22.

SEGMENT DATA

The Company operates principally in three business segments: site leasing, site development consulting, and site development construction. The Company's reportable segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their operations. The site leasing segment includes results of the managed and sublease businesses. The Company's net sales originating and long-lived assets held outside of the United States during each of the last three fiscal years were not material.

Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company's Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below:


	Site Leasing		Site Development Consulting		Site Development Construction			Not Identified by Segment ⁽¹⁾			Total
	(in thousands)
For the year ended December 31, 2011
Revenues	$	616,294	$	17,272	$	64,604		$	—		$	698,170
Cost of revenues ⁽²⁾	$	131,916	$	12,984	$	58,022		$	—		$	202,922
Depreciation, amortization and accretion	$	306,399	$	195	$	1,375		$	1,177		$	309,146
Operating income (loss)	$	116,668	$	2,573	$	(483	)	$	(8,099	)	$	110,659
Capital expenditures ⁽³⁾	$	502,222	$	535	$	3,401		$	2,670		$	508,828

For the year ended December 31, 2010
Revenues	$	535,444	$	19,210	$	71,965		$	—		$	626,619
Cost of revenues ⁽²⁾	$	119,141	$	14,975	$	65,326		$	—		$	199,442
Depreciation, amortization and accretion	$	276,598	$	185	$	1,056		$	888		$	278,727
Operating income (loss)	$	78,422	$	2,552	$	(25	)	$	(6,676	)	$	74,273
Capital expenditures ⁽³⁾	$	393,133	$	234	$	1,501		$	925		$	395,793

For the year ended December 31, 2009
Revenues	$	477,007	$	17,408	$	61,098		$	—		$	555,513
Cost of revenues ⁽²⁾	$	111,842	$	13,234	$	55,467		$	—		$	180,543
Depreciation, amortization and accretion	$	256,703	$	183	$	811		$	840		$	258,537
Operating income (loss)	$	60,542	$	2,366	$	(887	)	$	(7,067	)	$	54,954
Capital expenditures ⁽³⁾	$	246,569	$	104	$	794		$	625		$	248,092

Assets

As of December 31, 2011	$	3,439,401	$	4,787	$	37,377		$	124,834		$	3,606,399
As of December 31, 2010	$	3,218,892	$	4,458	$	35,567		$	141,258		$	3,400,175

(1)	Assets not identified by segment consist primarily of general corporate assets.

(2)	Excludes depreciation, amortization and accretion.

(3)	Includes acquisitions and related earn-outs and vehicle capital lease additions.

For the year ended December 31, 2011, 2010, and 2009, the Company's leasing revenues generated outside of the United States were 3.4%, 1.0%, and 0.2%, respectively, of total consolidated leasing revenues. As of December 31, 2011 and 2010, the Company's total assets outside of the United States were 8.7% and 3.2%, respectively, of total consolidated assets.