Property and Equipment, Net

9 Months Ended

Sep. 30, 2023

Property and Equipment, Net [Abstract]

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:



	As of		As of
	September 30, 2023		December 31, 2022

	(in thousands)
Towers and related assets ⁽¹⁾	$	5,793,604	$	5,650,902
Construction-in-process ⁽²⁾		96,656		77,564
Furniture, equipment, and vehicles		72,801		67,403
Land, buildings, and improvements		915,444		889,293
Total property and equipment		6,878,505		6,685,162
Less: accumulated depreciation		(4,177,788)		(3,971,435)
Property and equipment, net	$	2,700,717	$	2,713,727

(1)Includes amounts related to the Company’s data centers.

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

Depreciation expense was $68.2 million and $68.3 million for the three months ended September 30, 2023 and 2022, respectively, and $206.6 million and $205.0 million for the nine months ended September 30, 2023 and 2022, respectively. At

September 30, 2023 and December 31, 2022, unpaid capital expenditures that are included in accounts payable and accrued expenses were $7.1 million and $7.5 million, respectively.