Schedule III - Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate Investments and Accumulated Depreciation

Uniti Group Inc.

Schedule III – Real Estate Investments and Accumulated Depreciation

As of December 31, 2023

(dollars in thousands)

Col. A	Col. B		Col. C	Col. D		Col. E		Col. F		Col. G	Col. H	Col. I
				Cost capitalized subsequent to acquisition(1) (3)								Life on which Depreciation in Latest Income
Description	Encumbrances		Initial cost to company(1)	Improvements	Carry Costs	Gross Amount Carried at Close of Period(5)		Accumulated Depreciation		Date of Construction(2)	Date Acquired(2)	Statements is Computed
Land	$	—	(1)	(1)	(1)	$	26,533	$	—	(2)	(2)	Indefinite
Building and improvements	—		(1)	(1)	(1)	347,700		211,190		(2)	(2)	3 - 40 years
Poles	—		(1)	(1)	(1)	314,489		202,610		(2)	(2)	30 years
Fiber	—		(1)	(1)	(1)	3,615,409		1,676,891		(2)	(2)	30 years
Copper	—		(1)	(1)	(1)	3,974,410		3,480,791		(2)	(2)	20 years
Conduit	—		(1)	(1)	(1)	90,087		73,022		(2)	(2)	30 years
Towers	—		(1)	(1)	(1)	58		23		(2)	(2)	20 years
Other assets	—		(1)	(1)	(1)	10,434		5,041		(2)	(2)	15 - 20 years
Construction in progress	—		(1)	(1)	(1)	16,512		—		(2)	(2)	See Note 3

(1)Given the voluminous nature and variety of our real estate investment assets, this schedule omits columns C and D from the schedule III presentation.

(2)Because additions and improvements to our real estate investment assets are ongoing, construction and acquisition dates are not applicable.

(3)For the year ended December 31, 2023, the amount of capitalized costs related to the Distribution Systems is as follows (millions):

Tenant capital improvements(4)	$	167.8
Growth capital improvements(5)	$	250.0

(4)Tenant capital improvements (“TCIs”) represent, maintenance, repair, overbuild, upgrade or replacements to the leased network, including, without limitation, the replacement of copper distribution systems with fiber distribution systems. We receive non-monetary consideration related to the TCIs as they automatically become our property, and we recognize the cost basis of TCIs that are capital in nature.

(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”).

(6)Aggregate cost for Federal income tax purposes related to our real estate investment assets is $7.7 billion.

Uniti Group Inc.

Schedule III – Real Estate Investments and Accumulated Depreciation

As of December 31, 2023

(dollars in thousands)

	2023		2022
Gross amount at beginning	$	8,066,830	$	7,742,069
Additions during period:
Tenant capital improvements(1)	132,622		88,822
Growth capital improvements(1)	250,000		237,986
Acquisitions	28,244		23,426
Other	—		—
Total additions	410,866		350,234
Deductions during period:
Cost of real estate sold or disposed	25,004		25,473
Other	57,062		—
Total deductions	82,066		25,473
Balance at end	$	8,395,630	$	8,066,830
(1) During the year ended December 31, 2023, TCIs totaled $167.8 million, offset by $35.1 million which represented the reimbursement of Growth Capital Improvements completed in 2022 that were previously classified as TCIs and are included within the Growth Capital Improvement additions of $250.0 million.

	2023		2022
Gross amount of accumulated depreciation at beginning	$	5,509,904	$	5,366,918
Additions during period:
Depreciation	175,085		167,297
Other	—		—
Total additions	175,085		167,297
Deductions during period:
Amount of accumulated depreciation for assets sold or disposed	24,587		24,311
Other	10,834		—
Total deductions	35,421		24,311
Balance at end	$	5,649,568	$	5,509,904