Assets and Liabilities Held for Sale

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

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 million (the "Transaction"). The Transaction closed on January 31, 2024. See Note 24.

The following table presents the assets and liabilities, associated with the Transaction, which were classified as held for sale as of December 31, 2023:


(Thousands)	December 31, 2023
Assets:
Property, plant and equipment, net	$	25,842
Straight-line revenue receivable	2,763
Total Assets	$	28,605

Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	67
Deferred revenue	264
Total Liabilities	$	331

The assets and liabilities associated with the Transaction are included in the results of the Uniti Leasing segment. The sale does not represent a strategic shift that will have a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation.