Property and Equipment, Net

9 Months Ended

Sep. 30, 2019

Property and Equipment, Net [Abstract]

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:



	As of		As of
	September 30, 2019		December 31, 2018

	(in thousands)
Towers and related components	$	5,069,473	$	4,951,321
Construction-in-process ⁽¹⁾		36,814		35,756
Furniture, equipment, and vehicles ⁽²⁾		49,677		54,814
Land, buildings, and improvements		724,361		668,459
Total property and equipment		5,880,325		5,710,350
Less: accumulated depreciation ⁽²⁾		(3,117,270)		(2,923,995)
Property and equipment, net	$	2,763,055	$	2,786,355

(1)Construction-in-process represents costs incurred related to towers that are under development and will be used in the Company’s site leasing operations.

(2)Financing lease right-of-use assets are included in the prior period but are included in Right-of-use assets, net on the Consolidated Balance Sheets for the current period.

Depreciation expense was $71.4 million and $67.5 million for the three months ended September 30, 2019 and 2018, respectively, and $210.1 million and $200.6 million for the nine months ended September 30, 2019 and 2018, respectively. At September 30, 2019 and December 31, 2018, unpaid capital expenditures that are included in accounts payable and accrued expenses were $11.8 million and $12.4 million, respectively.