
Equipment	437		436
Copper	3,973,887		3,974,410
Conduit	90,117		90,087
Tower assets	58		58
Finance lease assets	1,889		1,890
Other assets	10,432		10,434
	8,914,145		8,628,671
Less: accumulated depreciation	(5,812,265)		(5,690,066)
Underlying assets under operating leases, net	$	3,101,880	$	2,938,605

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2024 and 2023, respectively, is summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Depreciation expense for underlying assets under operating leases	$	46,307	$	45,795	$	137,955	$	136,640

Lessee Accounting

We have commitments under operating leases for communications towers, ground space, colocation space, dark fiber and buildings. We also have finance leases for dark fiber, equipment, and automobiles. Our leases have initial lease terms ranging from less than one year to 30 years, most of which include options to extend or renew the leases for less than one year to 20 years, and some of which may include options to terminate the leases within one to six months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

As of September 30, 2024, we have short term lease commitments amounting to approximately $4.2 million.

Future lease payments under non-cancellable leases as of September 30, 2024 are as follows:

(Thousands)	Operating Leases		Finance Leases
2024	$	4,079	$	1,060
2025	17,095		4,241
2026	13,616		4,115
2027	10,833		3,408
2028	9,196		2,581
Thereafter	102,944		9,327
Total undiscounted lease payments	$	157,763	$	24,732
Less: imputed interest	(78,978)		(6,863)
Total lease liabilities	$	78,785	$	17,869

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Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

FASB ASC 820, Fair Value Measurements, establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring assets and liabilities at fair values. This hierarchy establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the assessment date;

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3 – Unobservable inputs for the asset or liability.

Our financial instruments consist of cash and cash equivalents, accounts and other receivables, our outstanding notes and other debt, settlement payable, interest and dividends payable.

The following table summarizes the fair value of our financial instruments at September 30, 2024 and December 31, 2023:

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At September 30, 2024
Assets
Derivative asset	$	231	$	—	$	231	$	—
Total	$	231	$	—	$	231	$	—
Liabilities
Senior secured notes - 10.50%, due February 15, 2028 (see Note 10)	$	3,100,886	$	—	$	3,100,886	$	—
Senior secured notes - 4.75%, due April 15, 2028	526,462		—		526,462		—
Senior unsecured notes - 6.50%, due February 15, 2029	974,565		—		974,565		—
Senior unsecured notes - 6.00%, due January 15, 2030	604,480		—		604,480		—
Convertible senior notes - 7.50% due December 1, 2027	345,783		—		345,783		—
ABS Loan Facility, variable rate, due September 1, 2025	273,625		—		273,625		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	4,999		—		4,999		—
Settlement payable	94,465		—		94,465		—
Total	$	5,925,265	$	—	$	5,925,265	$	—

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At December 31, 2023
Liabilities
Senior secured notes - 10.50%, due February 15, 2028	$	2,624,596	$	—	$	2,624,596	$	—
Senior secured notes - 4.75%, due April 15, 2028	488,205		—		488,205		—
Senior unsecured notes - 6.50% , due February 15, 2029	796,125		—		796,125		—
Senior unsecured notes - 6.00%, due January 15, 2030	486,675		—		486,675		—
Exchangeable senior notes - 4.00%, due June 15, 2024	122,140		—		122,140		—
Convertible senior notes - 7.50%, due December 1, 2027	301,755		—		301,755		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	207,979		—		207,979		—
Settlement payable	160,550		—		160,550		—
Total	$	5,188,025	$	—	$	5,188,025	$	—

The carrying value of cash and cash equivalents, accounts and other receivables, and accounts, interest and dividends payable approximate fair values due to the short-term nature of these financial instruments.

The total principal balance of our outstanding notes and other debt was $5.87 billion at September 30, 2024, with a fair value of $5.83 billion. The estimated fair value of our outstanding notes and other debt was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as Level 2 inputs within the fair value hierarchy.

Uniti is required to make $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning October 2020 (the “Settlement Payable”). See Note 13. The Settlement Payable was initially recorded at fair value, using the present value of future cash flows. The future cash flows are discounted using discount rate input based on observable market data. Accordingly, we classify inputs used as Level 2 in the fair value hierarchy. As of September 30, 2024, the remaining Settlement Payable is $95.1 million. There have been no changes in the valuation methodologies used since the initial recording.

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Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

The carrying value of property, plant and equipment is as follows:

(Thousands)	Depreciable Lives	September 30, 2024		December 31, 2023
Land	Indefinite	$	30,507	$	30,099
Building and improvements	3 - 40 years	371,600		366,490
Poles	30 years	333,447		314,489
Fiber	30 years	5,148,425		4,835,623
Equipment	5 - 7 years	493,096		460,463
Copper	20 years	3,973,887		3,974,410
Conduit	30 years	90,117		90,087
Tower assets	20 years	1,221		1,221
Finance lease assets	(1)	52,824		52,589
Other assets	15 - 20 years	10,435		10,436
Construction in progress	(1)	44,620		49,771
Corporate assets	3 - 7 years	16,315		15,731
		10,566,494		10,201,409
Less accumulated depreciation		(6,409,952)		(6,219,340)
Net property, plant and equipment		$	4,156,542	$	3,982,069

(1) See our Annual Report for property, plant and equipment accounting policies.

Depreciation expense for the three and nine months ended September 30, 2024 was $71.9 million and $212.6 million, respectively. Depreciation expense for the three and nine months ended September 30, 2023 was $69.9 million and $209.1 million, respectively.

CableSouth Transaction

In 2018, we acquired certain fiber assets from CableSouth Media, LLC (“CableSouth”) and leased back certain of those acquired assets to CableSouth pursuant to a triple-net lease.

During the fourth quarter of 2023, the Company entered into an agreement with a fund managed by Macquarie Asset Management ("MAM") pursuant to which MAM would make a structured equity investment into CableSouth in order to assist CableSouth in the acquisition of all of our previously acquired CableSouth fiber assets and the buyout of their triple-net lease for cash consideration of $40.0 million (the "CableSouth Transaction"). The Company completed the CableSouth Transaction on January 31, 2024 and recorded a $19.0 million gain on sale of real estate in the Condensed Consolidated Statements of Income (Loss).

The CableSouth Transaction is included in the results of the Uniti Leasing segment, and because the sale does not represent a strategic shift that will have a major effect on operations and financial results, it does not qualify for presentation as a discontinued operation.

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Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

The Company uses derivative instruments to mitigate the effects of interest rate volatility inherent in our variable rate debt, which could unfavorably impact our future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes.

On March 1, 2024, the Company entered into an interest rate cap agreement (the "ABS Loan Interest Rate Cap") related to the ABS Loan Facility (as defined in Note 10). This interest rate cap was designated as a cash flow hedge, has a notional value of $275.0 million, and effectively caps the one-month term secured overnight financing rate ("SOFR ") at 4.50%.

The following table presents the fair value of the Company’s derivatives designated as hedging instruments as of September 30, 2024 and December 31, 2023:

(Thousands)	Location on Condensed Consolidated Balance Sheets	September 30, 2024		December 31, 2023
Interest rate caps	Derivative asset	$	231	$	—

The following table presents the effects of the Company’s derivative financial instrument on the Condensed Consolidated Statements of Income (Loss) for the periods presented:

(Thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships (Interest Rate Caps)	2024		2023		2024		2023
Amount of loss recognized on derivative in Other Comprehensive Loss	$	(834)	$	—	$	(661)	$	—
Amounts reclassified from Accumulated Other Comprehensive Loss into Interest Expense	$	122	$	—	$	159	$	—
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Income (Loss)	$	131,007	$	120,691	$	381,693	$	389,243

The company estimates that an additional $0.9 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next twelve months.

Exchangeable Notes Hedge Transactions

On June 25, 2019, concurrently with the pricing of the 4.00% Exchangeable Notes due June 15, 2024 (the "Exchangeable Notes"), and on June 27, 2019, concurrently with the exercise by the initial purchasers involved in the offering of the Exchangeable Notes (the “Initial Purchasers”) of their option to purchase additional Exchangeable Notes, Uniti Fiber Holdings Inc., the issuer of the Exchangeable Notes, entered into exchangeable note hedge transactions with respect to the Company’s common stock (the “Note Hedge Transactions”) with certain of the Initial Purchasers or their respective affiliates (collectively, the “Counterparties”). The Note Hedge Transactions covered, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes, the same number of shares of the Company’s common stock that initially underlie the Exchangeable Notes in the aggregate and were exercisable upon exchange of the Exchangeable Notes. The Note Hedge Transactions had an initial strike price that corresponded to the initial exchange price of the Exchangeable Notes, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes. The Note Hedge Transactions expired on June 15, 2024, upon the maturity and repayment of the Exchangeable Notes (see Note 10).

Warrant Transactions

On June 25, 2019, concurrently with the pricing of the Exchangeable Notes, and on June 27, 2019 concurrently with the exercise by the Initial Purchasers of their option to purchase additional Exchangeable Notes, the Company entered into warrant transactions to sell to the Counterparties warrants (the “Warrants”) to acquire, subject to anti-dilution adjustments, up to approximately 27.8 million shares of the Company’s common stock in the aggregate at an exercise price of approximately $16.42 per share. The initial maximum number of shares of the Company’s common stock that could be issued pursuant to the Warrants was approximately 55.5 million. The maximum number of shares of the Company's common stock that could be issued pursuant to the Warrants subsequently decreased due to the partial unwind agreements

that the Company entered into with the Counterparties in connection with each repurchase of Exchangeable Notes. The Warrants terminated in June 2024 and are no longer outstanding.

Capped Call Transactions

On December 7, 2022, in connection with the pricing of the 7.50% Convertible Notes due December 1, 2027 (the "Convertible 2027 Notes"), the Company entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institutions at a cost of $21.1 million. The Capped Calls cover the same number of shares of the Company’s common stock that initially underlie the Convertible 2027 Notes in the aggregate. By entering into the Capped Calls, the Company expects to reduce the potential dilution to its common stock (or, in the event a conversion of the Convertible 2027 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the Convertible 2027 Notes its common stock price exceeds the conversion price of the Convertible 2027 Notes. The cap price of the Capped Calls will initially be $10.63 per share of common stock, which represents a premium of 75% over the last reported sale price of the Company’s common stock of $6.075 per share on December 7, 2022 and is subject to customary anti-dilution adjustments substantially similar to those applicable to the Convertible 2027 Notes. The Company used approximately $21.1 million of the net proceeds from the offering of the Convertible 2027 Notes to pay for the cost of the Capped Calls. The Capped Calls meet the criteria for classification in equity, are not remeasured each reporting period and are included as a reduction to additional paid-in-capital within stockholders’ equity.

Additionally on December 7, 2022, in connection with the Company’s repurchase of the Exchangeable Notes, the Company entered into partial unwind agreements with the Counterparties to unwind a portion of the Note Hedge Transactions and the Warrants described above (collectively, the “Unwind Transactions”). In connection with the Unwind Transactions, the Company received cash as a termination payment for the portion of the Note Hedge Transactions that were unwound, and the Company delivered cash as a termination payment in respect of the portion of the Warrants that were unwound. The amount of cash that was received, which was approximately $1.2 million, and the amount of cash that was delivered to the Counterparties, which was approximately $0.5 million, were based generally on the termination values of the unwound portions of such instruments.

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Goodwill and Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets and Liabilities

Goodwill and Intangible Assets and Liabilities

Changes in the carrying amount of goodwill occurring during the nine months ended September 30, 2024 are as follows:

(Thousands)	Uniti Fiber		Total
Goodwill at December 31, 2023	$	672,878	$	672,878
Accumulated impairment charges as of December 31, 2023	(515,498)		(515,498)
Balance at December 31, 2023	$	157,380	$	157,380
Goodwill at September 30, 2024	$	672,878	$	672,878
Accumulated impairment charges as of September 30, 2024	(515,498)		(515,498)
Balance at September 30, 2024	$	157,380	$	157,380

In accordance with ASC 350-20, Intangibles-Goodwill and Other ("ASC 350-20"), we evaluate goodwill for impairment

between annual impairment tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount (a “Triggering Event”). During the three months ended September 30, 2023, the Company identified a Triggering Event and, therefore, performed a qualitative and quantitative goodwill impairment test. The Triggering Event was a result of macroeconomic and financial market factors, specifically increased interest rates, impacting our discount rate. As a result of this interim assessment of goodwill, we concluded that the fair value of the Uniti Fiber segment, estimated using a combination of the income approach and market approach, was less than its carrying amount. Accordingly, we recorded a $204.0 million ($151.9 million net of tax) goodwill impairment charge in the Uniti Fiber segment during the three months ended September 30, 2023 (as restated).

Carrying value of intangible assets and liabilities at September 30, 2024 and December 31, 2023 are as follows:

(Thousands)	September 30, 2024				December 31, 2023
	Original Cost		Accumulated Amortization		Original Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(168,630)	$	416,104	$	(151,542)
Contracts	52,536		(26,268)		52,536		(21,343)
Underlying Rights	10,497		(1,400)		10,497		(1,137)
Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(196,298)				(174,022)
Total intangible assets, net	$	282,839			$	305,115
Finite life intangible liabilities:
Below-market leases	$	191,154	$	(42,777)	$	191,154	$	(34,757)
Finite life intangible liabilities:
Below-market leases	$	191,154			$	191,154
Less: accumulated amortization	(42,777)				(34,757)
Total intangible liabilities, net	$	148,377			$	156,397

As of September 30, 2024, the remaining weighted average amortization period of the Company’s intangible assets was 13.4 years, 4 years, and 26 years for customer lists, contracts, and underlying rights, respectively. As of September 30, 2024, the total remaining weighted average amortization period for total intangible assets was 13 years.

Amortization expense for the three and nine months ended September 30, 2024 was $7.4 million and $22.3 million, respectively. Amortization expense for the three and nine months ended September 30, 2023 was $7.4 million and $22.3 million, respectively. Amortization expense is estimated to be $29.7 million for the full year of 2024, $29.7 million in 2025, $29.7 million in 2026, $29.7 million in 2027, and $28.1 million for 2028.

We recognize the amortization of below-market leases in revenue. Revenue related to the amortization of the below-market leases for the three and nine months ended September 30, 2024 was $2.7 million and $8.0 million, respectively. Revenue related to the amortization of the below-market leases for the three and nine months ended September 30, 2023 was $2.7 million and $8.0 million, respectively. As of September 30, 2024, the remaining weighted average amortization period of the Company’s intangible liabilities was 15.4 years. Revenue due to the amortization of the below-market leases is estimated to be $10.7 million for the full year of 2024, $10.7 million in 2025, $10.7 million in 2026, $10.7 million in 2027, and $10.2 million in 2028.

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Notes and Other Debt

9 Months Ended

Sep. 30, 2024

Long-Term Debt, Unclassified [Abstract]

Notes and Other Debt

Notes and Other Debt

All debt, including the senior secured credit facility and notes described below, are obligations of the Operating Partnership and/or certain of its subsidiaries as discussed below. The Company is, however, a guarantor of such debt.

Notes and other debt are as follows:

(Thousands)	September 30, 2024		December 31, 2023
Principal amount	$	5,866,500	$	5,617,442
Less unamortized discount, premium and debt issuance costs	(83,867)		(93,863)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	5,782,633	$	5,523,579

Notes and other debt at September 30, 2024 and December 31, 2023 consisted of the following:

	September 30, 2024				December 31, 2023
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs		Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured notes - 10.50% due February 15, 2028 (discount is based on imputed interest rate of 10.99%)	$	2,900,000	$	(40,006)	$	2,600,000	$	(48,290)
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)	570,000		(5,345)		570,000		(6,360)
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)	1,110,000		(13,783)		1,110,000		(15,761)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)	700,000		(8,335)		700,000		(9,307)
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)	—		—		122,942		(427)
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)	306,500		(6,742)		306,500		(8,092)
ABS Loan Facility, variable rate, due September 1, 2025 (discount is based on imputed interest rate of 10.33%)	275,000		(4,983)		—		—
Senior secured revolving credit facility, variable rate, due September 24, 2027 (discount is based on imputed interest rate of 11.16%)	5,000		(4,673)		208,000		(5,625)
Total	$	5,866,500	$	(83,867)	$	5,617,442	$	(93,863)

At September 30, 2024, notes and other debt included the following: (i) $5.0 million balance under the Revolving Credit Facility (as defined below) pursuant to that certain credit agreement, dated as of April 24, 2015, by and among the Operating Partnership, Uniti Group Finance 2019 Inc. and CSL Capital, LLC (hereinafter, the “Borrowers”), the guarantors party thereto, Bank of America, N.A., as administrative agent, collateral agent, swing line lender and an L/C issuer and certain other lenders named therein, as amended (the “Credit Agreement”); (ii) $275.0 million under the bridge loan and security agreement (the "ABS Loan Agreement"), a multi-draw term loan facility dated February 23, 2024, entered into by and among Uniti Fiber Bridge Borrower LLC (the “ABS Bridge Borrower”), Uniti Fiber Bridge HoldCo LLC and Uniti Fiber GulfCo LLC (together, the “ABS Bridge Loan Parties”), each an indirect subsidiary of the Company, Wilmington Trust, National Association, as administrative agent, collateral agent, account bank and verification agent, Barclays Bank PLC, as facility agent, and the lenders identified therein; (iii) $2.9 billion aggregate principal amount of 10.50% Senior Secured Notes due February 15, 2028 (the “February 2028 Secured Notes”); (iv) $570.0 million aggregate principal amount of 4.75% Senior Secured Notes due April 15, 2028 (the “April 2028 Secured Notes”); (v) $1.1 billion aggregate principal amount of 6.50% Senior Unsecured Notes due February 15, 2029 (the “2029 Notes”); (vi) $700.0 million aggregate principal amount of 6.00% Senior Notes due January 15, 2030 (the “2030 Notes”); and (vii) $306.5 million aggregate principal amount of Convertible 2027 Notes and, together with the February 2028 Secured Notes, April 2028 Secured Notes, 2029 Notes, and the 2030 Notes, the "Notes". The terms of the Notes are as described in the Company’s Annual Report.

Credit Agreement

The Borrowers are party to the Credit Agreement, which provides for a $500 million revolving credit facility that will mature on September 24, 2027 (the “Revolving Credit Facility”) and provides us with the ability to obtain revolving loans as well as swingline loans and letters of credit from time to time. On June 17, 2024, the Borrowers, each a subsidiary of the Company, entered into Amendment No. 9 (the “Amendment”) to the Credit Agreement. Pursuant to the Amendment, the Credit Agreement’s requirement for the Operating Partnership to use commercially reasonable efforts to maintain its status as a REIT will now terminate (i) at the end of the taxable year in which the Company’s proposed merger with Windstream is consummated or, (ii) at December 31, 2024, if the Company determines that by reason of such proposed merger, the Company will cease to qualify as a REIT for the year during which the Merger is consummated.

All obligations under the Credit Agreement are guaranteed by (i) the Company and (ii) certain of the Operating Partnership’s subsidiaries (the “Subsidiary Guarantors”) and are secured by substantially all of the assets of the Borrowers and the Subsidiary Guarantors.

The Borrowers are subject to customary covenants under the Credit Agreement, including an obligation to maintain a consolidated secured leverage ratio, as defined in the Credit Agreement, not to exceed 5.00 to 1.00. We are permitted, subject to customary conditions, to incur other indebtedness, so long as, on a pro forma basis after giving effect to any such indebtedness, our consolidated total leverage ratio, as defined in the Credit Agreement, does not exceed 6.50 to 1.00 and, if such debt is secured, our consolidated secured leverage ratio, as defined in the Credit Agreement, does not exceed 4.00 to 1.00. In addition, the Credit Agreement contains customary events of default, including a cross default provision whereby the failure of the Borrowers or certain of their subsidiaries to make payments under other debt obligations, or the occurrence of certain events affecting those other borrowing arrangements, could trigger an obligation to repay any amounts outstanding under the Credit Agreement. In particular, a repayment obligation could be triggered if (i) the Borrowers or certain of their subsidiaries fail to make a payment when due of any principal or interest on any other indebtedness aggregating $75.0 million or more, or (ii) an event occurs that causes, or would permit the holders of any other indebtedness aggregating $75.0 million or more to cause, such indebtedness to become due prior to its stated maturity. As of September 30, 2024, the Borrowers were in compliance with all of the covenants under the Credit Agreement.

A termination of either Windstream Lease would result in an “event of default” under the Credit Agreement if a replacement lease is not entered into within ninety (90) calendar days and we do not maintain pro forma compliance with a consolidated secured leverage ratio, as defined in the Credit Agreement, of 5.00 to 1.00.

Borrowings under the Revolving Credit Facility bear interest at a rate equal to either a base rate plus an applicable margin ranging from 2.75% to 3.50% or a Term SOFR rate plus an applicable margin ranging from 3.75% to 4.50% in each case, calculated in a customary manner and determined based on our consolidated secured leverage ratio. We are required to pay a quarterly commitment fee under the Revolving Credit Facility equal to 0.50% of the average amount of unused commitments during the applicable quarter (subject to a step-down to 0.40% per annum of the average amount of unused commitments during the applicable quarter upon achievement of a consolidated secured leverage ratio not to exceed a certain level), as well as quarterly letter of credit fees equal to the product of (A) the applicable margin with respect to Term SOFR borrowings and (B) the average amount available to be drawn under outstanding letters of credit during such quarter.

Mandatory Exchange of Additional February 2028 Secured Notes

As previously disclosed, on May 17, 2024, the Operating Partnership, CSL Capital, LLC, Uniti Group Finance 2019 Inc. and Uniti Fiber Holdings Inc. (collectively, the “Issuers”) completed a private offering of $300.0 million aggregate principal amount of February 2028 Secured Notes (the "Additional February 2028 Secured Notes"). In accordance with the terms of the indenture governing the Additional February 2028 Secured Notes, following the receipt of regulatory approval to enable certain subsidiaries of the Operating Partnership to guarantee the Additional February 2028 Secured Notes, the Issuers caused the Additional February 2028 Notes to be mandatorily exchanged for February 2028 Secured Notes issued as “additional notes” under the Indenture dated as of February 14, 2023, as amended and supplemented among the Issuers, the guarantors party thereto and the trustee and collateral agent party thereto (the “2023 Indenture”). The mandatory exchange occurred on November 1, 2024, and the additional notes comprise part of the same series as the February 2028 Secured Notes issued under the 2023 Indenture and have the same CUSIP numbers as, and are fungible with, the February 2028 Secured Notes issued under the 2023 Indenture.

February 2028 Secured Notes

On February 14, 2023, the Issuers completed a private offering of $2.6 billion aggregate principal amount of the February 2028 Secured Notes. The Issuers used the net proceeds from the offering to fund the redemption in full of the Issuers’ outstanding 7.875% senior secured notes due 2025 (the "2025 Secured Notes"), to repay outstanding borrowings under the Revolving Credit Facility and to pay any related premiums, fees and expenses in connection with the foregoing. On February 14, 2023, the Issuers deposited the full redemption price of $2.25 billion for the 2025 Secured Notes with the trustee and satisfied and discharged their obligations with respect to the 2025 Secured Notes at such time. During the first quarter of 2023, we recorded $32.3 million of loss on the extinguishment of the 2025 Secured Notes within interest expense, net on the Condensed Consolidation Statements of Income (Loss), which includes $10.3 million of non-cash

interest expense for the write off of the unamortized discount and deferred financing costs and $22.0 million of cash interest expense for the redemption premium.

Exchangeable Notes

The Exchangeable Notes matured on June 15, 2024, and the principal balance of $122.9 million was repaid.

Asset-Backed Bridge Loan Facility

On February 23, 2024, ABS Bridge Borrower and the other ABS Bridge Loan Parties entered into the ABS Loan Agreement, which provides for a secured, multi-draw term loan facility of up to $350 million (the “ABS Loan Facility”). On March 1, 2024 (the “ABS Loan Closing Date”), the ABS Bridge Borrower made an initial drawing under the ABS Loan Facility in a principal amount of $275 million. Amounts borrowed under the ABS Loan Facility may not be reborrowed. Unless otherwise terminated pursuant to the terms of the ABS Loan Agreement, the ABS Loan Facility matures on the date that is 18 months from the ABS Loan Closing Date. The Company intends to refinance the ABS Loan Facility in full with proceeds from a long-term asset-backed securitized debt offering secured primarily by certain Uniti Fiber network assets.

Amounts outstanding under the ABS Loan Facility bear interest at a floating rate equal to, at the Company’s option, either (i) the one-month or three-month SOFR, plus a spread of 3.75% per annum or (ii) Base Rate (as defined in the ABS Loan Agreement), plus a spread of 2.75% per annum; provided that the spread will automatically increase to (a) 4.50% per annum in the case of loans bearing interest based on SOFR and 3.50% per annum in the case of loans bearing interest based on Base Rate, in each case to the extent outstanding on and after the date that is 12 months following the ABS Loan Closing Date and (b) 5.25% per annum in the case of loans bearing interest based on SOFR and 4.25% per annum in the case of loans bearing interest based on Base Rate, in each case to the extent outstanding on and after the date that is 15 months following the ABS Loan Closing Date. The Company capped SOFR interest expense at 4.50% for the duration of the ABS Loan Facility pursuant to the ABS Loan Interest Rate Cap (see Note 8).

In connection with the ABS Loan Facility, the Company formed Uniti Fiber ABS Parent LLC, an indirect subsidiary of the Company that qualifies as a bankruptcy-remote special purpose entity (“ABS Parent”) and directed the formation of the ABS Bridge Loan Parties, which are direct or indirect wholly-owned subsidiaries of ABS Parent. Each of the ABS Bridge Loan Parties is a special purpose, bankruptcy-remote, indirect subsidiary of the Company. The ABS Loan Facility is secured by equity in the ABS Bridge Borrower and substantially all of the assets of the ABS Bridge Loan Parties (subject to certain customary limited exceptions) and is non-recourse to the Company. Each of the ABS Bridge Loan Parties and ABS Parent was designated as an unrestricted subsidiary under the Credit Agreement and the applicable indentures governing the Company’s outstanding senior notes. The assets of the ABS Bridge Loan Parties will only be available for payment of the obligations arising under the ABS Loan Agreement and will not be available to pay any obligations or claims of the Company’s other creditors.

In connection with the initial funding under the ABS Loan Facility on the ABS Loan Closing Date, the Company, directly or indirectly, (i) transferred certain Uniti Fiber non-regulated and interstate customer contracts and related equipment to the ABS Bridge Loan Parties and (ii) granted an indefeasible right of use in the related fiber network assets to such ABS Bridge Loan Parties. In addition, certain of the ABS Bridge Loan Parties entered into a management agreement (the “Management Agreement”) with Uniti Fiber Holdings Inc. (in its capacity as manager thereunder, the “Manager”), pursuant to which the Manager is responsible for servicing and administering the assets securing the ABS Loan Facility and is permitted to make reimbursable servicing advances in respect of the collateral securing the ABS Loan Facility under certain circumstances.

The ABS Loan Agreement contains customary covenants limiting the ability of the ABS Bridge Loan Parties to: incur or guarantee additional indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell fiber network assets; enter into transactions with the Company and other affiliates; and create restrictions on the ability of the ABS Bridge Loan Parties to incur liens on their assets constituting collateral to secure obligations under the ABS Loan Agreement. These covenants are subject to a number of limitations, qualifications and exceptions. The ABS Loan Agreement also contains a maximum leverage financial maintenance covenant and customary events of default.

Deferred Financing Cost

Deferred financing costs were incurred in connection with the issuance of the Notes and our entry into the Revolving Credit Facility and the ABS Loan Facility. These costs are amortized using the effective interest method over the term of the related indebtedness and are included in interest expense in our Condensed Consolidated Statements of Income (Loss).

For the three and nine months ended September 30, 2024, we recognized $6.3 million and $17.4 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs. For the three and nine months ended September 30, 2023, we recognized $4.4 million and $13.6 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs.

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Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Our time-based restricted stock awards are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as common stock. As participating securities, we included these instruments in the computation of earnings per share under the two-class method described in FASB ASC 260, Earnings per Share (“ASC 260”).

We also have outstanding performance-based restricted stock units that contain forfeitable rights to receive dividends. Therefore, the awards are considered non-participating restrictive shares and are not dilutive under the two-class method until performance conditions are met.

The dilutive effect of the Exchangeable Notes, which were repaid on June 15, 2024 (see Note 10), and the Convertible 2027 Notes is calculated by using the “if-converted” method. This assumes an add-back of interest, net of income taxes, to net income attributable to shareholders as if the securities were converted at the beginning of the reporting period (or at time of issuance, if later) and the resulting common shares included in number of weighted average shares. The dilutive effect of the Warrants (see Note 8) is calculated using the treasury-stock method. During the three and nine months ended September 30, 2024 and 2023, the Warrants were excluded from diluted shares outstanding because the exercise price exceeded the average market price of our common stock for the reporting period.

The following sets forth the computation of basic and diluted earnings per share under the two-class method:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2024		2023		2024		2023
			(as restated)				(as restated)
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	12,229	$	(118,843)	$	71,836	$	(112,419)
Less: Income allocated to participating securities	(334)		(321)		(1,493)		(890)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Net income (loss) attributable to common shares	$	11,890	$	(119,169)	$	70,328	$	(113,324)
Denominator:
Basic weighted-average common shares outstanding	237,480		236,533		237,242		236,352
Basic income (loss) earnings per common share	$	0.05	$	(0.50)	$	0.30	$	(0.48)

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2024		2023		2024		2023
			(as restated)				(as restated)
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	12,229	$	(118,843)	$	71,836	$	(112,419)
Less: Income allocated to participating securities	(334)		(321)		(1,493)		(890)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Impact on if-converted dilutive securities	—		—		—		—
Net income (loss) attributable to common shares	$	11,890	$	(119,169)	$	70,328	$	(113,324)
Denominator:
Basic weighted-average common shares outstanding	237,480		236,533		237,242		236,352
Effect of dilutive non-participating securities	—		—		—		—
Impact on if-converted dilutive securities	—		—		—		—
Weighted-average shares for dilutive earnings per common share	237,480		236,533		237,242		236,352
Dilutive earnings (loss) per common share	$	0.05	$	(0.50)	$	0.30	$	(0.48)

For the three and nine months ended September 30, 2024, 1,412,563 non-participating securities were excluded from the computation of earnings per share, as their performance conditions have not been met. For the three and nine months ended September 30, 2024, we excluded 42,043,892 and 50,032,050 potential common shares related to the Exchangeable Notes and the Convertible 2027 Notes, respectively, from the computation of earnings per share, as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2023, 1,053,189 non-participating securities were excluded from the computation of earnings per share, as their performance conditions have not been met. For the three and nine months ended September 30, 2023, we excluded 53,427,833 and 53,836,845 potential common shares related to the Exchangeable Notes and the Convertible 2027 Notes, respectively, from the computation of earnings per share, as their effect would have been anti-dilutive.

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Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

Our management, including our chief executive officer, who is our chief operating decision maker, manages our operations as two reportable segments, in addition to our corporate operations, which include:

Uniti Leasing: Represents the operations of our leasing business which is engaged in the acquisition and construction of mission-critical communications assets and leasing them to anchor customers on either an exclusive or shared-tenant basis, in addition to the leasing of dark fiber on our existing dark fiber network assets that we either constructed or acquired. While the Leasing segment represents our REIT operations, certain aspects of the Leasing segment are also operated through taxable REIT subsidiaries.

Uniti Fiber: Represents the operations of our fiber business which is a leading provider of infrastructure solutions, including cell site backhaul and dark fiber, to the telecommunications industry.

Corporate: Represents our corporate office and shared service functions. Certain costs and expenses, primarily related to headcount, information technology systems, insurance, professional fees and similar charges, that are directly attributable to operations of our business segments are allocated to the respective segments.

Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense and the impact, which may be recurring in nature, of transaction and integration related costs, costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, costs associated with the implementation of our enterprise resource planning system, goodwill impairment charges, severance costs, costs related to the settlement with Windstream, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. The Company believes that net income, as defined by GAAP, is the most appropriate earnings metric; however, we believe that Adjusted EBITDA serves as a useful supplement to net income because it allows investors, analysts and management to evaluate the performance of our segments in a manner that is comparable period over period. Adjusted EBITDA should not be considered as an alternative to net income as determined in accordance with GAAP.

Selected financial data related to our segments is presented below for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	222,922	$	69,325	$	—	$	292,247
Adjusted EBITDA	$	215,188	$	25,557	$	(5,421)	$	235,324
Less:
Interest expense							131,007
Depreciation and amortization	45,281		34,031		13		79,325
Transaction related and other costs							14,404
Other, net							918
Stock-based compensation							3,375
Income tax benefit							(5,935)
Net income							$	12,230

	Three Months Ended September 30, 2023
	(as restated)
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	214,588	$	76,067	$	—	$	290,655
Adjusted EBITDA	$	208,561	$	29,857	$	(5,408)	$	233,010
Less:
Interest expense							120,691
Depreciation and amortization	44,754		32,570		13		77,337
Transaction related and other costs							1,441
Gain on sale of real estate							(1,424)
Goodwill impairment							203,998
Other, net							2,091
Stock-based compensation							3,148
Income tax benefit							(56,130)
Adjustments for equity in earnings from unconsolidated entities							754
Net loss							$	(118,896)

	Nine Months Ended September 30, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	658,829	$	214,783	$	—	$	873,612
Adjusted EBITDA	$	636,718	$	80,486	$	(16,593)	$	700,611
Less:
Interest expense							381,693
Depreciation and amortization	134,874		99,948		40		234,862
Transaction related and other costs							31,068
Gain on sale of real estate							(18,999)
Other, net							3,877
Stock-based compensation							10,120
Income tax benefit							(13,869)
Net income							$	71,859

	Nine Months Ended September 30, 2023
	(as restated)
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	637,849	$	226,326	$	—	$	864,175
Adjusted EBITDA	$	620,079	$	88,712	$	(16,413)	$	692,378
Less:
Interest expense							389,243
Depreciation and amortization	133,617		97,719		43		231,379
Transaction related and other costs							9,805
Gain on sale of real estate							(1,424)
Goodwill impairment							203,998
Other, net							23,073
Stock-based compensation							9,408
Income tax benefit							(62,899)
Adjustments for equity in earnings from unconsolidated entities							2,264
Net loss							$	(112,469)

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

In the ordinary course of our business, we are subject to claims and administrative proceedings, none of which we believe are material or would be expected to have, individually or in the aggregate, a material adverse effect on our business, financial condition, cash flows or results of operations.

Windstream Commitments

Following the consummation of our settlement agreement with Windstream, including entry into the Windstream Leases, we are obligated to make $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning in October 2020, and Uniti may prepay any installments due on or after the first anniversary of the settlement agreement (discounted at a 9% rate). As of September 30, 2024, the Company has made payments totaling $386.9 million.

Further, beginning in October 2020, we became obligated to reimburse Windstream for up to an aggregate of $1.75 billion for certain growth capital improvements in long-term fiber and related assets made by Windstream (“Growth Capital Improvements”) through 2029. Uniti’s reimbursement commitment for Growth Capital Improvements does not require Uniti to reimburse Windstream for maintenance or repair expenditures (except for costs incurred for fiber replacements to the property leased under the competitive local exchange carrier master lease agreement, up to $70 million during the term), and each such reimbursement is subject to underwriting standards. Uniti’s total annual reimbursement commitments for the Growth Capital Improvements under both Windstream Leases (and under separate equipment loan facilities) were limited to $225 million in 2023, and are limited to $225 million per year in 2024; $175 million per year in 2025 and 2026; and $125 million per year in 2027 through 2029. If the cost incurred by Windstream (or the successor tenant under a Windstream Lease) for Growth Capital Improvements in any calendar year exceeds the annual limit for such calendar year, Windstream (or such tenant, as the case may be) may submit such excess costs for reimbursement in any subsequent year and such excess costs shall be funded from the annual commitment amounts in such subsequent period. In addition, to the extent that reimbursements for Growth Capital Improvements funded in any calendar year during the term is less than the annual limit for such calendar year, the unfunded amount in any calendar year will carry-over and may be added to the annual limits for subsequent calendar years, subject to an annual limit of $250 million in any calendar year. During the nine months ended September 30, 2024, Uniti reimbursed $230.8 million of Growth Capital Improvements, of which $104.6 million represented the reimbursement of capital improvements completed in 2023 that were previously classified as tenant funded capital improvements. As of the date of this Quarterly Report on Form 10-Q, we have reimbursed a total of $1.0 billion of Growth Capital Improvements.

Starting on the first anniversary of each installment of reimbursement for a Growth Capital Improvement, the rent payable by Windstream under the applicable Windstream Lease will increase by an amount equal to 8.0% (the “Rent Rate”) of such installment of reimbursement. The Rent Rate will thereafter increase to 100.5% of the prior Rent Rate on each anniversary of each reimbursement. In the event that the tenant’s interest in either Windstream Lease is transferred by Windstream under the terms thereof (unless transferred to the same transferee), or if Uniti transfers its interests as landlord under either Windstream Lease (unless to the same transferee), the reimbursement rights and obligations will be allocated between the ILEC MLA and the CLEC MLA by Windstream, provided that the maximum that may be allocated to the CLEC MLA following such transfer is $20 million per year. If Uniti fails to reimburse any Growth Capital Improvement reimbursement payment or equipment loan funding request as and when it is required to do so under the terms of the Windstream Leases, and such failure continues for thirty (30) days, then such unreimbursed amounts may be applied as an offset against the rent owed by Windstream under the Windstream Leases (and such amounts will thereafter be treated as if Uniti had reimbursed them).

Uniti and Windstream have entered into separate ILEC and CLEC Equipment Loan and Security Agreements (collectively “Equipment Loan Agreement”) in which Uniti will provide up to $125 million (limited to $25 million in any calendar year) of the $1.75 billion of Growth Capital Improvements commitments discussed above in the form of loans for Windstream to purchase equipment related to network upgrades or to be used in connection with the Windstream Leases. Interest on these loans will accrue at 8% from the date of the borrowing. All equipment financed through the Equipment Loan Agreement is the sole property of Windstream; however, Uniti will receive a first-lien security interest in the equipment purchased with the loans. No loans have been made under the Equipment Loan Agreement.

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Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component is as follows for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Cash flow hedge:
Balance at beginning of period attributable to shareholders	$	136	$	—	$	—	$	—
Change in fair value of derivative asset	(834)		—		(661)		—
Amounts reclassified from accumulated other comprehensive income	(122)		—		(159)		—
Balance at end of period	(820)		—		(820)		—
Less: Other comprehensive income attributable to noncontrolling interest	0		—		0		—
Balance at end of period attributable to shareholders	(820)		—		(820)		—
Accumulated other comprehensive loss at end of period	$	(820)	$	—	$	(820)	$	—

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Capital Stock

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Capital Stock

Capital Stock

The limited partnership interests in our operating partnership (commonly called “OP Units”), are exchangeable on a one-for-one basis for shares of our common stock or, at our election, cash of equivalent value. No OP Units held by third parties were exchanged during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company exchanged 68,384 OP Units held by third parties, of which 53,662 OP Units were exchanged for an equal number of shares of our common stock and 14,722 OP Units were purchased for cash consideration of $0.1 million, representing approximately 65% of the OP Units held by third parties with a carrying value of $1.3 million as of the exchange dates.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to shareholders	$ 12,229	$ (118,843)	$ 71,836	$ (112,419)

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Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Basis of Presentation and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Consolidation

The accompanying Condensed Consolidated Financial Statements include all accounts of the Company and its wholly-owned and/or controlled subsidiaries, including the Operating Partnership. Under the Accounting Standards Codification 810, Consolidation (“ASC 810”), the Operating Partnership is considered a variable interest entity and is consolidated in the Condensed Consolidated Financial Statements of Uniti Group Inc. because the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated.

Variable Interest Entity

ASC 810 provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.

Basis of Accounting

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. Accordingly, significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our Annual Report.

Restricted Cash and Cash Equivalents

Restricted Cash and Cash Equivalents—Restricted cash and cash equivalents represent funds that are restricted for an obligation under the ABS Loan Facility (as defined in Note 10) to maintain three months of interest and other expenses.

Concentration of Credit Risks

Concentration of Credit Risks—Prior to September 2020, we were party to a long-term exclusive triple-net lease (the “Master Lease”) with Windstream pursuant to which a substantial portion of our real property was leased to Windstream and from which a substantial portion of our leasing revenues were derived. On September 18, 2020, Uniti and Windstream bifurcated the Master Lease and entered into two structurally similar master leases (collectively, the “Windstream Leases”), which amended and restated the Master Lease in its entirety. The Windstream Leases consist of (a) a master lease (the "ILEC MLA") that governs Uniti owned assets used for Windstream's incumbent local exchange carrier ("ILEC") operations and (b) a master lease (the "CLEC MLA") that governs Uniti owned assets used for Windstream's consumer competitive local exchange carrier ("CLEC") operations. Revenue under the Windstream Leases provided 68.2% and 66.9% of our revenue for the nine months ended September 30, 2024 and 2023, respectively. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Windstream Leases, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to

service debt if Windstream were to default under the Windstream Leases or otherwise experiences operating or liquidity difficulties and becomes unable to generate sufficient cash to make payments to us.

We monitor the credit quality of Windstream through numerous methods, including by (i) reviewing credit ratings of Windstream by nationally recognized credit agencies, (ii) reviewing the financial statements of Windstream that are required to be delivered to us pursuant to the Windstream Leases, (iii) monitoring news reports regarding Windstream and its business, (iv) conducting research to ascertain industry trends potentially affecting Windstream, (v) monitoring Windstream’s compliance with the terms of the Windstream Leases and (vi) monitoring the timeliness of its payments under the Windstream Leases.

As of the date of this Quarterly Report on Form 10-Q, Windstream is current on all lease payments. We note that in August 2020, Moody’s Investor Service assigned a B3 corporate family rating with a stable outlook to Windstream in connection with its post-emergence exit financing. At the same time, S&P Global Ratings assigned Windstream a B- issuer rating with a stable outlook. Both ratings remain current as of the date of this filing. In order to assist us in our continuing assessment of Windstream’s creditworthiness, we periodically receive certain confidential financial information and metrics from Windstream.

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires incremental disclosures related to reportable segments. Specifically, the ASU requires disclosure of significant segment expense categories and amounts for each reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating this guidance to determine the impact it will have on our financial statements.

Segment Reporting

Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense and the impact, which may be recurring in nature, of transaction and integration related costs, costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, costs associated with the implementation of our enterprise resource planning system, goodwill impairment charges, severance costs, costs related to the settlement with Windstream, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. The Company believes that net income, as defined by GAAP, is the most appropriate earnings metric; however, we believe that Adjusted EBITDA serves as a useful supplement to net income because it allows investors, analysts and management to evaluate the performance of our segments in a manner that is comparable period over period. Adjusted EBITDA should not be considered as an alternative to net income as determined in accordance with GAAP.

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Restatement of Previously Issued Financial Statements (Tables)

9 Months Ended

Sep. 30, 2024

Prior Period Adjustment [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The impact of the restatement on our prior period unaudited condensed consolidated balance sheet, condensed consolidated statement of loss, condensed consolidated statement of comprehensive loss, and condensed consolidated statement of cash flows is presented below:

	As of September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill	$	208,378	$	(50,998)	$	157,380
Deferred income taxes, net	$	90,792	$	13,035	$	103,827
Total Assets	$	4,981,325	$	(37,963)	$	4,943,362
Distributions in excess of accumulated earnings	$	(3,665,569)	$	(37,946)	$	(3,703,515)
Total Uniti shareholders' deficit	$	(2,446,730)	$	(37,946)	$	(2,484,676)
Operating partnership units	$	2,040	$	(17)	$	2,023
Total shareholders' deficit	$	(2,444,440)	$	(37,963)	$	(2,482,403)
Total Liabilities and Shareholders' Deficit	$	4,981,325	$	(37,963)	$	4,943,362

	Three Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill impairment	$	153,000	$	50,998	$	203,998
Loss before income taxes and equity in earnings from unconsolidated entities	$	(124,698)	$	(50,998)	$	(175,696)
Income tax benefit	$	(43,095)	$	(13,035)	$	(56,130)
Net loss	$	(80,933)	$	(37,963)	$	(118,896)
Net loss attributable to noncontrolling interest	$	(36)	$	(17)	$	(53)
Net loss attributable to shareholders	$	(80,897)	$	(37,946)	$	(118,843)
Net loss attributable to common shareholders	$	(81,223)	$	(37,946)	$	(119,169)
Earnings per share - Basic	$	(0.34)	$	(0.16)	$	(0.50)
Earnings per share - Diluted	$	(0.34)	$	(0.16)	$	(0.50)
Comprehensive loss:
Net loss	$	(80,933)	$	(37,963)	$	(118,896)
Comprehensive loss	$	(80,933)	$	(37,963)	$	(118,896)
Comprehensive loss attributable to noncontrolling interest	$	(36)	$	(17)	$	(53)
Comprehensive loss attributable to shareholders	$	(80,897)	$	(37,946)	$	(118,843)

	Nine Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill impairment	$	153,000	$	50,998	$	203,998
Loss before income taxes and equity in earnings from unconsolidated entities	$	(126,360)	$	(50,998)	$	(177,358)
Income tax benefit	$	(49,864)	$	(13,035)	$	(62,899)
Net loss	$	(74,506)	$	(37,963)	$	(112,469)
Net loss attributable to noncontrolling interest	$	(33)	$	(17)	$	(50)
Net loss attributable to shareholders	$	(74,473)	$	(37,946)	$	(112,419)
Net loss attributable to common shareholders	$	(75,378)	$	(37,946)	$	(113,324)
Earnings per share - Basic	$	(0.32)	$	(0.16)	$	(0.48)
Earnings per share - Diluted	$	(0.32)	$	(0.16)	$	(0.48)
Comprehensive loss:
Net loss	$	(74,506)	$	(37,963)	$	(112,469)
Comprehensive loss	$	(74,506)	$	(37,963)	$	(112,469)
Comprehensive loss attributable to noncontrolling interest	$	(33)	$	(17)	$	(50)
Comprehensive loss attributable to shareholders	$	(74,473)	$	(37,946)	$	(112,419)

	Nine Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Cash Flows from Operating Activities
Net Loss	$	(74,506)	$	(37,963)	$	(112,469)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income taxes	$	(50,161)	$	(13,035)	$	(63,196)
Goodwill impairment	$	153,000	$	50,998	$	203,998
Net cash provided by operating activities	$	190,575	$	—	$	190,575

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Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents within the Condensed Consolidated Balance Sheets to the total cash and cash equivalents and restricted cash and cash equivalents within the Condensed Consolidated Statements of Cash Flows.

(Thousands)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	34,077	$	62,264
Restricted cash and cash equivalents	19,311		—
Cash, restricted cash and cash equivalents at end of period	$	53,388	$	62,264

Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents within the Condensed Consolidated Balance Sheets to the total cash and cash equivalents and restricted cash and cash equivalents within the Condensed Consolidated Statements of Cash Flows.

(Thousands)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	34,077	$	62,264
Restricted cash and cash equivalents	19,311		—
Cash, restricted cash and cash equivalents at end of period	$	53,388	$	62,264

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Revenues (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenues Disaggregated by Revenue Stream

The following table presents our revenues disaggregated by revenue stream.

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Uniti Fiber
Lit backhaul	$	17,938	$	18,246	$	58,305	$	57,221
Enterprise and wholesale	26,381		24,211		77,601		70,144
E-Rate and government	11,327		15,911		38,645		43,947
Other	917		786		2,644		2,264
Uniti Fiber	56,563		59,154		177,195		173,576
Uniti Leasing	1,799		1,868		5,073		5,142
Total revenue from contracts with customers	58,362		61,022		182,268		178,718
Revenue accounted for under leasing guidance
Uniti Leasing	221,123		212,720		653,756		632,707
Uniti Fiber	12,762		16,913		37,588		52,750
Total revenue accounted for under leasing guidance	233,885		229,633		691,344		685,457
Total revenue	$	292,247	$	290,655	$	873,612	$	864,175

Schedule of Contract Assets and Contract Liabilities

The following table provides information about contract assets and contract liabilities accounted for under ASC 606.

(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2023	$	26	$	11,109
Balance at September 30, 2024	$	—	$	10,613

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Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Components of Lease Income

The components of lease income for the three and nine months ended September 30, 2024 and 2023 respectively, are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Lease income - operating leases	$	233,885	$	229,633	$	691,344	$	685,457

Lease Payments to be Received under Non-Cancellable Operating Leases

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of September 30, 2024 are as follows:

(Thousands)	September 30, 2024⁽¹⁾
2024	$	204,518
2025	836,266
2026	842,822
2027	843,315
2028	843,309
Thereafter	1,593,415
Total lease receivables	$	5,163,645
(1) Total future minimum lease payments to be received include $4.3 billion relating to the Windstream Leases.

Property, Plant, and Equipment, Lessor Asset under Operating Lease

The underlying assets under operating leases where we are the lessor are summarized as follows:

(Thousands)	September 30, 2024		December 31, 2023
Land	$	26,518	$	26,533
Building and improvements	348,683		347,700
Poles	333,447		314,488
Fiber	4,128,677		3,862,635
Equipment	437		436
Copper	3,973,887		3,974,410
Conduit	90,117		90,087
Tower assets	58		58
Finance lease assets	1,889		1,890
Other assets	10,432		10,434
	8,914,145		8,628,671
Less: accumulated depreciation	(5,812,265)		(5,690,066)
Underlying assets under operating leases, net	$	3,101,880	$	2,938,605

Schedule of Depreciation Expense for Underlying Assets under Operating Leases

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2024 and 2023, respectively, is summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Depreciation expense for underlying assets under operating leases	$	46,307	$	45,795	$	137,955	$	136,640

Future Lease Payments Under Non-Cancellable Operating Leases

Future lease payments under non-cancellable leases as of September 30, 2024 are as follows:

(Thousands)	Operating Leases		Finance Leases
2024	$	4,079	$	1,060
2025	17,095		4,241
2026	13,616		4,115
2027	10,833		3,408
2028	9,196		2,581
Thereafter	102,944		9,327
Total undiscounted lease payments	$	157,763	$	24,732
Less: imputed interest	(78,978)		(6,863)
Total lease liabilities	$	78,785	$	17,869

Future Lease Payments Under Non-Cancellable Finance Leases

Future lease payments under non-cancellable leases as of September 30, 2024 are as follows:

(Thousands)	Operating Leases		Finance Leases
2024	$	4,079	$	1,060
2025	17,095		4,241
2026	13,616		4,115
2027	10,833		3,408
2028	9,196		2,581
Thereafter	102,944		9,327
Total undiscounted lease payments	$	157,763	$	24,732
Less: imputed interest	(78,978)		(6,863)
Total lease liabilities	$	78,785	$	17,869

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Valuation of Financial Instruments

The following table summarizes the fair value of our financial instruments at September 30, 2024 and December 31, 2023:

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At September 30, 2024
Assets
Derivative asset	$	231	$	—	$	231	$	—
Total	$	231	$	—	$	231	$	—
Liabilities
Senior secured notes - 10.50%, due February 15, 2028 (see Note 10)	$	3,100,886	$	—	$	3,100,886	$	—
Senior secured notes - 4.75%, due April 15, 2028	526,462		—		526,462		—
Senior unsecured notes - 6.50%, due February 15, 2029	974,565		—		974,565		—
Senior unsecured notes - 6.00%, due January 15, 2030	604,480		—		604,480		—
Convertible senior notes - 7.50% due December 1, 2027	345,783		—		345,783		—
ABS Loan Facility, variable rate, due September 1, 2025	273,625		—		273,625		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	4,999		—		4,999		—
Settlement payable	94,465		—		94,465		—
Total	$	5,925,265	$	—	$	5,925,265	$	—

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At December 31, 2023
Liabilities
Senior secured notes - 10.50%, due February 15, 2028	$	2,624,596	$	—	$	2,624,596	$	—
Senior secured notes - 4.75%, due April 15, 2028	488,205		—		488,205		—
Senior unsecured notes - 6.50% , due February 15, 2029	796,125		—		796,125		—
Senior unsecured notes - 6.00%, due January 15, 2030	486,675		—		486,675		—
Exchangeable senior notes - 4.00%, due June 15, 2024	122,140		—		122,140		—
Convertible senior notes - 7.50%, due December 1, 2027	301,755		—		301,755		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	207,979		—		207,979		—
Settlement payable	160,550		—		160,550		—
Total	$	5,188,025	$	—	$	5,188,025	$	—

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Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Carrying Value of Property, Plant and Equipment

The carrying value of property, plant and equipment is as follows:

(Thousands)	Depreciable Lives	September 30, 2024		December 31, 2023
Land	Indefinite	$	30,507	$	30,099
Building and improvements	3 - 40 years	371,600		366,490
Poles	30 years	333,447		314,489
Fiber	30 years	5,148,425		4,835,623
Equipment	5 - 7 years	493,096		460,463
Copper	20 years	3,973,887		3,974,410
Conduit	30 years	90,117		90,087
Tower assets	20 years	1,221		1,221
Finance lease assets	(1)	52,824		52,589
Other assets	15 - 20 years	10,435		10,436
Construction in progress	(1)	44,620		49,771
Corporate assets	3 - 7 years	16,315		15,731
		10,566,494		10,201,409
Less accumulated depreciation		(6,409,952)		(6,219,340)
Net property, plant and equipment		$	4,156,542	$	3,982,069

(1) See our Annual Report for property, plant and equipment accounting policies.

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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents the fair value of the Company’s derivatives designated as hedging instruments as of September 30, 2024 and December 31, 2023:

(Thousands)	Location on Condensed Consolidated Balance Sheets	September 30, 2024		December 31, 2023
Interest rate caps	Derivative asset	$	231	$	—

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents the effects of the Company’s derivative financial instrument on the Condensed Consolidated Statements of Income (Loss) for the periods presented:

(Thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships (Interest Rate Caps)	2024		2023		2024		2023
Amount of loss recognized on derivative in Other Comprehensive Loss	$	(834)	$	—	$	(661)	$	—
Amounts reclassified from Accumulated Other Comprehensive Loss into Interest Expense	$	122	$	—	$	159	$	—
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Income (Loss)	$	131,007	$	120,691	$	381,693	$	389,243

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Goodwill and Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

Changes in the carrying amount of goodwill occurring during the nine months ended September 30, 2024 are as follows:

(Thousands)	Uniti Fiber		Total
Goodwill at December 31, 2023	$	672,878	$	672,878
Accumulated impairment charges as of December 31, 2023	(515,498)		(515,498)
Balance at December 31, 2023	$	157,380	$	157,380
Goodwill at September 30, 2024	$	672,878	$	672,878
Accumulated impairment charges as of September 30, 2024	(515,498)		(515,498)
Balance at September 30, 2024	$	157,380	$	157,380

Schedule of Carrying Value of Other Intangible Assets

(Thousands)	September 30, 2024				December 31, 2023
	Original Cost		Accumulated Amortization		Original Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(168,630)	$	416,104	$	(151,542)
Contracts	52,536		(26,268)		52,536		(21,343)
Underlying Rights	10,497		(1,400)		10,497		(1,137)
Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(196,298)				(174,022)
Total intangible assets, net	$	282,839			$	305,115
Finite life intangible liabilities:
Below-market leases	$	191,154	$	(42,777)	$	191,154	$	(34,757)
Finite life intangible liabilities:
Below-market leases	$	191,154			$	191,154
Less: accumulated amortization	(42,777)				(34,757)
Total intangible liabilities, net	$	148,377			$	156,397

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Notes and Other Debt (Tables)

9 Months Ended

Sep. 30, 2024

Long-Term Debt, Unclassified [Abstract]

Schedule of Notes and Other Debt

Notes and other debt are as follows:

(Thousands)	September 30, 2024		December 31, 2023
Principal amount	$	5,866,500	$	5,617,442
Less unamortized discount, premium and debt issuance costs	(83,867)		(93,863)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	5,782,633	$	5,523,579

Notes and other debt at September 30, 2024 and December 31, 2023 consisted of the following:

	September 30, 2024				December 31, 2023
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs		Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured notes - 10.50% due February 15, 2028 (discount is based on imputed interest rate of 10.99%)	$	2,900,000	$	(40,006)	$	2,600,000	$	(48,290)
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)	570,000		(5,345)		570,000		(6,360)
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)	1,110,000		(13,783)		1,110,000		(15,761)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)	700,000		(8,335)		700,000		(9,307)
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)	—		—		122,942		(427)
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)	306,500		(6,742)		306,500		(8,092)
ABS Loan Facility, variable rate, due September 1, 2025 (discount is based on imputed interest rate of 10.33%)	275,000		(4,983)		—		—
Senior secured revolving credit facility, variable rate, due September 24, 2027 (discount is based on imputed interest rate of 11.16%)	5,000		(4,673)		208,000		(5,625)
Total	$	5,866,500	$	(83,867)	$	5,617,442	$	(93,863)

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted

The following sets forth the computation of basic and diluted earnings per share under the two-class method:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2024		2023		2024		2023
			(as restated)				(as restated)
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	12,229	$	(118,843)	$	71,836	$	(112,419)
Less: Income allocated to participating securities	(334)		(321)		(1,493)		(890)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Net income (loss) attributable to common shares	$	11,890	$	(119,169)	$	70,328	$	(113,324)
Denominator:
Basic weighted-average common shares outstanding	237,480		236,533		237,242		236,352
Basic income (loss) earnings per common share	$	0.05	$	(0.50)	$	0.30	$	(0.48)

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2024		2023		2024		2023
			(as restated)				(as restated)
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	12,229	$	(118,843)	$	71,836	$	(112,419)
Less: Income allocated to participating securities	(334)		(321)		(1,493)		(890)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Impact on if-converted dilutive securities	—		—		—		—
Net income (loss) attributable to common shares	$	11,890	$	(119,169)	$	70,328	$	(113,324)
Denominator:
Basic weighted-average common shares outstanding	237,480		236,533		237,242		236,352
Effect of dilutive non-participating securities	—		—		—		—
Impact on if-converted dilutive securities	—		—		—		—
Weighted-average shares for dilutive earnings per common share	237,480		236,533		237,242		236,352
Dilutive earnings (loss) per common share	$	0.05	$	(0.50)	$	0.30	$	(0.48)

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Selected financial data related to our segments is presented below for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	222,922	$	69,325	$	—	$	292,247
Adjusted EBITDA	$	215,188	$	25,557	$	(5,421)	$	235,324
Less:
Interest expense							131,007
Depreciation and amortization	45,281		34,031		13		79,325
Transaction related and other costs							14,404
Other, net							918
Stock-based compensation							3,375
Income tax benefit							(5,935)
Net income							$	12,230

	Three Months Ended September 30, 2023
	(as restated)
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	214,588	$	76,067	$	—	$	290,655
Adjusted EBITDA	$	208,561	$	29,857	$	(5,408)	$	233,010
Less:
Interest expense							120,691
Depreciation and amortization	44,754		32,570		13		77,337
Transaction related and other costs							1,441
Gain on sale of real estate							(1,424)
Goodwill impairment							203,998
Other, net							2,091
Stock-based compensation							3,148
Income tax benefit							(56,130)
Adjustments for equity in earnings from unconsolidated entities							754
Net loss							$	(118,896)

	Nine Months Ended September 30, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	658,829	$	214,783	$	—	$	873,612
Adjusted EBITDA	$	636,718	$	80,486	$	(16,593)	$	700,611
Less:
Interest expense							381,693
Depreciation and amortization	134,874		99,948		40		234,862
Transaction related and other costs							31,068
Gain on sale of real estate							(18,999)
Other, net							3,877
Stock-based compensation							10,120
Income tax benefit							(13,869)
Net income							$	71,859

	Nine Months Ended September 30, 2023
	(as restated)
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	637,849	$	226,326	$	—	$	864,175
Adjusted EBITDA	$	620,079	$	88,712	$	(16,413)	$	692,378
Less:
Interest expense							389,243
Depreciation and amortization	133,617		97,719		43		231,379
Transaction related and other costs							9,805
Gain on sale of real estate							(1,424)
Goodwill impairment							203,998
Other, net							23,073
Stock-based compensation							9,408
Income tax benefit							(62,899)
Adjustments for equity in earnings from unconsolidated entities							2,264
Net loss							$	(112,469)

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Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss by Component

Changes in accumulated other comprehensive loss by component is as follows for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Cash flow hedge:
Balance at beginning of period attributable to shareholders	$	136	$	—	$	—	$	—
Change in fair value of derivative asset	(834)		—		(661)		—
Amounts reclassified from accumulated other comprehensive income	(122)		—		(159)		—
Balance at end of period	(820)		—		(820)		—
Less: Other comprehensive income attributable to noncontrolling interest	0		—		0		—
Balance at end of period attributable to shareholders	(820)		—		(820)		—
Accumulated other comprehensive loss at end of period	$	(820)	$	—	$	(820)	$	—

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Organization and Description of Business (Details) $ / shares in Units, $ in Millions		9 Months Ended
	May 03, 2024 USD ($) member director $ / shares	Sep. 30, 2024 segment
Organization And Description Of Business [Line Items]
Number of operating business segments | segment		2
Windstream Merger
Organization And Description Of Business [Line Items]
Number of board of directors | member	9
Business combination, consideration transferred	$ 425
Preferred stock, dividend rate, annual increase, percentage	1.00%
Preferred stock, liquidation preference, value	$ 575
Exercise price of warrants or rights (in dollars per share) | $ / shares	$ 0.01
Class of warrant or right, outstanding stock, percentage	6.90%
Windstream Merger | Maximum
Organization And Description Of Business [Line Items]
Preferred stock, dividend rate, percentage	16.00%
Windstream Merger | Period One
Organization And Description Of Business [Line Items]
Preferred stock, dividend rate, percentage	11.00%
Preferred stock, dividend rate, percentage, term	6 years
Windstream Merger | Period Two
Organization And Description Of Business [Line Items]
Preferred stock, dividend rate, percentage, term	7 years
Preferred stock, dividend rate, annual increase, percentage	0.50%
Windstream Merger | Period Three
Organization And Description Of Business [Line Items]
Preferred stock, dividend rate, percentage, term	8 years
Preferred stock, dividend rate, annual increase, percentage	0.50%
Windstream Merger | Uniti Group LP
Organization And Description Of Business [Line Items]
Number of directors to be appointed | director	5
Windstream Merger | Uniti Group L P Stockholders | Common Stock
Organization And Description Of Business [Line Items]
Percentage voting interest acquired	62.00%
Windstream Merger | Windstream Holdings II, LLC | Common Stock
Organization And Description Of Business [Line Items]
Percentage voting interest acquired	38.00%
Uniti Group LP
Organization And Description Of Business [Line Items]
Percentage of partnership interests owned		99.98%

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Restatement of Previously Issued Financial Statements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase in net loss	$ (12,230)	$ 118,896	$ (71,859)	$ 112,469
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase in net loss		$ 37,963		$ 37,963

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Restatement of Previously Issued Financial Statements - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill	$ 157,380		$ 157,380	$ 157,380
Deferred income tax assets, net	124,077		109,128	103,827
Total Assets	5,098,671		5,025,129	4,943,362
Distributions in excess of accumulated earnings	(3,708,705)		(3,708,240)	(3,703,515)
Total Uniti shareholders' deficit	(2,477,273)		(2,486,392)	(2,484,676)
Operating partnership units	716		2,021	2,023
Total shareholders' deficit	(2,476,307)	$ (2,492,414)	(2,484,121)	(2,482,403)	$ (2,331,244)	$ (2,271,206)
Total Liabilities and Shareholders' Deficit	$ 5,098,671		$ 5,025,129	4,943,362
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill				208,378
Deferred income tax assets, net				90,792
Total Assets				4,981,325
Distributions in excess of accumulated earnings				(3,665,569)
Total Uniti shareholders' deficit				(2,446,730)
Operating partnership units				2,040
Total shareholders' deficit				(2,444,440)
Total Liabilities and Shareholders' Deficit				4,981,325
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill				(50,998)
Deferred income tax assets, net				13,035
Total Assets				(37,963)
Distributions in excess of accumulated earnings				(37,946)
Total Uniti shareholders' deficit				(37,946)
Operating partnership units				(17)
Total shareholders' deficit				(37,963)
Total Liabilities and Shareholders' Deficit				$ (37,963)

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Restatement of Previously Issued Financial Statements - Condensed Consolidated Statement of Loss (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill impairment	$ 0	$ 203,998	$ 0	$ 203,998
Loss before income taxes and equity in earnings from unconsolidated entities	6,295	(175,696)	57,990	(177,358)
Income tax benefit	(5,935)	(56,130)	(13,869)	(62,899)
Net loss	12,230	(118,896)	71,859	(112,469)
Net loss attributable to noncontrolling interest	1	(53)	23	(50)
Net loss attributable to shareholders	12,229	(118,843)	71,836	(112,419)
Net loss attributable to common shareholders	$ 11,890	$ (119,169)	$ 70,328	$ (113,324)
Earnings per share - Basic (in shares)	$ 0.05	$ (0.50)	$ 0.30	$ (0.48)
Earnings per share - Diluted (in shares)	$ 0.05	$ (0.50)	$ 0.30	$ (0.48)
Comprehensive loss:
Net loss	$ 12,230	$ (118,896)	$ 71,859	$ (112,469)
Comprehensive loss	11,274	(118,896)	71,039	(112,469)
Comprehensive loss attributable to noncontrolling interest	1	(53)	23	(50)
Comprehensive loss attributable to shareholders	$ 11,273	(118,843)	$ 71,016	(112,419)
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill impairment		153,000		153,000
Loss before income taxes and equity in earnings from unconsolidated entities		(124,698)		(126,360)
Income tax benefit		(43,095)		(49,864)
Net loss		(80,933)		(74,506)
Net loss attributable to noncontrolling interest		(36)		(33)
Net loss attributable to shareholders		(80,897)		(74,473)
Net loss attributable to common shareholders		$ (81,223)		$ (75,378)
Earnings per share - Basic (in shares)		$ (0.34)		$ (0.32)
Earnings per share - Diluted (in shares)		$ (0.34)		$ (0.32)
Comprehensive loss:
Net loss		$ (80,933)		$ (74,506)
Comprehensive loss		(80,933)		(74,506)
Comprehensive loss attributable to noncontrolling interest		(36)		(33)
Comprehensive loss attributable to shareholders		(80,897)		(74,473)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill impairment		50,998		50,998
Loss before income taxes and equity in earnings from unconsolidated entities		(50,998)		(50,998)
Income tax benefit		(13,035)		(13,035)
Net loss		(37,963)		(37,963)
Net loss attributable to noncontrolling interest		(17)		(17)
Net loss attributable to shareholders		(37,946)		(37,946)
Net loss attributable to common shareholders		$ (37,946)		$ (37,946)
Earnings per share - Basic (in shares)		$ (0.16)		$ (0.16)
Earnings per share - Diluted (in shares)		$ (0.16)		$ (0.16)
Comprehensive loss:
Net loss		$ (37,963)		$ (37,963)
Comprehensive loss		(37,963)		(37,963)
Comprehensive loss attributable to noncontrolling interest		(17)		(17)
Comprehensive loss attributable to shareholders		$ (37,946)		$ (37,946)

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Restatement of Previously Issued Financial Statements - Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flow from operating activities
Net loss	$ 12,230	$ (118,896)	$ 71,859	$ (112,469)
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes			(14,949)	(63,196)
Goodwill impairment	$ 0	203,998	0	203,998
Net cash provided by operating activities			$ 181,080	190,575
As Reported
Cash flow from operating activities
Net loss		(80,933)		(74,506)
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes				(50,161)
Goodwill impairment		153,000		153,000
Net cash provided by operating activities				190,575
Adjustments
Cash flow from operating activities
Net loss		(37,963)		(37,963)
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes				(13,035)
Goodwill impairment		$ 50,998		50,998
Net cash provided by operating activities				$ 0

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Basis of Presentation and Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 34,077	$ 62,264
Restricted cash and cash equivalents	19,311	0
Cash, restricted cash and cash equivalents at end of period	$ 53,388	$ 62,264	$ 34,119	$ 43,803

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Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - lease		9 Months Ended
	Sep. 18, 2020	Sep. 30, 2024	Sep. 30, 2023
Summary Of Significant Accounting Policies [Line Items]
Number of master leases	2
Concentration of Credit Risk | Revenue | Windstream
Summary Of Significant Accounting Policies [Line Items]
Master lease and the windstream leases revenue percentage		68.20%	66.90%

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Revenues - Revenues Disaggregated by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 58,362	$ 61,022	$ 182,268	$ 178,718
Lease income - operating leases	233,885	229,633	691,344	685,457
Total revenues	292,247	290,655	873,612	864,175
Uniti Fiber
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	56,563	59,154	177,195	173,576
Lease income - operating leases	12,762	16,913	37,588	52,750
Uniti Fiber | Lit backhaul
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	17,938	18,246	58,305	57,221
Uniti Fiber | Enterprise and wholesale
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	26,381	24,211	77,601	70,144
Uniti Fiber | E-Rate and government
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	11,327	15,911	38,645	43,947
Uniti Fiber | Other
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	917	786	2,644	2,264
Uniti Leasing
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	1,799	1,868	5,073	5,142
Lease income - operating leases	$ 221,123	$ 212,720	$ 653,756	$ 632,707

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Revenues - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Accounts receivable, net	$ 51,604	$ 51,604	$ 46,358
Contract with customer, receivable, after allowance for credit loss	21,100	21,100	18,800
Revenue recognized that was included in the contract liability	800	3,400
Future revenues under contract	624,700	624,700
Operating Lease Receivable
Disaggregation Of Revenue [Line Items]
Accounts receivable, net	27,300	27,300	$ 22,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01 | Billed Revenues
Disaggregation Of Revenue [Line Items]
Future revenues under contract	$ 552,500	$ 552,500
Average remaining contract term for contracts currently billing	3 years 1 month 6 days	3 years 1 month 6 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01 | Unbilled Revenues
Disaggregation Of Revenue [Line Items]
Future revenues under contract	$ 72,200	$ 72,200
Average remaining contract term for contracts currently billing	5 years 3 months 18 days	5 years 3 months 18 days

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Revenues - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 0	$ 26
Contract Liabilities	$ 10,613	$ 11,109

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Leases - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Leases [Line Items]
Short term lease commitments	$ 4.2
Minimum
Leases [Line Items]
Lessor, initial lease term	1 year
Lessor, lease renewal term	1 year
Lessor operating lease, termination	1 month
Lessee, initial lease term	1 year
Lessee, lease renewal term	1 year
Lessee operating lease, termination	1 month
Maximum
Leases [Line Items]
Lessor, initial lease term	35 years
Lessor, lease renewal term	20 years
Lessor operating lease, termination	6 months
Lessee, initial lease term	30 years
Lessee, lease renewal term	20 years
Lessee operating lease, termination	6 months

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Leases - Components of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Lease income - operating leases	$ 233,885	$ 229,633	$ 691,344	$ 685,457

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Leases - Lease Payments to be Received under Non-Cancellable Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Lessee Lease Description [Line Items]
2024	$ 204,518
2025	836,266
2026	842,822
2027	843,315
2028	843,309
Thereafter	1,593,415
Total lease receivables	5,163,645
Total future minimum lease payments to be received	5,163,645
Windstream
Lessee Lease Description [Line Items]
Total lease receivables	4,300,000
Total future minimum lease payments to be received	$ 4,300,000

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Leases - Schedule of Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	$ 8,914,145	$ 8,628,671
Less: accumulated depreciation	(5,812,265)	(5,690,066)
Underlying assets under operating leases, net	3,101,880	2,938,605
Land
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	26,518	26,533
Building and improvements
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	348,683	347,700
Poles
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	333,447	314,488
Fiber
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	4,128,677	3,862,635
Equipment
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	437	436
Copper
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	3,973,887	3,974,410
Conduit
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	90,117	90,087
Tower assets
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	58	58
Finance lease assets
Lessor Lease Description [Line Items]
Finance lease assets	1,889	1,890
Other assets
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	$ 10,432	$ 10,434

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Leases - Schedule of Depreciation Expense for Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Depreciation expense for underlying assets under operating leases	$ 46,307	$ 45,795	$ 137,955	$ 136,640

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Leases - Future Lease Payments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
2024	$ 4,079
2025	17,095
2026	13,616
2027	10,833
2028	9,196
Thereafter	102,944
Total undiscounted lease payments	157,763
Less: imputed interest	(78,978)
Operating lease liabilities	78,785	$ 84,404
Finance Leases
2024	1,060
2025	4,241
2026	4,115
2027	3,408
2028	2,581
Thereafter	9,327
Total undiscounted lease payments	24,732
Less: imputed interest	(6,863)
Total lease liabilities	$ 17,869

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Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 07, 2022
Assets
Derivative asset	$ 231	$ 0
Total	231
Liabilities
Settlement payable	94,465	160,550,000
Total	5,925,265	5,188,025,000
Quoted Prices in Active Markets (Level 1)
Assets
Derivative asset	0
Total	0
Liabilities
Settlement payable	0	0
Total	0	0
Prices with Other Observable Inputs (Level 2)
Assets
Derivative asset	231
Total	231
Liabilities
Settlement payable	94,465	160,550,000
Total	5,925,265	5,188,025,000
Prices with Unobservable Inputs (Level 3)
Assets
Derivative asset	0
Total	0
Liabilities
Settlement payable	0	0
Total	0	0
Senior secured notes - 10.50%, due February 15, 2028 (see Note 10)
Liabilities
Senior notes	$ 3,100,886	$ 2,624,596,000
Issuance senior notes, stated percentage	10.50%	10.50%
Senior secured notes - 10.50%, due February 15, 2028 (see Note 10) | Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Senior secured notes - 10.50%, due February 15, 2028 (see Note 10) | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	3,100,886	2,624,596,000
Senior secured notes - 10.50%, due February 15, 2028 (see Note 10) | Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Senior secured notes - 4.75%, due April 15, 2028
Liabilities
Senior notes	$ 526,462	$ 488,205,000
Issuance senior notes, stated percentage	4.75%	4.75%
Senior secured notes - 4.75%, due April 15, 2028 | Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Senior secured notes - 4.75%, due April 15, 2028 | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	526,462	488,205,000
Senior secured notes - 4.75%, due April 15, 2028 | Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Senior unsecured notes - 6.50%, due February 15, 2029
Liabilities
Senior notes	$ 974,565	$ 796,125,000
Issuance senior notes, stated percentage	6.50%	6.50%
Senior unsecured notes - 6.50%, due February 15, 2029 | Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Senior unsecured notes - 6.50%, due February 15, 2029 | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	974,565	796,125,000
Senior unsecured notes - 6.50%, due February 15, 2029 | Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Senior unsecured notes - 6.00%, due January 15, 2030
Liabilities
Senior notes	$ 604,480	$ 486,675,000
Issuance senior notes, stated percentage	6.00%	6.00%
Senior unsecured notes - 6.00%, due January 15, 2030 | Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Senior unsecured notes - 6.00%, due January 15, 2030 | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	604,480	486,675,000
Senior unsecured notes - 6.00%, due January 15, 2030 | Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Exchangeable senior notes - 4.00%, due June 15, 2024
Liabilities
Senior notes		$ 122,140,000
Issuance senior notes, stated percentage		4.00%
Exchangeable senior notes - 4.00%, due June 15, 2024 | Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes		$ 0
Exchangeable senior notes - 4.00%, due June 15, 2024 | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes		122,140,000
Exchangeable senior notes - 4.00%, due June 15, 2024 | Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes		0
Convertible senior notes - 7.50% due December 1, 2027
Liabilities
Senior notes	$ 345,783	$ 301,755,000
Issuance senior notes, stated percentage	7.50%	7.50%	7.50%
Convertible senior notes - 7.50% due December 1, 2027 | Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Convertible senior notes - 7.50% due December 1, 2027 | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	345,783	301,755,000
Convertible senior notes - 7.50% due December 1, 2027 | Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
ABS Loan Facility, variable rate, due September 1, 2025
Liabilities
Senior notes	273,625
ABS Loan Facility, variable rate, due September 1, 2025 | Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	0
ABS Loan Facility, variable rate, due September 1, 2025 | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	273,625
ABS Loan Facility, variable rate, due September 1, 2025 | Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0
Senior secured revolving credit facility, variable rate, due September 24, 2027
Liabilities
Senior secured loan	4,999	207,979,000
Senior secured revolving credit facility, variable rate, due September 24, 2027 | Quoted Prices in Active Markets (Level 1)
Liabilities
Senior secured loan	0	0
Senior secured revolving credit facility, variable rate, due September 24, 2027 | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan	4,999	207,979,000
Senior secured revolving credit facility, variable rate, due September 24, 2027 | Prices with Unobservable Inputs (Level 3)
Liabilities
Senior secured loan	$ 0	$ 0

XML

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 01, 2020 USD ($) installment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount	$ 5,866,500	$ 5,617,442
Settlement payable (Note 13)	95,147	$ 163,583
Windstream Commitment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other commitment			$ 490,100
Number of installments | installment			20
Prices with Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notes and other debt, fair value	$ 5,830,000

XML

Property, Plant and Equipment - Schedule of Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset	$ 10,566,494	$ 10,201,409
Less accumulated depreciation	(6,409,952)	(6,219,340)
Net property, plant and equipment	4,156,542	3,982,069
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	30,507	30,099
Building and improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	371,600	$ 366,490
Building and improvements | Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives		3 years
Building and improvements | Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives		40 years
Poles
Property Plant And Equipment [Line Items]
Depreciable Lives		30 years
Property, plant and equipment, gross	333,447	$ 314,489
Fiber
Property Plant And Equipment [Line Items]
Depreciable Lives		30 years
Property, plant and equipment, gross	5,148,425	$ 4,835,623
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	493,096	$ 460,463
Equipment | Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives		5 years
Equipment | Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives		7 years
Copper
Property Plant And Equipment [Line Items]
Depreciable Lives		20 years
Property, plant and equipment, gross	3,973,887	$ 3,974,410
Conduit
Property Plant And Equipment [Line Items]
Depreciable Lives		30 years
Property, plant and equipment, gross	90,117	$ 90,087
Tower assets
Property Plant And Equipment [Line Items]
Depreciable Lives		20 years
Property, plant and equipment, gross	1,221	$ 1,221
Finance lease assets
Property Plant And Equipment [Line Items]
Finance lease assets	52,824	52,589
Other assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	10,435	$ 10,436
Other assets | Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives		15 years
Other assets | Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives		20 years
Construction in progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	44,620	$ 49,771
Corporate assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 16,315	$ 15,731
Corporate assets | Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives		3 years
Corporate assets | Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives		7 years

XML

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property Plant And Equipment [Line Items]
Depreciation expense		$ 71,900	$ 69,900	$ 212,600	$ 209,100
Gain on sale of real estate	$ 19,000	$ 0	$ 1,424	$ 18,999	$ 1,424
Macquarie Asset Management | Disposal Group, Held-for-Sale, Not Discontinued Operations | CableSouth Transaction
Property Plant And Equipment [Line Items]
Cash consideration	$ 40,000

XML

Derivative Instruments and Hedging Activities - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions		9 Months Ended
	Dec. 07, 2022 USD ($) $ / shares $ / Unit	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 01, 2024 USD ($)	Dec. 31, 2023	Sep. 25, 2019	Jun. 25, 2019 $ / shares shares
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Cash flow hedge gain (loss) to be reclassified within 12 months		$ 900
Derivative cap price (in dollars per share) | $ / Unit	10.63
Sale of stock, percentage	75.00%
Sale of stock, price per share (in dollars per share) | $ / shares	$ 6.075
Termination of bond hedge option	$ 1,200	$ 0	$ 59
Counterparties 2019
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Termination of bond hedge option	500
Convertible Debt
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Payments for capped calls	$ 21,100
Common Stock Warrants
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Exercise price of warrants or rights (in dollars per share) | $ / shares							$ 16.42
Maximum | Common Stock Warrants
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Warrants (in shares) | shares							27.8
Maximum number of shares issued pursuant to warrants (in shares) | shares							55.5
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Issuance senior notes, stated percentage		4.00%				4.00%
Convertible senior notes - 7.50% due December 1, 2027
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Issuance senior notes, stated percentage	7.50%	7.50%			7.50%
Designated as Hedging Instrument | Interest Rate Cap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional value				$ 275,000
Derivative, cap interest rate				4.50%

XML

Derivative Instruments and Hedging Activities - Schedule of Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 231	$ 0
Interest Rate Cap | Designated as Hedging Instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 231,000	$ 0

XML

Derivative Instruments and Hedging Activities - Schedule of Cash Flow Hedges on Condensed Consolidated Statements of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Income (Loss)	$ 131,007	$ 120,691	$ 381,693	$ 389,243
Interest Rate Cap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Amount of loss recognized on derivative in Other Comprehensive Loss	(834)	0	(661)	0
Amounts reclassified from Accumulated Other Comprehensive Loss into Interest Expense	$ 122	$ 0	$ 159	$ 0

XML

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Goodwill [Line Items]
Goodwill gross	$ 672,878	$ 672,878
Accumulated impairment charges	(515,498)	(515,498)
Goodwill	157,380	157,380	$ 157,380
Uniti Fiber
Goodwill [Line Items]
Goodwill gross	672,878	672,878
Accumulated impairment charges	(515,498)	(515,498)
Goodwill	$ 157,380	$ 157,380

XML

Goodwill and Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Line Items]
Goodwill impairment	$ 0	$ 203,998	$ 0	$ 203,998
Remaining weighted average amortization period of intangible assets	13 years		13 years
Amortization of intangible assets	$ 7,400	7,400	$ 22,300	22,300
Estimated amortization expense for 2024	29,700		29,700
Estimated amortization expense for 2025	29,700		29,700
Estimated amortization expense for 2026	29,700		29,700
Estimated amortization expense for 2027	29,700		29,700
Estimated amortization expense for 2028	28,100		28,100
Revenue related to amortization of below-market leases	2,700	2,700	$ 8,000	$ 8,000
Remaining weighted average amortization period of intangible liabilities			15 years 4 months 24 days
Estimated revenue due to amortization, 2024	10,700		$ 10,700
Estimated revenue due to amortization, 2025	10,700		10,700
Estimated revenue due to amortization, 2026	10,700		10,700
Estimated revenue due to amortization, 2027	10,700		10,700
Estimated revenue due to amortization, 2028	$ 10,200		$ 10,200
Uniti Fiber
Goodwill [Line Items]
Goodwill impairment		204,000
Goodwill, impairment loss, net of tax		$ 151,900
Customer lists
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	13 years 4 months 24 days		13 years 4 months 24 days
Contracts
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	4 years		4 years
Underlying Rights
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	26 years		26 years

XML

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Value of the Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible assets, original cost	$ 479,137	$ 479,137
Less: accumulated amortization	(196,298)	(174,022)
Total intangible assets, net	282,839	305,115
Less: accumulated amortization	(42,777)	(34,757)
Total intangible liabilities, net	148,377	156,397
Customer lists
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, original cost	416,104	416,104
Less: accumulated amortization	(168,630)	(151,542)
Contracts
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, original cost	52,536	52,536
Less: accumulated amortization	(26,268)	(21,343)
Underlying Rights
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, original cost	10,497	10,497
Less: accumulated amortization	(1,400)	(1,137)
Below-market leases
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible liabilities	191,154	191,154
Less: accumulated amortization	$ (42,777)	$ (34,757)

XML

Notes and Other Debt - Schedule of Notes and Other Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Feb. 14, 2023	Dec. 07, 2022	Sep. 25, 2019
Debt Instrument [Line Items]
Principal amount	$ 5,866,500	$ 5,617,442
Less unamortized discount, premium and debt issuance costs	(83,867)	(93,863)
Notes and other debt less unamortized discount, premium and debt issuance costs	5,782,633	5,523,579
Senior secured notes - 10.50% due February 15, 2028 (discount is based on imputed interest rate of 10.99%)
Debt Instrument [Line Items]
Principal amount	2,900,000	2,600,000	$ 2,600,000
Less unamortized discount, premium and debt issuance costs	$ (40,006)	$ (48,290)
Issuance senior notes, stated percentage	10.50%	10.50%
Effective interest rate	10.99%
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)
Debt Instrument [Line Items]
Principal amount	$ 570,000	$ 570,000
Less unamortized discount, premium and debt issuance costs	$ (5,345)	$ (6,360)
Issuance senior notes, stated percentage	4.75%	4.75%
Effective interest rate	5.04%
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)
Debt Instrument [Line Items]
Principal amount	$ 1,110,000	$ 1,110,000
Less unamortized discount, premium and debt issuance costs	$ (13,783)	$ (15,761)
Issuance senior notes, stated percentage	6.50%	6.50%
Effective interest rate	6.83%
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)
Debt Instrument [Line Items]
Principal amount	$ 700,000	$ 700,000
Less unamortized discount, premium and debt issuance costs	$ (8,335)	(9,307)
Issuance senior notes, stated percentage	6.00%
Effective interest rate	6.27%
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)
Debt Instrument [Line Items]
Principal amount	$ 0	122,942
Less unamortized discount, premium and debt issuance costs	$ 0	(427)
Issuance senior notes, stated percentage	4.00%				4.00%
Effective interest rate	4.77%
Convertible senior notes - 7.50% due December 1, 2027
Debt Instrument [Line Items]
Principal amount	$ 306,500	306,500
Less unamortized discount, premium and debt issuance costs	$ (6,742)	$ (8,092)
Issuance senior notes, stated percentage	7.50%	7.50%		7.50%
Effective interest rate	8.29%
ABS Loan Facility, variable rate, due September 1, 2025 (discount is based on imputed interest rate of 10.33%)
Debt Instrument [Line Items]
Principal amount	$ 275,000	$ 0
Less unamortized discount, premium and debt issuance costs	$ (4,983)	0
Effective interest rate	10.33%
Senior secured revolving credit facility, variable rate, due September 24, 2027
Debt Instrument [Line Items]
Principal amount	$ 5,000	208,000
Less unamortized discount, premium and debt issuance costs	$ (4,673)	$ (5,625)
Effective interest rate	11.16%

XML

Notes and Other Debt - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Feb. 14, 2023	Dec. 07, 2022
Debt Instrument [Line Items]
Principal amount	$ 5,866,500	$ 5,617,442
Senior secured revolving credit facility, variable rate, due September 24, 2027
Debt Instrument [Line Items]
Principal amount	5,000	208,000
ABS Loan Facility, variable rate, due September 1, 2025
Debt Instrument [Line Items]
Principal amount	275,000	0
Senior secured notes - 10.50% due February 15, 2028 (discount is based on imputed interest rate of 10.99%)
Debt Instrument [Line Items]
Principal amount	$ 2,900,000	$ 2,600,000	$ 2,600,000
Issuance senior notes, stated percentage	10.50%	10.50%
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)
Debt Instrument [Line Items]
Principal amount	$ 570,000	$ 570,000
Issuance senior notes, stated percentage	4.75%	4.75%
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)
Debt Instrument [Line Items]
Principal amount	$ 1,110,000	$ 1,110,000
Issuance senior notes, stated percentage	6.50%	6.50%
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)
Debt Instrument [Line Items]
Principal amount	$ 700,000	$ 700,000
Issuance senior notes, stated percentage	6.00%
Convertible senior notes - 7.50% due December 1, 2027
Debt Instrument [Line Items]
Principal amount	$ 306,500	$ 306,500
Issuance senior notes, stated percentage	7.50%	7.50%		7.50%
Uniti Group LP, Uniti Group Finance 2019 Inc. and CSL Capital, LLC | Senior secured revolving credit facility, variable rate, due September 24, 2027
Debt Instrument [Line Items]
Principal amount	$ 5,000

XML

Notes and Other Debt - Credit Agreement (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) day	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 5,866,500	$ 5,617,442
Debt instrument, covenant, lease default period threshold | day	90
CSL Capital, LLC
Debt Instrument [Line Items]
Debt Instrument, debt default, amount	$ 75,000
Maximum
Debt Instrument [Line Items]
Debt instrument, covenant, secured leverage ratio	5.00%
Consolidated total leverage ratio	6.50%
Maximum | Pro Forma
Debt Instrument [Line Items]
Debt instrument, covenant, secured leverage ratio	4.00%
Extended Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount	$ 500,000
Extended Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.50%
Extended Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	4.50%
Extended Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Extended Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.75%
Senior secured revolving credit facility, variable rate, due September 24, 2027
Debt Instrument [Line Items]
Principal amount	$ 5,000	$ 208,000
Commitment fee percentage of average amount of unused commitments	0.50%
Commitment fee step-down percentage of average amount of unused commitments	0.40%

XML

Notes and Other Debt - Mandatory Exchange of Additional February 2028 Secured Notes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	May 17, 2024	Dec. 31, 2023	Feb. 14, 2023
Debt Instrument [Line Items]
Principal amount	$ 5,866,500			$ 5,866,500			$ 5,617,442
Loss on extinguishment of debt, net				0	$ 31,187
Interest expense	131,007	$ 120,691		381,693	$ 389,243
February 2028 Secured Notes
Debt Instrument [Line Items]
Principal amount	$ 2,900,000			$ 2,900,000			$ 2,600,000	$ 2,600,000
Issuance senior notes, stated percentage	10.50%			10.50%			10.50%
February 2028 Secured Notes | Secured Debt
Debt Instrument [Line Items]
Principal amount						$ 300,000
2025 Secured Notes | Uniti Group LP, Uniti Group Finance 2019 Inc. and CSL Capital, LLC
Debt Instrument [Line Items]
Principal amount								$ 2,250,000
Loss on extinguishment of debt, net			$ 32,300
Debt issuance costs, net			10,300
Interest expense			$ 22,000
2025 Secured Notes | Borrowers
Debt Instrument [Line Items]
Issuance senior notes, stated percentage								7.875%

XML

Notes and Other Debt - Exchange Notes (Narrative) (Details) - USD ($) $ in Thousands		9 Months Ended
	Jun. 15, 2024	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Repayment of debt		$ 122,942	$ 2,263,662
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)
Debt Instrument [Line Items]
Repayment of debt	$ 122,900

XML

Notes and Other Debt - Asset-Backed Bridge Loan Facility (Narrative) (Details) - USD ($) $ in Thousands			9 Months Ended
	Mar. 01, 2024	Feb. 23, 2024	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Proceeds from ABS Loan Facility	$ 275,000		$ 275,000	$ 0
Debt instrument, months following closing date		15 months
ABS Credit Agreement | Line of Credit | Variable Rate Component One
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.75%
ABS Credit Agreement | Line of Credit | Variable Rate Component One | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.75%
ABS Credit Agreement | Line of Credit | Variable Rate Component Two
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.50%
ABS Credit Agreement | Line of Credit | Variable Rate Component Two | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		4.50%
ABS Credit Agreement | Line of Credit | Variable Rate Component Three
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		4.25%
ABS Credit Agreement | Line of Credit | Variable Rate Component Three | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		5.25%
ABS Credit Agreement | Line of Credit | Variable Rate Component Four
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		4.50%
Revolving Credit Facility | ABS Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 350,000
Debt instrument, term		18 months

XML

Notes and Other Debt - Deferred Financing Cost (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Amortization of deferred financing costs	$ 6.3	$ 4.4	$ 17.4	$ 13.6

XML

Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss) attributable to shareholders	$ 12,229	$ (118,843)	$ 71,836	$ (112,419)
Less: Income allocated to participating securities	(334)	(321)	(1,493)	(890)
Dividends declared on convertible preferred stock	(5)	(5)	(15)	(15)
Net income (loss) attributable to common shareholders	$ 11,890	$ (119,169)	$ 70,328	$ (113,324)
Denominator:
Basic weighted-average common shares outstanding (in shares)	237,480	236,533	237,242	236,352
Basic income (loss) earnings per common share (in dollars per share)	$ 0.05	$ (0.50)	$ 0.30	$ (0.48)
Numerator:
Net income (loss) attributable to shareholders	$ 12,229	$ (118,843)	$ 71,836	$ (112,419)
Less: Income allocated to participating securities	(334)	(321)	(1,493)	(890)
Dividends declared on convertible preferred stock	(5)	(5)	(15)	(15)
Impact on if-converted dilutive securities	0	0	0	0
Net income (loss) attributable to common shares	$ 11,890	$ (119,169)	$ 70,328	$ (113,324)
Denominator:
Basic weighted-average common shares outstanding (in shares)	237,480	236,533	237,242	236,352
Effect of dilutive non-participating securities (in shares)	0	0	0	0
Impact on if-converted dilutive securities (in shares)	0	0	0	0
Weighted-average shares for dilutive earnings per common share (in shares)	237,480	236,533	237,242	236,352
Dilutive earnings (loss) per common share (in dollars per share)	$ 0.05	$ (0.50)	$ 0.30	$ (0.48)

XML

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Non-Participating Securities
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilution adjustments (in shares)	1,412,563	1,053,189	1,412,563	1,053,189
Convertible Debt Securities
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilution adjustments (in shares)	42,043,892	53,427,833	50,032,050	53,836,845

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Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable business segments	2

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Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues		$ 292,247	$ 290,655	$ 873,612	$ 864,175
Adjusted EBITDA		235,324	233,010	700,611	692,378
Interest expense		131,007	120,691	381,693	389,243
Depreciation and amortization		79,325	77,337	234,862	231,379
Transaction related and other costs		14,404	1,441	31,068	9,805
Gain on sale of real estate	$ (19,000)	0	(1,424)	(18,999)	(1,424)
Goodwill impairment		0	203,998	0	203,998
Other, net		918	2,091	3,877	23,073
Stock-based compensation		3,375	3,148	10,120	9,408
Income tax benefit		(5,935)	(56,130)	(13,869)	(62,899)
Adjustments for equity in earnings from unconsolidated entities			754		2,264
Net income (loss)		12,230	(118,896)	71,859	(112,469)
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA		(5,421)	(5,408)	(16,593)	(16,413)
Depreciation and amortization		13	13	40	43
Uniti Leasing | Operating Segments
Segment Reporting Information [Line Items]
Revenues		222,922	214,588	658,829	637,849
Adjusted EBITDA		215,188	208,561	636,718	620,079
Depreciation and amortization		45,281	44,754	134,874	133,617
Uniti Fiber
Segment Reporting Information [Line Items]
Goodwill impairment			204,000
Uniti Fiber | Operating Segments
Segment Reporting Information [Line Items]
Revenues		69,325	76,067	214,783	226,326
Adjusted EBITDA		25,557	29,857	80,486	88,712
Depreciation and amortization		$ 34,031	$ 32,570	$ 99,948	$ 97,719

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Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) day	Oct. 01, 2020 USD ($) installment
Commitments And Contingencies [Line Items]
Other commitment, reimbursement default period threshold | day	30
Windstream Commitment
Commitments And Contingencies [Line Items]
Other commitment		$ 490.1
Number of installments | installment		20
Percentage of committed purchase of assets		9.00%
First five quarterly cash payments to be made after emergence	$ 386.9
Windstream Commitment, Growth Capital Improvements
Commitments And Contingencies [Line Items]
Other commitment		$ 1,750.0
Growth capital improvements fund annual limit	250.0
Growth capital improvements reimbursement amount	230.8
New lease, aggregate reimbursements made for certain growth capital improvements	104.6
Growth capital improvements reimbursement amount made to date	$ 1,000.0
Windstream Commitment, Growth Capital Improvements | Maximum
Commitments And Contingencies [Line Items]
Other commitment, to be paid, year one		225.0
Other commitment, to be paid, year two		225.0
Other commitment, to be paid, year three		175.0
Other commitment, to be paid, year four		175.0
Other commitment, to be paid, year five		125.0
Other commitment, to be paid, year six		125.0
Windstream Commitments, Growth Capital Improvements, Cost Reimbursements
Commitments And Contingencies [Line Items]
Other commitment		$ 70.0
Windstream Commitments, Equipment Loan and Security Agreements
Commitments And Contingencies [Line Items]
Accrued interest rate for borrowing	8.00%
Windstream Commitments, Equipment Loan and Security Agreements | Maximum
Commitments And Contingencies [Line Items]
Other commitment	$ 125.0
New lease, aggregate reimbursements made for certain growth capital improvements	$ 25.0
Windstream
Commitments And Contingencies [Line Items]
Annual rent adjustment for Growth Capital Funding	8.00%
Rate used for rent percentage	100.50%
Maximum funding rights allocated per year upon transfer of interests under Windstream lease	$ 20.0

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Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (2,492,414)	$ (2,331,244)	$ (2,484,121)	$ (2,271,206)
Other comprehensive loss	(956)	0	(820)	0
Ending balance	(2,476,307)	(2,482,403)	(2,476,307)	(2,482,403)
Cash flow hedge changes in fair value | Interest Rate Swap
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Unrealized loss on valuation of interest rate cap	(834)	0	(661)	0
Amounts reclassified from accumulated other comprehensive income	(122)	0	(159)	0
Other comprehensive loss	(820)	0	(820)	0
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	136	0	0	0
Other comprehensive loss	(956)		(820)
Ending balance	(820)	0	(820)	0
Interest rate swap termination, noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive loss	$ 0	$ 0	$ 0	$ 0

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Capital Stock (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 USD ($) shares
Schedule Of Capitalization Equity [Line Items]
Conversion of stock, ratio		1
Exchange of noncontrolling interest (in shares)	0	68,384
Percentage of units exchanged held by third parties		65.00%
Noncontrolling Interest - OP Units
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest | $		$ 1.3
Common Share Exchange
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest (in shares)		53,662
Cash Share Exchange
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest (in shares)		14,722
Cash Share Purchase
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest | $		$ 0.1