0001628280-22-028545 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-36708
Entity Registrant Name	Uniti Group Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-5230630
Entity Address, Address Line One	2101 Riverfront Drive, Suite A
Entity Address, City or Town	Little Rock
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72202
City Area Code	501
Local Phone Number	850-0820
Title of 12(b) Security	Common Stock
Trading Symbol	UNIT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		237,200,050
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001620280
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Property, plant and equipment, net	$ 3,693,581	$ 3,508,939
Cash and cash equivalents	43,394	58,903
Accounts receivable, net	41,317	38,455
Goodwill	385,878	601,878
Intangible assets, net	342,291	364,630
Straight-line revenue receivable	62,137	41,323
Operating lease right-of-use assets, net	86,212	80,271
Other assets	83,762	38,900
Investment in unconsolidated entities	38,990	64,223
Deferred income tax assets, net	33,444	11,721
Total Assets	4,811,006	4,809,243
Liabilities:
Accounts payable, accrued expenses and other liabilities	137,019	86,868
Settlement payable	248,117	239,384
Intangible liabilities, net	169,765	177,786
Accrued interest payable	57,848	109,826
Deferred revenue	1,197,375	1,134,236
Derivative liability, net	822	10,413
Dividends payable	658	1,264
Operating lease liabilities	64,681	57,355
Finance lease obligations	15,569	15,348
Notes and other debt, net	5,179,327	5,090,537
Total liabilities	7,071,181	6,923,017
Commitments and contingencies (Note 13)
Shareholders' Deficit:
Preferred stock, $0.0001 par value, 50,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.0001 par value, 500,000 shares authorized; issued and outstanding: 235,741 shares at September 30, 2022 and 234,779 at December 31, 2021	24	23
Additional paid-in capital	1,227,905	1,214,830
Accumulated other comprehensive loss	(688)	(9,164)
Distributions in excess of accumulated earnings	(3,489,718)	(3,333,481)
Total Uniti shareholders' deficit	(2,262,477)	(2,127,792)
Noncontrolling interests:
Operating partnership units	2,052	13,893
Cumulative non-voting convertible preferred stock, $0.01 par value, 6 shares authorized, 3 issued and outstanding	250	125
Total shareholders' deficit	(2,260,175)	(2,113,774)
Total Liabilities and Shareholders' Deficit	$ 4,811,006	$ 4,809,243

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	235,741,000	234,779,000
Common stock, shares outstanding (in shares)	235,741,000	234,779,000
Cumulative non-voting convertible preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Cumulative non-voting convertible preferred shares authorized (in shares)	6,000	6,000
Cumulative non-voting convertible preferred shares issued (in shares)	3,000	3,000
Cumulative non-voting convertible preferred shares outstanding (in shares)	3,000	3,000

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Total revenues	$ 283,103	$ 266,747	$ 845,112	$ 807,513
Costs and Expenses:
Interest expense, net	97,731	94,793	290,280	341,762
Depreciation and amortization	73,516	70,530	217,276	211,165
General and administrative expense	26,863	25,077	75,818	75,800
Operating expense (exclusive of depreciation and amortization)	36,291	34,167	108,184	105,436
Goodwill impairment	216,000	0	216,000	0
Transaction related and other costs	2,375	1,063	7,324	5,624
Gain on sale of real estate	(94)	0	(344)	(442)
Gain on sale of operations	(176)	0	(176)	(28,143)
Other (income) expense, net	74	283	(8,254)	8,758
Total costs and expenses	452,580	225,913	906,108	719,960
(Loss) income before income taxes and equity in earnings from unconsolidated entities	(169,477)	40,834	(60,996)	87,553
Income tax (benefit) expense	(13,056)	(2,244)	(10,183)	283
Equity in earnings of unconsolidated entities	(672)	(604)	(1,696)	(1,549)
Net (loss) income	(155,749)	43,682	(49,117)	88,819
Net (loss) income attributable to noncontrolling interests	(70)	316	135	984
Net (loss) income attributable to shareholders	(155,679)	43,366	(49,252)	87,835
Participating securities' share in earnings	(226)	(283)	(897)	(864)
Dividends declared on convertible preferred stock	(5)	(3)	(15)	(8)
Net (loss) income attributable to common shareholders	$ (155,910)	$ 43,080	$ (50,164)	$ 86,963
(Loss) income per common share:
Basic (in dollars per share)	$ (0.66)	$ 0.18	$ (0.21)	$ 0.37
Diluted (in dollars per share)	$ (0.66)	$ 0.17	$ (0.21)	$ 0.37
Weighted-average number of common shares outstanding:
Basic (in shares)	235,739	233,513	235,483	232,269
Diluted (in shares)	235,739	264,421	235,483	232,540
Leasing
Revenues:
Total revenues	$ 208,623	$ 199,485	$ 618,878	$ 590,478
Fiber Infrastructure
Revenues:
Total revenues	$ 74,480	$ 67,262	226,234	$ 217,035
Costs and Expenses:
Goodwill impairment			$ 216,000

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (155,749)	$ 43,682	$ (49,117)	$ 88,819
Other comprehensive income:
Interest rate swap termination	2,829	2,830	8,488	8,488
Other comprehensive income	2,829	2,830	8,488	8,488
Comprehensive (loss) income	(152,920)	46,512	(40,629)	97,307
Comprehensive (loss) income attributable to noncontrolling interest	(69)	338	147	1,089
Comprehensive (loss) income attributable to shareholders	$ (152,851)	$ 46,174	$ (40,776)	$ 96,218

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Condensed Consolidated Statements of Shareholders' Deficit - USD ($) $ in Thousands	Total	Cumulative effect adjustment for adoption of new accounting standard	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative effect adjustment for adoption of new accounting standard	Accumulated Other Comprehensive Loss	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated Earnings Cumulative effect adjustment for adoption of new accounting standard	Noncontrolling Interest - OP Units	Noncontrolling Interest - Non- voting Preferred Shares
Beginning balance (in shares) at Dec. 31, 2020			231,261,958,000
Beginning balance at Dec. 31, 2020	$ (2,072,376)	$ (45,310)	$ 23	$ 1,209,141	$ (59,908)	$ (20,367)	$ (3,330,455)	$ 14,598	$ 69,157	$ 125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	88,819						87,835		984
Other comprehensive income	8,488					8,383			105
Common stock dividends declared	(105,664)						(105,664)
Distributions to noncontrolling interest declared	(1,181)								(1,181)
Exchange of noncontrolling interest (in shares)			2,528,199,000
Exchange of noncontrolling interest	0			50,395					(50,395)
Payments related to tax withholding for stock-based compensation	(2,652)			(2,652)
Stock-based compensation (in shares)			630,249,000
Stock-based compensation	10,963			10,963
Issuance of common stock - employee stock purchase plan (in shares)			74,950,000
Issuance of common stock - employee stock purchase plan	672			672
Ending balance (in shares) at Sep. 30, 2021			234,495,356,000
Ending balance at Sep. 30, 2021	(2,118,241)		$ 23	1,208,611		(11,984)	(3,333,686)		18,670	125
Beginning balance (in shares) at Jun. 30, 2021			231,804,921,000
Beginning balance at Jun. 30, 2021	(2,133,440)		$ 23	1,153,707		(14,792)	(3,341,371)		68,868	125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	43,682						43,366		316
Other comprehensive income	2,830					2,808			22
Common stock dividends declared	(35,681)						(35,681)
Distributions to noncontrolling interest declared	(141)								(141)
Exchange of noncontrolling interest (in shares)			2,528,199,000
Exchange of noncontrolling interest	0			50,395					(50,395)
Payments related to tax withholding for stock-based compensation	(10)			(10)
Stock-based compensation (in shares)			123,050,000
Stock-based compensation	4,166			4,166
Issuance of common stock - employee stock purchase plan (in shares)			39,186,000
Issuance of common stock - employee stock purchase plan	353			353
Ending balance (in shares) at Sep. 30, 2021			234,495,356,000
Ending balance at Sep. 30, 2021	(2,118,241)		$ 23	1,208,611		(11,984)	(3,333,686)		18,670	125
Beginning balance (in shares) at Dec. 31, 2021			234,779,247,000
Beginning balance at Dec. 31, 2021	(2,113,774)		$ 23	1,214,830		(9,164)	(3,333,481)		13,893	125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(49,117)						(49,252)		135
Other comprehensive income	8,488					8,476			12
Common stock dividends declared	(106,860)						(106,860)
Distributions to noncontrolling interest declared	(111)								(111)
Cumulative non-voting convertible preferred stock	0						(125)			125
Exchange of noncontrolling interest (in shares)			244,682,000
Exchange of noncontrolling interest	(4,620)			7,257					(11,877)
Payments related to tax withholding for stock-based compensation	(4,434)			(4,434)
Stock-based compensation (in shares)			647,461,000
Stock-based compensation	9,664		$ 1	9,663
Issuance of common stock - employee stock purchase plan (in shares)			69,854,000
Issuance of common stock - employee stock purchase plan	589			589
Ending balance (in shares) at Sep. 30, 2022			235,741,244,000
Ending balance at Sep. 30, 2022	(2,260,175)		$ 24	1,227,905		(688)	(3,489,718)		2,052	250
Beginning balance (in shares) at Jun. 30, 2022			235,699,513,000
Beginning balance at Jun. 30, 2022	(2,075,198)		$ 24	1,224,427		(3,516)	(3,298,455)		2,072	250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(155,749)						(155,679)		(70)
Other comprehensive income	2,829					2,828			1
Common stock dividends declared	(35,584)						(35,584)
Distributions to noncontrolling interest declared	49								49
Payments related to tax withholding for stock-based compensation	2			2
Stock-based compensation (in shares)			1,201,000
Stock-based compensation	3,151			3,151
Issuance of common stock - employee stock purchase plan (in shares)			40,530,000
Issuance of common stock - employee stock purchase plan	325			325
Ending balance (in shares) at Sep. 30, 2022			235,741,244,000
Ending balance at Sep. 30, 2022	$ (2,260,175)		$ 24	$ 1,227,905		$ (688)	$ (3,489,718)		$ 2,052	$ 250

Condensed Consolidated Statements of Shareholders' Deficit - Parenthetical - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Accounting standards update					Accounting Standards Update 2020-06 [Member]
Common stock dividends declared per share (in dollars per share)	$ 0.15	$ 0.15	$ 0.45	$ 0.45

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flow from operating activities
Net (loss) income	$ (49,117)	$ 88,819
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	217,276	211,165
Amortization of deferred financing costs and debt discount	13,510	13,723
Loss on debt extinguishment	0	43,369
Interest rate swap termination	8,488	8,488
Deferred income taxes	(21,723)	(2,270)
Equity in earnings of unconsolidated entities	(1,696)	(1,549)
Distributions of cumulative earnings from unconsolidated entities	2,959	2,933
Cash paid for interest rate swap settlement	(9,591)	(9,291)
Straight-line revenues and amortization of below-market lease intangibles	(31,066)	(22,455)
Stock-based compensation	9,664	10,963
Change in fair value of contingent consideration	0	21
Goodwill impairment	216,000	0
Gain on sale of unconsolidated entity	(7,923)	0
Gain on sale of real estate	(344)	(442)
Gain on sale of operations	(176)	(28,143)
Loss (gain) on asset disposals	902	(232)
Accretion of settlement obligation	8,733	13,006
Other	(126)	97
Changes in assets and liabilities:
Accounts receivable	(2,863)	23,938
Other assets	7,756	(150)
Accounts payable, accrued expenses and other liabilities	(75,556)	1,363
Net cash provided by operating activities	285,107	353,353
Cash flow from investing activities
Capital expenditures	(292,666)	(276,010)
Proceeds from sale of unconsolidated entity	32,527	0
Proceeds from sale of real estate, net of cash	575	1,034
Proceeds from sale of operations	541	62,113
Proceeds from sale of other equipment	338	1,143
Net cash used in investing activities	(258,685)	(211,720)
Cash flow from financing activities
Repayment of debt	0	(1,660,000)
Proceeds from issuance of notes	0	1,680,000
Dividends paid	(107,362)	(105,941)
Payments of settlement payable	0	(73,516)
Payments of contingent consideration	0	(2,979)
Distributions paid to noncontrolling interest	(217)	(1,700)
Payment for exchange of noncontrolling interest	(4,620)	0
Borrowings under revolving credit facility	180,000	290,000
Payments under revolving credit facility	(105,000)	(220,000)
Finance lease payments	(887)	(1,745)
Payments for financing costs	0	(25,755)
Payment of tender premium	0	(25,800)
Employee stock purchase program	589	672
Payments related to tax withholding for stock-based compensation	(4,434)	(2,652)
Net cash used in financing activities	(41,931)	(149,416)
Net increase in cash and cash equivalents	(15,509)	(7,783)
Cash and cash equivalents at beginning of period	58,903	77,534
Cash and cash equivalents at end of period	43,394	69,751
Non-cash investing and financing activities:
Property and equipment acquired but not yet paid	12,751	22,586
Tenant capital improvements	$ 120,239	$ 140,996

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Uniti Group Inc. (the “Company,” “Uniti,” “we,” “us,” or “our”) was incorporated in the state of Maryland on September 4, 2014. We are an independent internally managed real estate investment trust (“REIT”) engaged in the acquisition, construction and leasing of mission critical infrastructure in the communications industry. We are principally focused on acquiring and constructing fiber optic, copper and coaxial broadband networks and data centers. We manage our operations focused on our two primary lines of business: Uniti Fiber and Uniti Leasing. The Company operates through a customary “up-REIT” structure, pursuant to which we hold substantially all of our assets through a partnership, Uniti Group LP, a Delaware limited partnership (the “Operating Partnership”) that we control as general partner. The up-REIT structure is intended to facilitate future acquisition opportunities by providing the Company with the ability to use common units of the Operating Partnership as a tax-efficient acquisition currency. As of September 30, 2022, we are the sole general partner of the Operating Partnership and own approximately 99.96% of the partnership interests in the Operating Partnership.

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The accompanying Condensed Consolidated Financial Statements include all accounts of the Company and its wholly-owned and/or controlled subsidiaries, including the Operating Partnership. Under the Accounting Standards Codification 810, Consolidation (“ASC 810”), the Operating Partnership is considered a variable interest entity and is consolidated in the Condensed Consolidated Financial Statements of Uniti Group Inc. because the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated. ASC 810 provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 25, 2022, as amended by Amendment No. 1 thereto filed on Form 10-K/A with the SEC on March 22, 2022 (the “Annual Report”). Accordingly, significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our Annual Report. Concentration of Credit Risks—Prior to September 2020, we were party to a long-term exclusive triple-net lease (the “Master Lease”) with Windstream Holdings, Inc. (together with Windstream Holdings II, LLC, its successor in interest, and its subsidiaries, “Windstream”) pursuant to which a substantial portion of our real property was leased to Windstream and from which a substantial portion of our leasing revenues were derived. On September 18, 2020, Uniti and Windstream bifurcated the Master Lease and entered into two structurally similar master leases (collectively, the “Windstream Leases”), which amended and restated the Master Lease in its entirety. Revenue under the Windstream Leases provided 66.4% and 67.6% of our revenue for the nine months ended September 30, 2022 and 2021, respectively. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Windstream Leases, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to pay dividends and service debt if Windstream were to default under the Windstream Leases or otherwise experiences operating or liquidity difficulties and becomes unable to generate sufficient cash to make payments to us. Prior to its emergence from bankruptcy on September 21, 2020, Windstream was a publicly traded company subject to the periodic filing requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Windstream’s historic filings through their quarter ended June 30, 2020 can be found at www.sec.gov. Additionally, the Windstream audited financial statements as of December 31, 2021, and for the year ended December 31, 2021, as of December 31, 2020 and for the period from September 22, 2020 to December 31, 2020 and for the period from January 1, 2020 to September 21, 2020 and for the year ended December 31, 2019 are included as an exhibit to our Annual Report. On September 22, 2020, Windstream filed a Form 15 to terminate all filing obligations under Sections 12(g) and 15(d) under the Exchange Act. Windstream filings are not incorporated by reference in this Quarterly Report on Form 10-Q. We monitor the credit quality of Windstream through numerous methods, including by (i) reviewing credit ratings of Windstream by nationally recognized credit agencies, (ii) reviewing the financial statements of Windstream that are required to be delivered to us pursuant to the Windstream Leases, (iii) monitoring news reports regarding Windstream and its business, (iv) conducting research to ascertain industry trends potentially affecting Windstream, (v) monitoring Windstream’s compliance with the terms of the Windstream Leases and (vi) monitoring the timeliness of its payments under the Windstream Leases. As of the date of this Quarterly Report on Form 10-Q, Windstream is current on all lease payments. We note that in August 2020, Moody’s Investor Service assigned a B3 corporate family rating with a stable outlook to Windstream in connection with its post-emergence exit financing. At the same time, S&P Global Ratings assigned Windstream a B- issuer rating with a stable outlook. Both ratings remain current as of the date of this filing. In order to assist us in our continuing assessment of Windstream’s creditworthiness, we periodically receive certain confidential financial information and metrics from Windstream. Goodwill—As of September 30, 2022 and December 31, 2021, all of our goodwill is included in our Fiber Infrastructure segment. Goodwill is recognized for the excess of purchase price over the fair value of net assets of businesses acquired. Goodwill is reviewed for impairment on an annual basis during the fourth quarter. Application of the goodwill impairment test requires significant judgment, including: the identification of reporting units; assignment of assets and liabilities to reporting units; and assignment of goodwill to reporting units. In accordance with ASC 350-20, Intangibles-Goodwill and Other, we evaluate goodwill for impairment between annual impairment tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount (a “Triggering Event”). On the occurrence of a Triggering Event, an entity has the option to first assess qualitative factors to determine whether a quantitative impairment test is necessary. If it is more likely than not that goodwill is impaired, the fair value of the reporting unit must be compared with its carrying value. In performing the quantitative assessment of goodwill, we estimate the fair value of our fiber reporting unit using a combination of an income approach based on the present value of estimated future cash flows and a market approach based on market data of comparable businesses, and acquisition multiples paid in recent transactions. Inherent in our preparation of cash flow projections are significant assumptions and estimates derived from a review of our operating results and business plans, which include expected revenue and expense growth rates, capital expenditure plans and discount rate. In determining these assumptions, we consider our ability to execute on our plans, future economic conditions, interest rates and other market data. Many of the factors used in assessing fair value are outside the control of management, and these assumptions and estimates may change in future periods. Small changes in these assumptions or estimates could materially affect our cash flow projections, and therefore could affect the likelihood and amount of potential impairment in future periods. Potential events that could negatively impact these assumptions or estimates may include customer losses or poor execution of our business plans, which impact revenue growth, cost escalation impacting margin, the level of capital expenditures required to sustain our growth and market factors, including stock price fluctuations and increased interest rates, impacting our discount rate. For example, if we were to experience a significant delay in our permitting process in the construction of our fiber networks, the timing of effected cash flows could impact long term growth rates and negatively impact the income approach, leading to potential impairment. As a result, should our expectations of average projected revenue growth percentage, average projected EBITDA margin percentage and/or average projected capital expenditures as a percentage of revenue change, we may experience future impairment to goodwill (while other assumptions remain constant). Furthermore, a deterioration in market factors such as stock prices or increased interest rates and/or declines in acquisition multiples utilized in the market approach could affect the likelihood and amount of potential impairment. We evaluate the appropriateness of each valuation methodology in determining the weighting applied to each methodology in the determination of the concluded fair value. If the carrying amount of a reporting unit's net assets is less than its fair value, no impairment exists. If the carrying amount of the reporting unit is greater than the fair value of the reporting unit, an impairment loss must be recognized for the excess and recorded in the Consolidated Statements of (Loss) Income not to exceed the carrying amount of goodwill. In connection with the preparation of the Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2022, the Company identified a Triggering Event and, therefore, performed a qualitative and quantitative goodwill impairment test. The Triggering Event was a result of macroeconomic and financial market factors, specifically increased interest rates, impacting our discount rate. As a result of this interim assessment of goodwill, we concluded that the fair value of the Fiber Infrastructure reporting unit, estimated using a combination of the income approach and market approach, is less than its carrying amount. Accordingly, we recorded a $216.0 million goodwill impairment charge in the Fiber Infrastructure reporting unit during the three months ended September 30, 2022. Reclassifications—Certain prior year asset and liability categories and related amounts have been reclassified to conform with current year presentation. Recently Adopted Accounting Pronouncements In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation— Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815- 40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, which clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange (“ASU 2021-04”). ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted ASU 2021-04 effective January 1, 2022, and there was no impact on our consolidated financial statements. In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”), which requires lessors to classify leases as operating leases if they (1) have variable lease payments that do not depend on a reference index or rate, and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. ASU 2021-05 is effective for all entities which have previously adopted Topic 842 for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted ASU 2021-05 effective January 1, 2022, and there was no impact on our consolidated financial statements.

Revenues

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenues

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue stream.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2022		2021		2022		2021
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Fiber Infrastructure
Lit backhaul	$	19,969	$	19,381	$	59,344	$	67,404
Enterprise and wholesale	21,423		20,863		63,359		63,190
E-Rate and government	15,245		13,505		48,026		48,795
Other	703		839		2,076		2,479
Fiber Infrastructure	$	57,340	$	54,588	$	172,805	$	181,868
Leasing	1,201		1,070		3,553		3,237
Total revenue from contracts with customers	58,541		55,658		176,358		185,105
Revenue accounted for under leasing guidance
Leasing	207,422		198,415		615,325		587,241
Fiber Infrastructure	17,140		12,674		53,429		35,167
Total revenue accounted for under leasing guidance	224,562		211,089		668,754		622,408
Total revenue	$	283,103	$	266,747	$	845,112	$	807,513

At September 30, 2022 and December 31, 2021, lease receivables were $23.8 million and $19.4 million, respectively, and receivables from contracts with customers were $17.2 million and $14.7 million, respectively.

Contract Assets (Unbilled Revenue) and Liabilities (Deferred Revenue)

Contract assets primarily consist of unbilled construction revenue where we are utilizing our costs incurred as the measure of progress of satisfying our performance obligation. Contract assets are reported within accounts receivable, net on our Condensed Consolidated Balance Sheets. When the contract price is invoiced, the related unbilled receivable is reclassified to trade accounts receivable, where the balance will be settled upon the collection of the invoiced amount. Contract liabilities are generally comprised of upfront fees charged to the customer for the cost of establishing the necessary components of the Company’s network prior to the commencement of use by the customer. Fees charged to customers for the recurring use of the Company’s network are recognized during the related periods of service. Upfront fees that are billed in advance of providing services are deferred until such time the customer accepts the Company’s network and then are recognized as service revenues ratably over a period in which substantive services required under the revenue arrangement are expected to be performed, which is the initial term of the arrangement. During the three and nine months ended September 30, 2022, we recognized revenues of $2.6 million and $5.6 million, respectively, which was included in the December 31, 2021 contract liabilities balance.

The following table provides information about contract assets and contract liabilities accounted for under ASC 606.


(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2021	$	4,066	$	9,099
Balance at September 30, 2022	$	391	$	11,061

Transaction Price Allocated to Remaining Performance Obligations

Performance obligations within contracts to stand ready to provide services are typically satisfied over time or as those services are provided. Contract liabilities primarily relate to deferred revenue from upfront customer payments. The deferred revenue is recognized, and the liability reduced, over the contract term as the Company completes the performance obligation. As of September 30, 2022, our future revenues (i.e., transaction price related to remaining performance obligations) under contract accounted for under ASC 606 totaled $564.2 million, of which $464.1 million is related to contracts that are currently being invoiced and have an average remaining contract term of 2.4 years, while $100.1 million represents our backlog for sales bookings which have yet to be installed and have an average contract term of 6.0 years. We do not disclose the value of unsatisfied performance obligations for contracts that have an original expected duration of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Lessor Accounting

We lease communications towers, ground, colocation, and dark fiber to tenants under operating leases. Our leases have initial lease terms ranging from less than one year to 35 years, most of which include options to extend or renew the leases for less than one year to 20 years (based on the satisfaction of certain conditions as defined in the lease agreements), and some of which may include options to terminate the leases within one to six months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

The components of lease income for the three and nine months ended September 30, 2022 and 2021, respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2022		2021		2022		2021
Lease income - operating leases	$	224,562	$	211,089	$	668,754	$	622,408

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of September 30, 2022 are as follows:


(Thousands)	September 30, 2022⁽¹⁾
2022	$	191,496
2023	777,937
2024	784,400
2025	785,568
2026	787,169
Thereafter	3,066,497
Total lease receivables	$	6,393,067
(1) Total future minimum lease payments to be received include $5.5 billion relating to the Windstream Leases.

The underlying assets under operating leases where we are the lessor are summarized as follows:


(Thousands)	September 30, 2022		December 31, 2021
Land	$	26,550	$	26,593
Building and improvements	344,836		343,624
Poles	293,504		281,130
Fiber	3,465,878		3,278,276
Equipment	428		428
Copper	3,955,180		3,918,281
Conduit	89,925		89,859
Tower assets	1,397		1,397
Finance lease assets	28,126		28,126
Other assets	10,434		10,649
	8,216,258		7,978,363
Less: accumulated depreciation	(5,502,245)		(5,391,479)
Underlying assets under operating leases, net	$	2,714,013	$	2,586,884

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2022 and 2021, respectively, is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2022		2021		2022		2021
Depreciation expense for underlying assets under operating leases	$	44,127	$	44,763	$	130,858	$	134,783

Lessee Accounting

We have commitments under operating leases for communications towers, ground, colocation, dark fiber lease arrangements and buildings. We also have finance leases for dark fiber lease arrangements. Our leases have initial lease terms ranging from less than one year to 30 years, most of which include options to extend or renew the leases for less than one year to 20 years, and some of which may include options to terminate the leases within one to six months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

As of September 30, 2022, we have short term lease commitments amounting to approximately $2.8 million.

Future lease payments under non-cancellable leases as of September 30, 2022 are as follows:


(Thousands)	Operating Leases		Finance Leases
2022	$	4,079	$	625
2023	15,588		2,497
2024	13,201		2,307
2025	10,529		2,254
2026	7,739		2,254
Thereafter	47,463		14,878
Total undiscounted lease payments	$	98,599	$	24,815
Less: imputed interest	(33,918)		(9,246)
Total lease liabilities	$	64,681	$	15,569

Leases

Lessor Accounting

The components of lease income for the three and nine months ended September 30, 2022 and 2021, respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2022		2021		2022		2021
Lease income - operating leases	$	224,562	$	211,089	$	668,754	$	622,408

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of September 30, 2022 are as follows:


(Thousands)	September 30, 2022⁽¹⁾
2022	$	191,496
2023	777,937
2024	784,400
2025	785,568
2026	787,169
Thereafter	3,066,497
Total lease receivables	$	6,393,067
(1) Total future minimum lease payments to be received include $5.5 billion relating to the Windstream Leases.

The underlying assets under operating leases where we are the lessor are summarized as follows:


(Thousands)	September 30, 2022		December 31, 2021
Land	$	26,550	$	26,593
Building and improvements	344,836		343,624
Poles	293,504		281,130
Fiber	3,465,878		3,278,276
Equipment	428		428
Copper	3,955,180		3,918,281
Conduit	89,925		89,859
Tower assets	1,397		1,397
Finance lease assets	28,126		28,126
Other assets	10,434		10,649
	8,216,258		7,978,363
Less: accumulated depreciation	(5,502,245)		(5,391,479)
Underlying assets under operating leases, net	$	2,714,013	$	2,586,884

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2022 and 2021, respectively, is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2022		2021		2022		2021
Depreciation expense for underlying assets under operating leases	$	44,127	$	44,763	$	130,858	$	134,783

Lessee Accounting

As of September 30, 2022, we have short term lease commitments amounting to approximately $2.8 million.

Future lease payments under non-cancellable leases as of September 30, 2022 are as follows:


(Thousands)	Operating Leases		Finance Leases
2022	$	4,079	$	625
2023	15,588		2,497
2024	13,201		2,307
2025	10,529		2,254
2026	7,739		2,254
Thereafter	47,463		14,878
Total undiscounted lease payments	$	98,599	$	24,815
Less: imputed interest	(33,918)		(9,246)
Total lease liabilities	$	64,681	$	15,569

Leases

Lessor Accounting

The components of lease income for the three and nine months ended September 30, 2022 and 2021, respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2022		2021		2022		2021
Lease income - operating leases	$	224,562	$	211,089	$	668,754	$	622,408

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of September 30, 2022 are as follows:


(Thousands)	September 30, 2022⁽¹⁾
2022	$	191,496
2023	777,937
2024	784,400
2025	785,568
2026	787,169
Thereafter	3,066,497
Total lease receivables	$	6,393,067
(1) Total future minimum lease payments to be received include $5.5 billion relating to the Windstream Leases.

The underlying assets under operating leases where we are the lessor are summarized as follows:


(Thousands)	September 30, 2022		December 31, 2021
Land	$	26,550	$	26,593
Building and improvements	344,836		343,624
Poles	293,504		281,130
Fiber	3,465,878		3,278,276
Equipment	428		428
Copper	3,955,180		3,918,281
Conduit	89,925		89,859
Tower assets	1,397		1,397
Finance lease assets	28,126		28,126
Other assets	10,434		10,649
	8,216,258		7,978,363
Less: accumulated depreciation	(5,502,245)		(5,391,479)
Underlying assets under operating leases, net	$	2,714,013	$	2,586,884

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2022 and 2021, respectively, is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2022		2021		2022		2021
Depreciation expense for underlying assets under operating leases	$	44,127	$	44,763	$	130,858	$	134,783

Lessee Accounting

As of September 30, 2022, we have short term lease commitments amounting to approximately $2.8 million.

Future lease payments under non-cancellable leases as of September 30, 2022 are as follows:


(Thousands)	Operating Leases		Finance Leases
2022	$	4,079	$	625
2023	15,588		2,497
2024	13,201		2,307
2025	10,529		2,254
2026	7,739		2,254
Thereafter	47,463		14,878
Total undiscounted lease payments	$	98,599	$	24,815
Less: imputed interest	(33,918)		(9,246)
Total lease liabilities	$	64,681	$	15,569

Investments in Unconsolidated Entities	9 Months Ended
Investments in Unconsolidated Entities	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities Fiber Holdings BB Fiber Holdings LLC (“Fiber Holdings”) was primarily established to develop fiber networks as real estate property for long-term investment. On July 1, 2020, the Company completed the sale of an ownership stake in the entity that controls the Company’s Midwest fiber network assets (the “Propco”). Fiber Holdings has a 47.5% ownership in the Propco that is under a long-term, triple net lease with our joint venture partner. Our ownership interest in Fiber Holdings represents approximately a 20% economic interest in the Propco. The Company’s current investment and maximum exposure to loss as a result of its involvement with Fiber Holdings, an equity method unconsolidated entity, was approximately $39.0 million as of September 30, 2022. The Company has not provided financial support to Fiber Holdings. Harmoni On June 21, 2022, the Company completed the sale of its investment in Harmoni Towers LP (“Harmoni”) to Palistar Communications Infrastructure GP LLC, our partner in the investment, for total cash consideration of $32.5 million. As a result of the transaction, during the second quarter of 2022 we recorded a pre-tax gain of $7.9 million within other income (expense), net and $6.7 million of income tax expense within our Condensed Consolidated Statements of Income.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

FASB ASC 820, Fair Value Measurements, establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring assets and liabilities at fair values. This hierarchy establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the assessment date;

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3 – Unobservable inputs for the asset or liability.

Our financial instruments consist of cash and cash equivalents, accounts and other receivables, derivative assets and liabilities, our outstanding notes and other debt, settlement payable, contingent consideration and accounts, interest and dividends payable.

The following table summarizes the fair value of our financial instruments at September 30, 2022 and December 31, 2021:


(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At September 30, 2022
Liabilities
Senior secured notes - 7.875%, due February 15, 2025	$	2,198,565	$	—	$	2,198,565	$	—
Senior secured notes - 4.75%, due April 15, 2028	451,640		—		451,640		—
Senior unsecured notes - 6.50% , due February 15, 2029	748,728		—		748,728		—
Senior unsecured notes - 6.00%, due January 15, 2030	447,965		—		447,965		—
Exchangeable senior notes - 4.00%, due June 15, 2024	316,517		—		316,517		—
Senior secured revolving credit facility, variable rate, due December 10, 2024	274,972		—		274,972		—
Settlement payable	235,225		—		235,225		—
Derivative liability, net	822		—		822		—
Total	$	4,674,434	$	—	$	4,674,434	$	—


(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At December 31, 2021
Liabilities
Senior secured notes - 7.875%, due February 15, 2025	$	2,351,576	$	—	$	2,351,576	$	—
Senior secured notes - 4.75%, due April 15, 2028	560,857		—		560,857		—
Senior unsecured notes - 6.50% , due February 15, 2029	1,087,844		—		1,087,844		—
Senior unsecured notes - 6.00%, due January 15, 2030	659,992		—		659,992		—
Exchangeable senior notes - 4.00%, due June 15, 2024	453,104		—		453,104		—
Senior secured revolving credit facility, variable rate, due December 10, 2024	199,980		—		199,980		—
Settlement payable	254,725		—		254,725		—
Derivative liability, net	10,413		—		10,413		—
Total	$	5,578,491	$	—	$	5,578,491	$	—

The carrying value of cash and cash equivalents, accounts and other receivables, and accounts, interest and dividends payable approximate fair values due to the short-term nature of these financial instruments.

The total principal balance of our outstanding notes and other debt was $5.25 billion at September 30, 2022, with a fair value of $4.44 billion. The estimated fair value of our outstanding notes and other debt was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as Level 2 inputs within the fair value hierarchy. Derivative assets and liabilities are carried at fair value. See Note 8. The fair value of an interest rate swap is determined based on the present value of expected future cash flows using observable, quoted LIBOR swap rates for the full term of the swap and also incorporate credit valuation adjustments to appropriately reflect both Uniti’s own non-performance risk and non-performance risk of the respective counterparties. The Company has

determined that the majority of the inputs used to value its derivative assets and liabilities fall within Level 2 of the fair value hierarchy; however, the associated credit valuation adjustments utilized Level 3 inputs, such as estimates of credit spreads, to evaluate the likelihood of default by the Company and its counterparties. As of September 30, 2022, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustment is not significant to the overall value of the derivatives. As such, the Company classifies its derivative assets and liabilities valuation in Level 2 of the fair value hierarchy.

Given the limited trade activity of the Exchangeable Notes, the fair value of the Exchangeable Notes (see Note 10) is determined based on inputs that are observable in the market and have been classified as Level 2 in the fair value hierarchy. Specifically, we estimated the fair value of the Exchangeable Notes based on readily available external pricing information, quoted market prices, and current market rates for similar convertible debt instruments.

Uniti is required to make $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning October 2020 (the “Settlement Payable”). See Note 13. The Settlement Payable was recorded at fair value, using the present value of future cash flows. The future cash flows are discounted using discount rate input based on observable market data. Accordingly, we classify inputs used as Level 2 in the fair value hierarchy. As of September 30, 2022, the remaining Settlement Payable is $248.1 million and is reported on our Condensed Consolidated Balance Sheets. There have been no changes in the valuation methodologies used since the initial recording.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The carrying value of property, plant and equipment is as follows:


(Thousands)	Depreciable Lives	September 30, 2022		December 31, 2021
Land	Indefinite	$	28,678	$	28,449
Building and improvements	3 - 40 years	361,592		359,980
Poles	30 years	293,504		281,130
Fiber	30 years	4,354,532		4,107,519
Equipment	5 - 7 years	375,340		331,761
Copper	20 years	3,955,180		3,918,281
Conduit	30 years	89,925		89,859
Tower assets	20 years	8,544		8,544
Finance lease assets	(1)	73,203		72,284
Other assets	15 - 20 years	10,451		10,652
Corporate assets	3 - 7 years	14,775		14,326
Construction in progress	(1)	40,141		27,366
		9,605,865		9,250,151
Less accumulated depreciation		(5,912,284)		(5,741,212)
Net property, plant and equipment		$	3,693,581	$	3,508,939

(1) See our Annual Report for property, plant and equipment accounting policies.

Depreciation expense for the three and nine months ended September 30, 2022 was $66.1 million and $194.9 million, respectively. Depreciation expense for the three and nine months ended September 30, 2021 was $65.7 million and $196.8 million, respectively.

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging ActivitiesThe Company uses derivative instruments to mitigate the effects of interest rate volatility inherent in our variable rate debt, which could unfavorably impact our future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes.

On April 27, 2015, we entered into fixed for floating interest rate swap agreements to mitigate the interest rate risk inherent in our variable rate senior secured term loan B facility. These interest rate swaps were designated as cash flow hedges and have a notional value of $2.0 billion and mature on October 24, 2022. As a result of the repayment of the Company’s senior secured term loan B facility in February 2020, the Company entered into receive-fixed interest rate swaps to offset its existing pay-fixed interest rate swaps. As a result, the Company discontinued hedge accounting as the hedge accounting requirements were no longer met. Amounts in accumulated other comprehensive loss as of the date of de-designation will be reclassified to interest expense as the hedged transactions impact earnings. Prospectively, changes in fair value of all interest rate swaps will be recorded directly to earnings.

The Company has elected to offset derivative positions that are subject to master netting arrangements with the same counterparty in our Condensed Consolidated Balance Sheets. The following tables present the gross amounts of our derivative instruments subject to master netting arrangements with the same counterparty as of September 30, 2022 and December 31, 2021:


Offsetting of Derivative Assets and Liabilities (Thousands)	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets		Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets
At September 30, 2022
Assets
Interest rate swaps	$	1,278	$	(1,278)	$	—
Total	$	1,278	$	(1,278)	$	—

Liabilities
Interest rate swaps	$	2,100	$	(1,278)	$	822
Total	$	2,100	$	(1,278)	$	822


Offsetting of Derivative Assets and Liabilities (Thousands)	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets		Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets
At December 31, 2021
Assets
Interest rate swaps	$	10,788	$	(10,788)	$	—
Total	$	10,788	$	(10,788)	$	—

Liabilities
Interest rate swaps	$	21,201	$	(10,788)	$	10,413
Total	$	21,201	$	(10,788)	$	10,413

The following table summarizes the fair value and the presentation in our Condensed Consolidated Balance Sheets:


(Thousands)	Location on Condensed Consolidated Balance Sheets	September 30, 2022		December 31, 2021
Interest rate swaps	Derivative liability, net	$	822	$	10,413

As of September 30, 2022, the interest rate swaps were valued in net unrealized loss positions and recognized as liability balances within derivative liability, net in our Condensed Consolidated Balance Sheets. As hedge accounting is no longer

applied beginning in February 2020, the unrealized loss amounts are now being recorded directly to earnings. The amount reclassified out of other comprehensive income into interest expense on our Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2022 was $2.8 million and $8.5 million, respectively. The amount reclassified out of other comprehensive income into interest expense on our Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2021 was $2.8 million and $8.5 million, respectively.

During the next twelve months, beginning October 1, 2022, we estimate that $0.8 million will be reclassified as an increase to interest expense.

Exchangeable Notes Hedge Transactions

On June 25, 2019, concurrently with the pricing of the Exchangeable Notes, and on June 27, 2019, concurrently with the exercise by the initial purchasers involved in the offering of the Exchangeable Notes (the “Initial Purchasers”) of their option to purchase additional Exchangeable Notes, Uniti Fiber Holdings Inc., the issuer of the Exchangeable Notes, entered into exchangeable note hedge transactions with respect to the Company’s common stock (the “Note Hedge Transactions”) with certain of the Initial Purchasers or their respective affiliates (collectively, the “Counterparties”). The Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes, the same number of shares of the Company’s common stock that initially underlie the Exchangeable Notes in the aggregate and are exercisable upon exchange of the Exchangeable Notes. The Note Hedge Transactions have an initial strike price that corresponds to the initial exchange price of the Exchangeable Notes, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes. The Note Hedge Transactions will expire upon the maturity of the Exchangeable Notes, if not earlier exercised. The Note Hedge Transactions are intended to reduce potential dilution to the Company’s common stock upon any exchange of the Exchangeable Notes and/or offset any cash payments Uniti Fiber is required to make in excess of the principal amount of exchanged Exchangeable Notes, as the case may be, in the event that the market value per share of the Company’s common stock, as measured under the Note Hedge Transactions, at the time of exercise is greater than the strike price of the Note Hedge Transactions.

The Note Hedge Transactions are separate transactions, entered into by Uniti Fiber Holdings Inc. with the Counterparties, and are not part of the terms of the Exchangeable Notes. Holders of the Exchangeable Notes will not have any rights with respect to the Note Hedge Transactions. The Note Hedge Transactions meet certain accounting criteria under GAAP, are recorded in additional paid-in capital on our Condensed Consolidated Balance Sheets and are not accounted for as derivatives that are remeasured each reporting period.

Warrant Transactions

On June 25, 2019, concurrently with the pricing of the Exchangeable Notes, and on June 27, 2019 concurrently with the exercise by the Initial Purchasers of their option to purchase additional Exchangeable Notes, the Company entered into warrant transactions to sell to the Counterparties Warrants (the “Warrants”) to acquire, subject to anti-dilution adjustments, up to approximately 27.8 million shares of the Company’s common stock in the aggregate at an exercise price of approximately $16.42 per share. The maximum number of shares of the Company’s common stock that could be issued pursuant to the Warrants is approximately 55.5 million. The Company offered and sold the Warrants in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. If the market value per share of the Company’s common stock, as measured under the Warrants, at the time of exercise exceeds the strike price of the Warrants, the Warrants will have a dilutive effect on the Company’s common stock unless, subject to the terms of the Warrants, the Company elects to cash settle the Warrants. The Warrants will expire over a period beginning in September 2024.

The Warrants are separate transactions, entered into by the Company with the Counterparties, and are not part of the terms of the Exchangeable Notes. Holders of the Exchangeable Notes will not have any rights with respect to the Warrants. The Warrants meet certain accounting criteria under GAAP, are recorded in additional paid-in capital on our Condensed Consolidated Balance Sheets and are not accounted for as derivatives that are remeasured each reporting period.

Goodwill and Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2022

Goodwill And Intangible Assets And Liabilities Disclosure [Abstract]

Goodwill and Intangible Assets and Liabilities

Changes in the carrying amount of goodwill occurring during the nine months ended September 30, 2022 are as follows:


(Thousands)	Fiber Infrastructure		Total
Goodwill at December 31, 2021	$	601,878	$	601,878
Goodwill impairment (Note 2)	(216,000)		$	(216,000)
Goodwill at September 30, 2022	$	385,878	$	385,878


(Thousands)	September 30, 2022				December 31, 2021
	Original Cost		Accumulated Amortization		Original Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(123,012)	$	416,104	$	(105,861)
Contracts	52,536		(13,134)		52,536		(8,209)
Underlying Rights	10,497		(700)		10,497		(437)

Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(136,846)				(114,507)
Total intangible assets, net	$	342,291			$	364,630

Finite life intangible liabilities:
Below-market leases	$	191,154	(21,389)		$	191,154	(13,368)

Finite life intangible liabilities:
Below-market leases	$	191,154			$	191,154
Less: accumulated amortization	(21,389)				(13,368)
Total intangible liabilities, net	$	169,765			$	177,786

As of September 30, 2022, the remaining weighted average amortization period of the Company’s intangible assets was 14.4 years.

Amortization expense for the three and nine months ended September 30, 2022 was $7.5 million and $22.3 million, respectively. Amortization expense for the three and nine months ended September 30, 2021 was $4.8 million and $14.3 million, respectively. Amortization expense is estimated to be $29.8 million for the full year of 2022, $29.8 million in 2023, $29.7 million in 2024, $29.7 million in 2025, and $29.7 million for 2026.

We recognize the amortization of below-market leases in revenue. Revenue related to the amortization of the below-market leases for the three and nine months ended September 30, 2022 was $2.7 million and $8.0 million. During the three and nine months ended September 30, 2021, $2.7 million and $8.0 million was recorded as a benefit to amortization expense, and subsequently reclassified to revenue during the fourth quarter of 2021. As of September 30, 2022, the remaining weighted average amortization period of the Company’s intangible liabilities was 17.2 years. Revenue due to the amortization of the below-market leases is estimated to be $10.7 million for the full year of 2022, $10.7 million in 2023, $10.7 million in 2024, $10.7 million in 2025, and $10.7 million in 2026.

Notes and Other Debt

9 Months Ended

Sep. 30, 2022

Long-Term Debt, Unclassified [Abstract]

Notes and Other Debt

Notes and Other DebtAll debt, including the senior secured credit facility and notes described below, are obligations of the Operating Partnership and/or certain of its subsidiaries as discussed below. The Company is, however, a guarantor of such debt.

Notes and other debt are as follows:


(Thousands)	September 30, 2022		December 31, 2021
Principal amount	$	5,250,000	$	5,175,000
Less unamortized discount, premium and debt issuance costs	(70,673)		(84,463)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	5,179,327	$	5,090,537

Notes and other debt at September 30, 2022 and December 31, 2021 consisted of the following:


	September 30, 2022				December 31, 2021
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs		Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured notes - 7.875%, due February 15, 2025 (discount is based on imputed interest rate of 8.38%)	$	2,250,000	$	(24,604)	$	2,250,000	$	(31,411)
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)	570,000		(7,968)		570,000		(8,886)
Senior unsecured notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)	345,000		(4,376)		345,000		(6,187)
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)	1,110,000		(18,840)		1,110,000		(20,797)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)	700,000		(10,831)		700,000		(11,689)
Senior secured revolving credit facility, variable rate, due December 10, 2024	275,000		(4,054)		200,000		(5,493)
Total	$	5,250,000	$	(70,673)	$	5,175,000	$	(84,463)

At September 30, 2022, notes and other debt included the following: (i) $275.0 million under the Revolving Credit Facility (as defined below) pursuant to the credit agreement by and among Uniti Group LP, Uniti Group Finance 2019 Inc. and CSL Capital, LLC (the “Borrowers”), the guarantors and lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent (the “Credit Agreement”); (ii) $2.25 billion aggregate principal amount of 7.875% Senior Secured Notes due 2025 (the “2025 Secured Notes”); (iii) $570.0 million aggregate principal amount of 4.75% Senior Secured Notes due 2028 (the “2028 Secured Notes”); (iv) $1.11 billion aggregate principal amount of 6.50% Senior Notes due February 15, 2029 (the “2029 Notes”); and (v) $345.0 million aggregate principal amount of 4.00% Exchangeable Senior Notes due June 15, 2024 (the “Exchangeable Notes”); and (vi) $700.0 million aggregate principal amount of 6.00% Senior Unsecured Notes due January 15, 2030 (the “2030 Notes” and collectively with the 2025 Secured Notes, the 2028 Secured Notes, the 2029 Notes and the Exchangeable Notes, the “Notes”). The terms of the Notes are as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Credit Agreement

The Borrowers are party to the Credit Agreement, which provides for a $500 million revolving credit facility that will mature on December 10, 2024 (the “Revolving Credit Facility”) and provides us with the ability to obtain revolving loans as well as swingline loans and letters of credit from time to time. All obligations under the Credit Agreement are guaranteed by (i) the Company and (ii) certain of the Operating Partnership’s subsidiaries (the “Subsidiary Guarantors”) and are secured by substantially all of the assets of the Borrowers and the Subsidiary Guarantors.

The Borrowers are subject to customary covenants under the Credit Agreement, including an obligation to maintain a consolidated secured leverage ratio, as defined in the Credit Agreement, not to exceed 5.00 to 1.00. We are permitted, subject to customary conditions, to incur other indebtedness, so long as, on a pro forma basis after giving effect to any such indebtedness, our consolidated total leverage ratio, as defined in the Credit Agreement, does not exceed 6.50 to 1.00 and, if

such debt is secured, our consolidated secured leverage ratio, as defined in the Credit Agreement, does not exceed 4.00 to 1.00. In addition, the Credit Agreement contains customary events of default, including a cross default provision whereby the failure of the Borrowers or certain of their subsidiaries to make payments under other debt obligations, or the occurrence of certain events affecting those other borrowing arrangements, could trigger an obligation to repay any amounts outstanding under the Credit Agreement. In particular, a repayment obligation could be triggered if (i) the Borrowers or certain of their subsidiaries fail to make a payment when due of any principal or interest on any other indebtedness aggregating $75.0 million or more, or (ii) an event occurs that causes, or would permit the holders of any other indebtedness aggregating $75.0 million or more to cause, such indebtedness to become due prior to its stated maturity. As of September 30, 2022, the Borrowers were in compliance with all of the covenants under the Credit Agreement.

A termination of either Windstream Lease would result in an “event of default” under the Credit Agreement if a replacement lease is not entered into within ninety (90) calendar days and we do not maintain pro forma compliance with a consolidated secured leverage ratio, as defined in the Credit Agreement, of 5.00 to 1.00.

Borrowings under the Revolving Credit Facility bear interest at a rate equal to either a base rate plus an applicable margin ranging from 2.75% to 3.50% or a eurodollar rate plus an applicable margin ranging from 3.75% to 4.50% in each case, calculated in a customary manner and determined based on our consolidated secured leverage ratio. We are required to pay a quarterly commitment fee under the Revolving Credit Facility equal to 0.50% of the average amount of unused commitments during the applicable quarter (subject to a step-down to 0.40% per annum of the average amount of unused commitments during the applicable quarter upon achievement of a consolidated secured leverage ratio not to exceed a certain level), as well as quarterly letter of credit fees equal to the product of (A) the applicable margin with respect to eurodollar borrowings and (B) the average amount available to be drawn under outstanding letters of credit during such quarter.

Deferred Financing Cost

Deferred financing costs were incurred in connection with the issuance of the Notes and the Revolving Credit Facility. These costs are amortized using the effective interest method over the term of the related indebtedness and are included in interest expense in our Condensed Consolidated Statements of Income. For the three and nine months ended September 30, 2022, we recognized $4.4 million and $13.0 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs. For the three and nine months ended September 30, 2021, we recognized $4.2 million and $12.4 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs.

Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Our time-based restricted stock awards are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as common stock. As participating securities, we included these instruments in the computation of earnings per share under the two-class method described in FASB ASC 260, Earnings per Share (“ASC 260”).

We also have outstanding performance-based restricted stock units that contain forfeitable rights to receive dividends. Therefore, the awards are considered non-participating restrictive shares and are not dilutive under the two-class method until performance conditions are met.

The dilutive effect of the Exchangeable Notes is calculated by using the “if-converted” method. This assumes an add-back of interest, net of income taxes, to net income attributable to shareholders as if the securities were converted at the beginning of the reporting period (or at time of issuance, if later) and the resulting common shares included in number of weighted average shares. The dilutive effect of the Warrants (see Note 8) is calculated using the treasury-stock method. During the three and nine months ended September 30, 2022 and 2021, the Warrants were excluded from diluted shares outstanding because the exercise price exceeded the average market price of our common stock for the reporting period.

The following sets forth the computation of basic and diluted earnings per share under the two-class method:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2022		2021		2022		2021
Basic earnings per share:
Numerator:
Net (loss) income attributable to shareholders	$	(155,679)	$	43,366	$	(49,252)	$	87,835
Less: Income allocated to participating securities	(226)		(283)		(897)		(864)
Dividends declared on convertible preferred stock	(5)		(3)		(15)		(8)
Net (loss) income attributable to common shares	$	(155,910)	$	43,080	$	(50,164)	$	86,963
Denominator:
Basic weighted-average common shares outstanding	235,739		233,513		235,483		232,269
Basic (loss) earnings per common share	$	(0.66)	$	0.18	$	(0.21)	$	0.37


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2022		2021		2022		2021
Diluted earnings per share:
Numerator:
Net (loss) income attributable to shareholders	$	(155,679)	$	43,366	$	(49,252)	$	87,835
Less: Income allocated to participating securities	(226)		(283)		(897)		(864)
Dividends declared on convertible preferred stock	(5)		(3)		(15)		(8)
Impact on if-converted dilutive securities	—		2,984		—		—
Net (loss) income attributable to common shares	$	(155,910)	$	46,064	$	(50,164)	$	86,963
Denominator:
Basic weighted-average common shares outstanding	235,739		233,513		235,483		232,269
Effect of dilutive non-participating securities	—		338		—		271
Impact on if-converted dilutive securities	—		30,570		—		—
Weighted-average shares for dilutive earnings per common share	235,739		264,421		235,483		232,540
Dilutive (loss) earnings per common share	$	(0.66)	$	0.17	$	(0.21)	$	0.37

For the three and nine months ended September 30, 2022, 847,147 non-participating securities were excluded from the computation of earnings per share, as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2022, 31,691,390 potential common shares related to the Exchangeable Notes were excluded from the computation of earnings per share, as their effect would have been anti-dilutive. For the nine months ended September 30, 2021, 30,569,588 potential common shares related to the Exchangeable Notes were excluded from the computation of earnings per share, as their effect would have been anti-dilutive.

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

Our management, including our chief executive officer, who is our chief operating decision maker, manages our operations as two reportable segments, in addition to our corporate operations, which include:

Leasing: Represents the operations of our leasing business, Uniti Leasing, which is engaged in the acquisition and construction of mission-critical communications assets and leasing them to anchor customers on either an exclusive or shared-tenant basis, in addition to the leasing of dark fiber on our existing dark fiber network assets that we either constructed or acquired. While the Leasing segment represents our REIT operations, certain aspects of the Leasing segment are also operated through taxable REIT subsidiaries.

Fiber Infrastructure: Represents the operations of our fiber business, Uniti Fiber, which is a leading provider of infrastructure solutions, including cell site backhaul and dark fiber, to the telecommunications industry.

Corporate: Represents our corporate office and shared service functions. Certain costs and expenses, primarily related to headcount, insurance, professional fees and similar charges, that are directly attributable to operations of our business segments are allocated to the respective segments.

Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense and the impact, which may be recurring in nature, of transaction and integration related costs, costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, costs associated with the implementation of our enterprise resource planning system, executive severance costs, costs related to the settlement with Windstream, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. The Company believes that net income, as defined by GAAP, is the most appropriate earnings metric; however, we believe that Adjusted EBITDA serves as a useful supplement to net income because it allows investors, analysts and management to evaluate the performance of our segments in a manner that is comparable period over period. Adjusted EBITDA should not be considered as an alternative to net income as determined in accordance with GAAP.

Selected financial data related to our segments is presented below for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30, 2022
(Thousands)	Leasing		Fiber Infrastructure	Corporate		Subtotal of Reportable Segments
Revenues	$	208,623	74,480	$	—	$	283,103

Adjusted EBITDA	$	203,209	28,586	(6,742)		$	225,053
Less:
Interest expense						97,731
Depreciation and amortization	43,121		30,370	25		73,516
Transaction related and other costs						2,375
Gain on sale of real estate						(94)
Gain on sale of operations						(176)
Goodwill impairment						216,000
Other, net						600
Stock-based compensation						3,151
Income tax benefit						(13,056)
Adjustments for equity in earnings from unconsolidated entities						755
Net loss						$	(155,749)


	Three Months Ended September 30, 2021
(Thousands)	Leasing		Fiber Infrastructure		Corporate		Subtotal of Reportable Segments
Revenues	$	199,485	$	67,262	$	—	$	266,747

Adjusted EBITDA	$	194,303	$	27,556	$	(4,632)	$	217,227
Less:
Interest expense							94,793
Depreciation and amortization	41,432		29,036		62		70,530
Transaction related and other costs							1,063
Gain on sale of real estate							—
Gain on sale of operations							—
Other, net							4,472
Stock-based compensation							4,166
Income tax benefit							(2,244)
Adjustments for equity in earnings from unconsolidated entities							765
Net income							$	43,682


	Nine Months Ended September 30, 2022
(Thousands)	Leasing	Fiber Infrastructure	Corporate		Subtotal of Reportable Segments
Revenues	618,878	226,234	$	—	$	845,112

Adjusted EBITDA	602,531	93,628	(19,153)		$	677,006
Less:
Interest expense					290,280
Depreciation and amortization	127,738	89,440	98		217,276
Transaction related and other costs					7,324
Gain on sale of real estate					(344)
Gain on sale of operations					(176)
Goodwill impairment					216,000
Other, net					(6,534)
Stock-based compensation					9,664
Income tax benefit					(10,183)
Adjustments for equity in earnings from unconsolidated entities					2,816
Net loss					$	(49,117)


	Nine Months Ended September 30, 2021
(Thousands)	Leasing		Fiber Infrastructure		Corporate		Subtotal of Reportable Segments
Revenues	$	590,478	$	217,035	$	—	$	807,513

Adjusted EBITDA	$	577,937	$	86,716	$	(17,444)	$	647,209
Less:
Interest expense							341,762
Depreciation and amortization	124,132		86,838		195		211,165
Transaction related and other costs							5,624
Gain on sale of real estate							(442)
Gain on sale of operations							(28,143)
Other, net							14,569
Stock-based compensation							10,963
Income tax expense							283
Adjustments for equity in earnings from unconsolidated entities							2,609
Net income							$	88,819

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of our business, we are subject to claims and administrative proceedings, none of which we believe are material or would be expected to have, individually or in the aggregate, a material adverse effect on our business, financial condition, cash flows or results of operations. Windstream Commitments Following the consummation of our settlement agreement with Windstream, including entry into the Windstream Leases, we are obligated to make $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning in October 2020, and Uniti may prepay any installments due on or after the first anniversary of the settlement agreement (discounted at a 9% rate). On October 14, 2021, the Company prepaid four installments for a total of $92.9 million. As of September 30, 2022, the Company has made payments totaling $215.4 million. Further, we are obligated to reimburse Windstream for up to an aggregate of $1.75 billion for certain growth capital improvements in long-term fiber and related assets made by Windstream (“Growth Capital Improvements”) through 2029. Uniti’s reimbursement commitment for Growth Capital Improvements does not require Uniti to reimburse Windstream for maintenance or repair expenditures (except for costs incurred for fiber replacements to the property leased under the competitive local exchange carrier master lease agreement, up to $70 million during the term), and each such reimbursement is subject to underwriting standards. Uniti’s total annual reimbursement commitments for the Growth Capital Improvements under both Windstream Leases (and under separate equipment loan facilities) were limited to $125 million in 2020, $225 million in 2021, and are limited to $225 million per year in 2022 through 2024; $175 million per year in 2025 and 2026; and $125 million per year in 2027 through 2029. If the cost incurred by Windstream (or the successor tenant under a Windstream Lease) for Growth Capital Improvements in any calendar year exceeds the annual limit for such calendar year, Windstream (or such tenant, as the case may be) may submit such excess costs for reimbursement in any subsequent year and such excess costs shall be funded from the annual commitment amounts in such subsequent period. In addition, to the extent that reimbursements for Growth Capital Improvements funded in any calendar year during the term is less than the annual limit for such calendar year, the unfunded amount in any calendar year will carry-over and may be added to the annual limits for subsequent calendar years, subject to an annual limit of $250 million in any calendar year. During the nine months ended September 30, 2022, Uniti reimbursed $158.1 million of Growth Capital Improvements, of which $30.6 million represented the reimbursement of capital improvements completed in 2021 that were previously classified as tenant funded capital improvements. Upon reimbursement, the Company reduced the unamortized portion of deferred revenue related to these capital improvements and capitalized the difference between the cash provided to Windstream and the unamortized deferred revenue as a lease incentive. This lease incentive, which is $0.8 million and reported within other assets on our Condensed Consolidated Balance Sheets as of September 30, 2022, will be amortized as a reduction to revenue over the initial term of the Windstream Leases. Starting on the first anniversary of each installment of reimbursement for a Growth Capital Improvement, the rent payable by Windstream under the applicable Windstream Lease will increase by an amount equal to 8.0% (the “Rent Rate”) of such installment of reimbursement. The Rent Rate will thereafter increase to 100.5% of the prior Rent Rate on each anniversary of each reimbursement. In the event that the tenant’s interest in either Windstream Lease is transferred by Windstream under the terms thereof (unless transferred to the same transferee), or if Uniti transfers its interests as landlord under either Windstream Lease (unless to the same transferee), the reimbursement rights and obligations will be allocated between the ILEC MLA and the CLEC MLA by Windstream, provided that the maximum that may be allocated to the CLEC MLA following such transfer is $20 million per year. If Uniti fails to reimburse any Growth Capital Improvement reimbursement payment or equipment loan funding request as and when it is required to do so under the terms of the Windstream Leases, and such failure continues for thirty (30) days, then such unreimbursed amounts may be applied as an offset against the rent owed by Windstream under the Windstream Leases (and such amounts will thereafter be treated as if Uniti had reimbursed them). Uniti and Windstream have entered into separate ILEC and CLEC Equipment Loan and Security Agreements (collectively “Equipment Loan Agreement”) in which Uniti will provide up to $125 million (limited to $25 million in any calendar year) of the $1.75 billion of Growth Capital Improvements commitments discussed above in the form of loans for Windstream to purchase equipment related to network upgrades or to be used in connection with the Windstream Leases. Interest on these loans will accrue at 8% from the date of the borrowing. All equipment financed through the Equipment Loan Agreement is the sole property of Windstream; however, Uniti will receive a first-lien security interest in the equipment purchased with the loans. Other Litigation On July 3, 2019, SLF Holdings, LLC (“SLF”) filed a complaint against the Company, Uniti Fiber, and certain current and former officers of the Company (collectively, the “Defendants”) in the United States District Court for the Southern District of Alabama, in connection with Uniti Fiber’s purchase of Southern Light, LLC from SLF in July 2017. The complaint asserted claims for fraud and conspiracy, as well as claims under federal and Alabama securities laws, alleging that Defendants improperly failed to disclose to SLF the risk that the Spin-Off and entry into the Master Lease violated certain debt covenants of Windstream. On September 26, 2019, the action was transferred to United States District Court for the District of Delaware. On November 18, 2019, SLF filed an amended complaint, adding allegations that Defendants also failed to fully disclose the risk that the Master Lease purportedly could be recharacterized as a financing instead of a “true lease.” The amended complaint sought compensatory and punitive damages, as well as reformation of the purchase agreement for the sale. On December 18, 2019, Defendants moved to dismiss the amended complaint in its entirety. On November 4, 2020, the court granted the Defendants’ motion and dismissed SLF’s amended complaint, in its entirety, with prejudice. On December 1, 2020, SLF filed a notice of appeal to the United States Court of Appeals for the Third Circuit from the district court’s dismissal order. On August 17, 2022, the Court of Appeals for the Third Circuit denied SLF's appeal. We have evaluated this matter under the guidance provided by ASC 450, Contingencies (“ASC 450”), and as of the date of this Quarterly Report on Form 10-Q, we consider a loss not to be probable and are unable to estimate a reasonably possible range of loss; therefore, we have not recorded any liabilities associated with these claims in our Condensed Consolidated Balance Sheets. Beginning on October 25, 2019, several purported shareholders filed separate putative class actions in the U.S. District Court for the Eastern District of Arkansas against the Company and certain of our officers, alleging violations of the federal securities laws based on claims similar to those asserted in the SLF Action. On March 12, 2020, the U.S. District Court for the Eastern District of Arkansas consolidated the Shareholder Actions and appointed lead plaintiffs and lead counsel in the consolidated cases under the caption In re Uniti Group Inc. Securities Litigation (the “Class Action”). On May 11, 2020, lead plaintiffs filed a consolidated amended complaint in the Class Action. The consolidated amended complaint seeks to represent investors who acquired the Company’s securities between April 20, 2015 and February 15, 2019. The Class Action asserts claims under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, alleging that the Company made materially false and misleading statements by allegedly failing to disclose, among other things, the risk that the Spin-Off and entry into the Master Lease violated certain debt covenants of Windstream and/or the risk that the Master Lease purportedly could be recharacterized as a financing instead of a “true lease.” The Class Action seeks class certification, unspecified monetary damages, costs and attorneys’ fees and other relief. On July 10, 2020, defendants moved to dismiss the consolidated amended complaint. On April 1, 2021, the court issued an order denying defendants’ motion to dismiss. On April 15, 2021, defendants filed a motion for reconsideration of the order or, in the alternative, for certification of an appeal of the decision to the Eighth Circuit. On October 25, 2021, plaintiffs filed a motion for class certification, which defendants opposed. On December 22, 2021, the court issued an order denying defendants’ motion for reconsideration or, in the alternative, certification of an appeal. On March 25, 2022, the parties reached an agreement to settle the Class Action, on behalf of a settlement class, for $38.9 million, to be funded entirely by the Company’s insurance carriers. On June 17, 2022, the parties signed a stipulation of settlement and plaintiffs moved for preliminary approval of the settlement. The court granted preliminary approval on July 20, 2022. The settlement remains subject to final court approval. In accordance with ASC 450, we recorded $38.9 million of settlement expense within general and administrative expense within our Condensed Consolidated Statements of Income during the first quarter of 2022 and accounts payable, accrued expenses and other liabilities, net within our Condensed Consolidated Balance Sheets as of September 30, 2022. Additionally, we recorded the probable insurance recovery of $38.9 million as a reduction to general and administrative expense during the first quarter of 2022 within our Condensed Consolidated Statements of Income, and other assets within Condensed Consolidated Balance Sheets as of September 30, 2022. On August 17, 2021, two purported shareholders filed a derivative action on behalf of Uniti in the Circuit Court for Baltimore City, Maryland, under the caption Mayer et al. v. Gunderman et al., 24-C-21-003488 (the “Mayer Derivative Action”). The Mayer Derivative Action names Kenneth Gunderman and Mark Wallace as defendants and the Company as a nominal defendant and asserts claims for breach of fiduciary duty and unjust enrichment. The complaint alleges that the individual defendants caused the Company to issue certain false and misleading statements relating to the Spin-Off and/or the Master Lease. In particular, as in the Shareholder Actions, the complaint alleges, among other things, that defendants failed to disclose the risk that the Spin-Off and entry into the Master Lease violated certain debt covenants of Windstream and/or the risk that the Master Lease purportedly could be recharacterized as a financing instead of a “true lease.” The complaint seeks unspecified damages, unspecified equitable relief, and related costs and fees. On December 23, 2021, the court entered a joint stipulation to stay the Mayer Derivative Action, including the time for the defendants to respond to the complaint, pending the outcome of the Class Action. Because this matter is still in its preliminary stages, we have not yet determined what effect this lawsuit will have, if any, on our financial position or results of operations. We have evaluated this matter under the guidance provided by ASC 450, and as of the date of this Quarterly Report on Form 10-Q, we consider a loss not to be probable and are unable to estimate a reasonably possible range of loss; therefore, we have not recorded any liabilities associated with these claims in our Condensed Consolidated Balance Sheets. On February 11, 2022, a purported shareholder filed a derivative action on behalf of Uniti in the federal District Court for the District of Maryland, under the caption Guzzo et al. v. Gunderman et al., 1:22-cv-00366-GLR (the “Guzzo Derivative Action”). The complaint names Kenneth Gunderman, Mark Wallace, Francis Frantz, David Solomon, Jennifer Banner, and Scott Bruce as defendants and the Company as a nominal defendant and asserts claims for contribution against Gunderman and Wallace if the Company is found to be liable for violations of the federal securities laws in the Class Action and claims against all the individual defendants for breaches of fiduciary duty, waste of corporate assets, and unjust enrichment. The allegations in the Guzzo Derivative Action are similar to those in the Mayer Derivative Action and the Class Action. The complaint seeks unspecified damages, equitable relief, and related costs and fees. On March 16, 2022, the court entered a joint stipulation to stay the Guzzo Derivative Action, including the time for the defendants to respond to the complaint, pending the outcome of the Class Action. We intend to defend this matter vigorously, and, because it is still in its relatively early stages, we have not yet determined what effect this lawsuit will have, if any, on our financial position or results of operations. We maintain insurance policies that would provide coverage to various degrees for potential liabilities arising from the legal proceedings described above. Under the terms of the tax matters agreement entered into on April 24, 2015 by the Company, Windstream Services, LLC and Windstream (the “Tax Matters Agreement”), in connection with the Spin-Off, we are generally responsible for any taxes imposed on Windstream that arise from the failure of the Spin-Off and the debt exchanges to qualify as tax-free for U.S. federal income tax purposes, within the meaning of Section 355 and Section 368(a)(1)(D) of the Code, as applicable, to the extent such failure to qualify is attributable to certain actions, events or transactions relating to our stock, indebtedness, assets or business, or a breach of the relevant representations or any covenants made by us in the Tax Matters Agreement, the materials submitted to the IRS in connection with the request for the private letter ruling or the representations provided in connection with the tax opinion. We believe that the probability of us incurring obligations under the Tax Matters Agreement are remote; and therefore, we have recorded no such liabilities in our Condensed Consolidated Balance Sheets as of September 30, 2022.

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component is as follows for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2022		2021		2022		2021
Cash flow hedge changes in fair value:
Balance at beginning of period attributable to shareholders	$	(30,353)	$	(30,353)	$	(30,353)	$	(30,353)
Balance at end of period attributable to shareholders	(30,353)		(30,353)		(30,353)		(30,353)
Interest rate swap termination:
Balance at beginning of period attributable to shareholders	26,837		15,561		21,189		9,986
Amounts reclassified from accumulated other comprehensive income	2,829		2,830		8,488		8,488
Balance at end of period	29,666		18,391		29,677		18,474
Less: Other comprehensive income attributable to noncontrolling interest	$	1	22		12		105
Balance at end of period attributable to shareholders	29,665		18,369		29,665		18,369
Accumulated other comprehensive loss at end of period	$	(688)	$	(11,984)	$	(688)	$	(11,984)

Capital Stock	9 Months Ended
Capital Stock	Sep. 30, 2022
Equity [Abstract]
Capital Stock	Capital StockThe limited partner equity interests in our operating partnership (commonly called “OP Units”), are exchangeable on a one-for-one basis for shares of our common stock or, at our election, cash of equivalent value. No OP Units held by third parties were exchanged during the three months ended September 30, 2022. During the nine months ended September 30, 2022, the Company exchanged 591,349 OP Units held by third parties, of which 244,683 OP Units were exchanged for an equal number of common shares of the Company and 346,667 OP Units were exchanged for cash consideration of $4.6 million, representing approximately 85% of the OP Units held by third parties with a carrying value of $11.9 million as of the exchange dates.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (g)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Consolidation	The accompanying Condensed Consolidated Financial Statements include all accounts of the Company and its wholly-owned and/or controlled subsidiaries, including the Operating Partnership. Under the Accounting Standards Codification 810, Consolidation (“ASC 810”), the Operating Partnership is considered a variable interest entity and is consolidated in the Condensed Consolidated Financial Statements of Uniti Group Inc. because the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated.
Basis of Accounting	The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 25, 2022, as amended by Amendment No. 1 thereto filed on Form 10-K/A with the SEC on March 22, 2022 (the “Annual Report”). Accordingly, significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our Annual Report.
Concentration of Credit Risks	Concentration of Credit Risks—Prior to September 2020, we were party to a long-term exclusive triple-net lease (the “Master Lease”) with Windstream Holdings, Inc. (together with Windstream Holdings II, LLC, its successor in interest, and its subsidiaries, “Windstream”) pursuant to which a substantial portion of our real property was leased to Windstream and from which a substantial portion of our leasing revenues were derived. On September 18, 2020, Uniti and Windstream bifurcated the Master Lease and entered into two structurally similar master leases (collectively, the “Windstream Leases”), which amended and restated the Master Lease in its entirety. Revenue under the Windstream Leases provided 66.4% and 67.6% of our revenue for the nine months ended September 30, 2022 and 2021, respectively. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Windstream Leases, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to pay dividends and service debt if Windstream were to default under the Windstream Leases or otherwise experiences operating or liquidity difficulties and becomes unable to generate sufficient cash to make payments to us. Prior to its emergence from bankruptcy on September 21, 2020, Windstream was a publicly traded company subject to the periodic filing requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Windstream’s historic filings through their quarter ended June 30, 2020 can be found at www.sec.gov. Additionally, the Windstream audited financial statements as of December 31, 2021, and for the year ended December 31, 2021, as of December 31, 2020 and for the period from September 22, 2020 to December 31, 2020 and for the period from January 1, 2020 to September 21, 2020 and for the year ended December 31, 2019 are included as an exhibit to our Annual Report. On September 22, 2020, Windstream filed a Form 15 to terminate all filing obligations under Sections 12(g) and 15(d) under the Exchange Act. Windstream filings are not incorporated by reference in this Quarterly Report on Form 10-Q. We monitor the credit quality of Windstream through numerous methods, including by (i) reviewing credit ratings of Windstream by nationally recognized credit agencies, (ii) reviewing the financial statements of Windstream that are required to be delivered to us pursuant to the Windstream Leases, (iii) monitoring news reports regarding Windstream and its business, (iv) conducting research to ascertain industry trends potentially affecting Windstream, (v) monitoring Windstream’s compliance with the terms of the Windstream Leases and (vi) monitoring the timeliness of its payments under the Windstream Leases. As of the date of this Quarterly Report on Form 10-Q, Windstream is current on all lease payments. We note that in August 2020, Moody’s Investor Service assigned a B3 corporate family rating with a stable outlook to Windstream in connection with its post-emergence exit financing. At the same time, S&P Global Ratings assigned Windstream a B- issuer rating with a stable outlook. Both ratings remain current as of the date of this filing. In order to assist us in our continuing assessment of Windstream’s creditworthiness, we periodically receive certain confidential financial information and metrics from Windstream.
Goodwill	Goodwill—As of September 30, 2022 and December 31, 2021, all of our goodwill is included in our Fiber Infrastructure segment. Goodwill is recognized for the excess of purchase price over the fair value of net assets of businesses acquired. Goodwill is reviewed for impairment on an annual basis during the fourth quarter. Application of the goodwill impairment test requires significant judgment, including: the identification of reporting units; assignment of assets and liabilities to reporting units; and assignment of goodwill to reporting units. In accordance with ASC 350-20, Intangibles-Goodwill and Other, we evaluate goodwill for impairment between annual impairment tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount (a “Triggering Event”). On the occurrence of a Triggering Event, an entity has the option to first assess qualitative factors to determine whether a quantitative impairment test is necessary. If it is more likely than not that goodwill is impaired, the fair value of the reporting unit must be compared with its carrying value. In performing the quantitative assessment of goodwill, we estimate the fair value of our fiber reporting unit using a combination of an income approach based on the present value of estimated future cash flows and a market approach based on market data of comparable businesses, and acquisition multiples paid in recent transactions. Inherent in our preparation of cash flow projections are significant assumptions and estimates derived from a review of our operating results and business plans, which include expected revenue and expense growth rates, capital expenditure plans and discount rate. In determining these assumptions, we consider our ability to execute on our plans, future economic conditions, interest rates and other market data. Many of the factors used in assessing fair value are outside the control of management, and these assumptions and estimates may change in future periods. Small changes in these assumptions or estimates could materially affect our cash flow projections, and therefore could affect the likelihood and amount of potential impairment in future periods. Potential events that could negatively impact these assumptions or estimates may include customer losses or poor execution of our business plans, which impact revenue growth, cost escalation impacting margin, the level of capital expenditures required to sustain our growth and market factors, including stock price fluctuations and increased interest rates, impacting our discount rate. For example, if we were to experience a significant delay in our permitting process in the construction of our fiber networks, the timing of effected cash flows could impact long term growth rates and negatively impact the income approach, leading to potential impairment. As a result, should our expectations of average projected revenue growth percentage, average projected EBITDA margin percentage and/or average projected capital expenditures as a percentage of revenue change, we may experience future impairment to goodwill (while other assumptions remain constant). Furthermore, a deterioration in market factors such as stock prices or increased interest rates and/or declines in acquisition multiples utilized in the market approach could affect the likelihood and amount of potential impairment. We evaluate the appropriateness of each valuation methodology in determining the weighting applied to each methodology in the determination of the concluded fair value. If the carrying amount of a reporting unit's net assets is less than its fair value, no impairment exists. If the carrying amount of the reporting unit is greater than the fair value of the reporting unit, an impairment loss must be recognized for the excess and recorded in the Consolidated Statements of (Loss) Income not to exceed the carrying amount of goodwill.
Reclassifications	Reclassifications—Certain prior year asset and liability categories and related amounts have been reclassified to conform with current year presentation.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation— Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815- 40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, which clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange (“ASU 2021-04”). ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted ASU 2021-04 effective January 1, 2022, and there was no impact on our consolidated financial statements. In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”), which requires lessors to classify leases as operating leases if they (1) have variable lease payments that do not depend on a reference index or rate, and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. ASU 2021-05 is effective for all entities which have previously adopted Topic 842 for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted ASU 2021-05 effective January 1, 2022, and there was no impact on our consolidated financial statements.
Segment Reporting	Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense and the impact, which may be recurring in nature, of transaction and integration related costs, costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, costs associated with the implementation of our enterprise resource planning system, executive severance costs, costs related to the settlement with Windstream, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. The Company believes that net income, as defined by GAAP, is the most appropriate earnings metric; however, we believe that Adjusted EBITDA serves as a useful supplement to net income because it allows investors, analysts and management to evaluate the performance of our segments in a manner that is comparable period over period. Adjusted EBITDA should not be considered as an alternative to net income as determined in accordance with GAAP.

Revenues (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenues Disaggregated by Revenue Stream

The following table presents our revenues disaggregated by revenue stream.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2022		2021		2022		2021
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Fiber Infrastructure
Lit backhaul	$	19,969	$	19,381	$	59,344	$	67,404
Enterprise and wholesale	21,423		20,863		63,359		63,190
E-Rate and government	15,245		13,505		48,026		48,795
Other	703		839		2,076		2,479
Fiber Infrastructure	$	57,340	$	54,588	$	172,805	$	181,868
Leasing	1,201		1,070		3,553		3,237
Total revenue from contracts with customers	58,541		55,658		176,358		185,105
Revenue accounted for under leasing guidance
Leasing	207,422		198,415		615,325		587,241
Fiber Infrastructure	17,140		12,674		53,429		35,167
Total revenue accounted for under leasing guidance	224,562		211,089		668,754		622,408
Total revenue	$	283,103	$	266,747	$	845,112	$	807,513

Schedule of Contract Assets and Contract Liabilities

The following table provides information about contract assets and contract liabilities accounted for under ASC 606.


(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2021	$	4,066	$	9,099
Balance at September 30, 2022	$	391	$	11,061

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Components of Lease Income

The components of lease income for the three and nine months ended September 30, 2022 and 2021, respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2022		2021		2022		2021
Lease income - operating leases	$	224,562	$	211,089	$	668,754	$	622,408

Lease Payments to be Received under Non-Cancellable Operating Leases

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of September 30, 2022 are as follows:


(Thousands)	September 30, 2022⁽¹⁾
2022	$	191,496
2023	777,937
2024	784,400
2025	785,568
2026	787,169
Thereafter	3,066,497
Total lease receivables	$	6,393,067
(1) Total future minimum lease payments to be received include $5.5 billion relating to the Windstream Leases.

Property, Plant, and Equipment, Lessor Asset under Operating Lease

The underlying assets under operating leases where we are the lessor are summarized as follows:


(Thousands)	September 30, 2022		December 31, 2021
Land	$	26,550	$	26,593
Building and improvements	344,836		343,624
Poles	293,504		281,130
Fiber	3,465,878		3,278,276
Equipment	428		428
Copper	3,955,180		3,918,281
Conduit	89,925		89,859
Tower assets	1,397		1,397
Finance lease assets	28,126		28,126
Other assets	10,434		10,649
	8,216,258		7,978,363
Less: accumulated depreciation	(5,502,245)		(5,391,479)
Underlying assets under operating leases, net	$	2,714,013	$	2,586,884

Schedule of Depreciation Expense for Underlying Assets under Operating Leases

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2022 and 2021, respectively, is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2022		2021		2022		2021
Depreciation expense for underlying assets under operating leases	$	44,127	$	44,763	$	130,858	$	134,783

Future Lease Payments Under Non-Cancellable Operating Leases

Future lease payments under non-cancellable leases as of September 30, 2022 are as follows:


(Thousands)	Operating Leases		Finance Leases
2022	$	4,079	$	625
2023	15,588		2,497
2024	13,201		2,307
2025	10,529		2,254
2026	7,739		2,254
Thereafter	47,463		14,878
Total undiscounted lease payments	$	98,599	$	24,815
Less: imputed interest	(33,918)		(9,246)
Total lease liabilities	$	64,681	$	15,569

Future Lease Payments Under Non-Cancellable Finance Leases

Future lease payments under non-cancellable leases as of September 30, 2022 are as follows:


(Thousands)	Operating Leases		Finance Leases
2022	$	4,079	$	625
2023	15,588		2,497
2024	13,201		2,307
2025	10,529		2,254
2026	7,739		2,254
Thereafter	47,463		14,878
Total undiscounted lease payments	$	98,599	$	24,815
Less: imputed interest	(33,918)		(9,246)
Total lease liabilities	$	64,681	$	15,569

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Valuation of Financial Instruments

The following table summarizes the fair value of our financial instruments at September 30, 2022 and December 31, 2021:


(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At September 30, 2022
Liabilities
Senior secured notes - 7.875%, due February 15, 2025	$	2,198,565	$	—	$	2,198,565	$	—
Senior secured notes - 4.75%, due April 15, 2028	451,640		—		451,640		—
Senior unsecured notes - 6.50% , due February 15, 2029	748,728		—		748,728		—
Senior unsecured notes - 6.00%, due January 15, 2030	447,965		—		447,965		—
Exchangeable senior notes - 4.00%, due June 15, 2024	316,517		—		316,517		—
Senior secured revolving credit facility, variable rate, due December 10, 2024	274,972		—		274,972		—
Settlement payable	235,225		—		235,225		—
Derivative liability, net	822		—		822		—
Total	$	4,674,434	$	—	$	4,674,434	$	—


(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At December 31, 2021
Liabilities
Senior secured notes - 7.875%, due February 15, 2025	$	2,351,576	$	—	$	2,351,576	$	—
Senior secured notes - 4.75%, due April 15, 2028	560,857		—		560,857		—
Senior unsecured notes - 6.50% , due February 15, 2029	1,087,844		—		1,087,844		—
Senior unsecured notes - 6.00%, due January 15, 2030	659,992		—		659,992		—
Exchangeable senior notes - 4.00%, due June 15, 2024	453,104		—		453,104		—
Senior secured revolving credit facility, variable rate, due December 10, 2024	199,980		—		199,980		—
Settlement payable	254,725		—		254,725		—
Derivative liability, net	10,413		—		10,413		—
Total	$	5,578,491	$	—	$	5,578,491	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Carrying Value of Property, Plant and Equipment

The carrying value of property, plant and equipment is as follows:


(Thousands)	Depreciable Lives	September 30, 2022		December 31, 2021
Land	Indefinite	$	28,678	$	28,449
Building and improvements	3 - 40 years	361,592		359,980
Poles	30 years	293,504		281,130
Fiber	30 years	4,354,532		4,107,519
Equipment	5 - 7 years	375,340		331,761
Copper	20 years	3,955,180		3,918,281
Conduit	30 years	89,925		89,859
Tower assets	20 years	8,544		8,544
Finance lease assets	(1)	73,203		72,284
Other assets	15 - 20 years	10,451		10,652
Corporate assets	3 - 7 years	14,775		14,326
Construction in progress	(1)	40,141		27,366
		9,605,865		9,250,151
Less accumulated depreciation		(5,912,284)		(5,741,212)
Net property, plant and equipment		$	3,693,581	$	3,508,939

(1) See our Annual Report for property, plant and equipment accounting policies.

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value

The following tables present the gross amounts of our derivative instruments subject to master netting arrangements with the same counterparty as of September 30, 2022 and December 31, 2021:


Offsetting of Derivative Assets and Liabilities (Thousands)	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets		Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets
At September 30, 2022
Assets
Interest rate swaps	$	1,278	$	(1,278)	$	—
Total	$	1,278	$	(1,278)	$	—

Liabilities
Interest rate swaps	$	2,100	$	(1,278)	$	822
Total	$	2,100	$	(1,278)	$	822


Offsetting of Derivative Assets and Liabilities (Thousands)	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets		Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets
At December 31, 2021
Assets
Interest rate swaps	$	10,788	$	(10,788)	$	—
Total	$	10,788	$	(10,788)	$	—

Liabilities
Interest rate swaps	$	21,201	$	(10,788)	$	10,413
Total	$	21,201	$	(10,788)	$	10,413

Schedule of Derivative Liabilities at Fair Value

The following tables present the gross amounts of our derivative instruments subject to master netting arrangements with the same counterparty as of September 30, 2022 and December 31, 2021:


Offsetting of Derivative Assets and Liabilities (Thousands)	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets		Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets
At September 30, 2022
Assets
Interest rate swaps	$	1,278	$	(1,278)	$	—
Total	$	1,278	$	(1,278)	$	—

Liabilities
Interest rate swaps	$	2,100	$	(1,278)	$	822
Total	$	2,100	$	(1,278)	$	822


Offsetting of Derivative Assets and Liabilities (Thousands)	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets		Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets
At December 31, 2021
Assets
Interest rate swaps	$	10,788	$	(10,788)	$	—
Total	$	10,788	$	(10,788)	$	—

Liabilities
Interest rate swaps	$	21,201	$	(10,788)	$	10,413
Total	$	21,201	$	(10,788)	$	10,413

Summary of Fair Value of Derivative Instruments and Presentation in Condensed Consolidated Balance Sheet

The following table summarizes the fair value and the presentation in our Condensed Consolidated Balance Sheets:


(Thousands)	Location on Condensed Consolidated Balance Sheets	September 30, 2022		December 31, 2021
Interest rate swaps	Derivative liability, net	$	822	$	10,413

Goodwill and Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill And Intangible Assets And Liabilities Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

Changes in the carrying amount of goodwill occurring during the nine months ended September 30, 2022 are as follows:


(Thousands)	Fiber Infrastructure		Total
Goodwill at December 31, 2021	$	601,878	$	601,878
Goodwill impairment (Note 2)	(216,000)		$	(216,000)
Goodwill at September 30, 2022	$	385,878	$	385,878

Schedule of Carrying Value of Other Intangible Assets


(Thousands)	September 30, 2022				December 31, 2021
	Original Cost		Accumulated Amortization		Original Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(123,012)	$	416,104	$	(105,861)
Contracts	52,536		(13,134)		52,536		(8,209)
Underlying Rights	10,497		(700)		10,497		(437)

Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(136,846)				(114,507)
Total intangible assets, net	$	342,291			$	364,630

Finite life intangible liabilities:
Below-market leases	$	191,154	(21,389)		$	191,154	(13,368)

Finite life intangible liabilities:
Below-market leases	$	191,154			$	191,154
Less: accumulated amortization	(21,389)				(13,368)
Total intangible liabilities, net	$	169,765			$	177,786

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
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+ Details

Notes and Other Debt (Tables)

9 Months Ended

Sep. 30, 2022

Long-Term Debt, Unclassified [Abstract]

Schedule of Notes and Other Debt

Notes and other debt are as follows:


(Thousands)	September 30, 2022		December 31, 2021
Principal amount	$	5,250,000	$	5,175,000
Less unamortized discount, premium and debt issuance costs	(70,673)		(84,463)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	5,179,327	$	5,090,537

Notes and other debt at September 30, 2022 and December 31, 2021 consisted of the following:


	September 30, 2022				December 31, 2021
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs		Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured notes - 7.875%, due February 15, 2025 (discount is based on imputed interest rate of 8.38%)	$	2,250,000	$	(24,604)	$	2,250,000	$	(31,411)
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)	570,000		(7,968)		570,000		(8,886)
Senior unsecured notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)	345,000		(4,376)		345,000		(6,187)
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)	1,110,000		(18,840)		1,110,000		(20,797)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)	700,000		(10,831)		700,000		(11,689)
Senior secured revolving credit facility, variable rate, due December 10, 2024	275,000		(4,054)		200,000		(5,493)
Total	$	5,250,000	$	(70,673)	$	5,175,000	$	(84,463)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted

The following sets forth the computation of basic and diluted earnings per share under the two-class method:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2022		2021		2022		2021
Basic earnings per share:
Numerator:
Net (loss) income attributable to shareholders	$	(155,679)	$	43,366	$	(49,252)	$	87,835
Less: Income allocated to participating securities	(226)		(283)		(897)		(864)
Dividends declared on convertible preferred stock	(5)		(3)		(15)		(8)
Net (loss) income attributable to common shares	$	(155,910)	$	43,080	$	(50,164)	$	86,963
Denominator:
Basic weighted-average common shares outstanding	235,739		233,513		235,483		232,269
Basic (loss) earnings per common share	$	(0.66)	$	0.18	$	(0.21)	$	0.37


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2022		2021		2022		2021
Diluted earnings per share:
Numerator:
Net (loss) income attributable to shareholders	$	(155,679)	$	43,366	$	(49,252)	$	87,835
Less: Income allocated to participating securities	(226)		(283)		(897)		(864)
Dividends declared on convertible preferred stock	(5)		(3)		(15)		(8)
Impact on if-converted dilutive securities	—		2,984		—		—
Net (loss) income attributable to common shares	$	(155,910)	$	46,064	$	(50,164)	$	86,963
Denominator:
Basic weighted-average common shares outstanding	235,739		233,513		235,483		232,269
Effect of dilutive non-participating securities	—		338		—		271
Impact on if-converted dilutive securities	—		30,570		—		—
Weighted-average shares for dilutive earnings per common share	235,739		264,421		235,483		232,540
Dilutive (loss) earnings per common share	$	(0.66)	$	0.17	$	(0.21)	$	0.37

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Selected financial data related to our segments is presented below for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30, 2022
(Thousands)	Leasing		Fiber Infrastructure	Corporate		Subtotal of Reportable Segments
Revenues	$	208,623	74,480	$	—	$	283,103

Adjusted EBITDA	$	203,209	28,586	(6,742)		$	225,053
Less:
Interest expense						97,731
Depreciation and amortization	43,121		30,370	25		73,516
Transaction related and other costs						2,375
Gain on sale of real estate						(94)
Gain on sale of operations						(176)
Goodwill impairment						216,000
Other, net						600
Stock-based compensation						3,151
Income tax benefit						(13,056)
Adjustments for equity in earnings from unconsolidated entities						755
Net loss						$	(155,749)


	Three Months Ended September 30, 2021
(Thousands)	Leasing		Fiber Infrastructure		Corporate		Subtotal of Reportable Segments
Revenues	$	199,485	$	67,262	$	—	$	266,747

Adjusted EBITDA	$	194,303	$	27,556	$	(4,632)	$	217,227
Less:
Interest expense							94,793
Depreciation and amortization	41,432		29,036		62		70,530
Transaction related and other costs							1,063
Gain on sale of real estate							—
Gain on sale of operations							—
Other, net							4,472
Stock-based compensation							4,166
Income tax benefit							(2,244)
Adjustments for equity in earnings from unconsolidated entities							765
Net income							$	43,682


	Nine Months Ended September 30, 2022
(Thousands)	Leasing	Fiber Infrastructure	Corporate		Subtotal of Reportable Segments
Revenues	618,878	226,234	$	—	$	845,112

Adjusted EBITDA	602,531	93,628	(19,153)		$	677,006
Less:
Interest expense					290,280
Depreciation and amortization	127,738	89,440	98		217,276
Transaction related and other costs					7,324
Gain on sale of real estate					(344)
Gain on sale of operations					(176)
Goodwill impairment					216,000
Other, net					(6,534)
Stock-based compensation					9,664
Income tax benefit					(10,183)
Adjustments for equity in earnings from unconsolidated entities					2,816
Net loss					$	(49,117)


	Nine Months Ended September 30, 2021
(Thousands)	Leasing		Fiber Infrastructure		Corporate		Subtotal of Reportable Segments
Revenues	$	590,478	$	217,035	$	—	$	807,513

Adjusted EBITDA	$	577,937	$	86,716	$	(17,444)	$	647,209
Less:
Interest expense							341,762
Depreciation and amortization	124,132		86,838		195		211,165
Transaction related and other costs							5,624
Gain on sale of real estate							(442)
Gain on sale of operations							(28,143)
Other, net							14,569
Stock-based compensation							10,963
Income tax expense							283
Adjustments for equity in earnings from unconsolidated entities							2,609
Net income							$	88,819

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component

Changes in accumulated other comprehensive loss by component is as follows for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2022		2021		2022		2021
Cash flow hedge changes in fair value:
Balance at beginning of period attributable to shareholders	$	(30,353)	$	(30,353)	$	(30,353)	$	(30,353)
Balance at end of period attributable to shareholders	(30,353)		(30,353)		(30,353)		(30,353)
Interest rate swap termination:
Balance at beginning of period attributable to shareholders	26,837		15,561		21,189		9,986
Amounts reclassified from accumulated other comprehensive income	2,829		2,830		8,488		8,488
Balance at end of period	29,666		18,391		29,677		18,474
Less: Other comprehensive income attributable to noncontrolling interest	$	1	22		12		105
Balance at end of period attributable to shareholders	29,665		18,369		29,665		18,369
Accumulated other comprehensive loss at end of period	$	(688)	$	(11,984)	$	(688)	$	(11,984)

Organization and Description of Business - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 segment
Organization And Description Of Business [Line Items]
Number of operating business segments	2
Uniti Group LP
Organization And Description Of Business [Line Items]
Percentage of partnership interests owned	99.96%

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Summary Of Significant Accounting Policies [Line Items]
Goodwill impairment	$ 216,000	$ 0	$ 216,000	$ 0
Concentration of Credit Risk \| Revenue \| Windstream
Summary Of Significant Accounting Policies [Line Items]
Master lease and the windstream leases revenue percentage			66.40%	67.60%

Revenues - Revenues Disaggregated by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 58,541	$ 55,658	$ 176,358	$ 185,105
Lease income - operating leases	224,562	211,089	668,754	622,408
Total revenues	283,103	266,747	845,112	807,513
Fiber Infrastructure
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	57,340	54,588	172,805	181,868
Lease income - operating leases	17,140	12,674	53,429	35,167
Total revenues	74,480	67,262	226,234	217,035
Fiber Infrastructure \| Lit backhaul
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	19,969	19,381	59,344	67,404
Fiber Infrastructure \| Enterprise and wholesale
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	21,423	20,863	63,359	63,190
Fiber Infrastructure \| E-Rate and government
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	15,245	13,505	48,026	48,795
Fiber Infrastructure \| Other
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	703	839	2,076	2,479
Leasing
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	1,201	1,070	3,553	3,237
Lease income - operating leases	207,422	198,415	615,325	587,241
Total revenues	$ 208,623	$ 199,485	$ 618,878	$ 590,478

Revenues - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Accounts receivable, net	$ 41,317	$ 41,317	$ 38,455
Contract with customer, receivable, after allowance for credit loss	17,200	17,200	14,700
Revenue recognized that was included in the contract liability	2,600	5,600
Unbilled Revenues
Disaggregation Of Revenue [Line Items]
Future revenues under contract	100,100	100,100
Operating Lease Receivable
Disaggregation Of Revenue [Line Items]
Accounts receivable, net	23,800	23,800	$ 19,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01
Disaggregation Of Revenue [Line Items]
Future revenues under contract	564,200	564,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01 \| Billed Revenues
Disaggregation Of Revenue [Line Items]
Future revenues under contract	$ 464,100	$ 464,100
Average remaining contract term for contracts currently billing	2 years 4 months 24 days	2 years 4 months 24 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01 \| Unbilled Revenues
Disaggregation Of Revenue [Line Items]
Average remaining contract term for contracts currently billing	6 years	6 years

Revenues - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 391	$ 4,066
Contract Liabilities	$ 11,061	$ 9,099

Leases - Additional Information (Details) $ in Millions	9 Months Ended
Leases - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($)
Leases [Line Items]
Short term lease commitments	$ 2.8
Minimum
Leases [Line Items]
Lessor, initial lease term	1 year
Lessor, lease renewal term	1 year
Lessor operating lease, termination	1 month
Lessee, initial lease term	1 year
Lessee, lease renewal term	1 year
Lessee operating lease, termination	1 month
Maximum
Leases [Line Items]
Lessor, initial lease term	35 years
Lessor, lease renewal term	20 years
Lessor operating lease, termination	6 months
Lessee, initial lease term	30 years
Lessee, lease renewal term	20 years
Lessee operating lease, termination	6 months

Leases - Components of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Lease income - operating leases	$ 224,562	$ 211,089	$ 668,754	$ 622,408

Leases - Lease Payments to be Received under Non-Cancellable Operating Leases (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Lessee Lease Description [Line Items]
2022	$ 191,496
2023	777,937
2024	784,400
2025	785,568
2026	787,169
Thereafter	3,066,497
Total lease receivables	6,393,067
Total future minimum lease payments to be received	6,393,067
Windstream
Lessee Lease Description [Line Items]
Total lease receivables	5,500,000
Total future minimum lease payments to be received	$ 5,500,000

Leases - Schedule of Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	$ 8,216,258	$ 7,978,363
Less: accumulated depreciation	(5,502,245)	(5,391,479)
Underlying assets under operating leases, net	2,714,013	2,586,884
Land
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	26,550	26,593
Building and improvements
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	344,836	343,624
Poles
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	293,504	281,130
Fiber
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	3,465,878	3,278,276
Equipment
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	428	428
Copper
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	3,955,180	3,918,281
Conduit
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	89,925	89,859
Tower assets
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	1,397	1,397
Finance lease assets
Lessor Lease Description [Line Items]
Finance lease assets	28,126	28,126
Other assets
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	$ 10,434	$ 10,649

Leases - Schedule of Depreciation Expense for Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Depreciation expense for underlying assets under operating leases	$ 44,127	$ 44,763	$ 130,858	$ 134,783

Leases - Future Lease Payments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating Leases
2022	$ 4,079
2023	15,588
2024	13,201
2025	10,529
2026	7,739
Thereafter	47,463
Total undiscounted lease payments	98,599
Less: imputed interest	(33,918)
Operating lease liabilities	64,681	$ 57,355
Finance Leases
2022	625
2023	2,497
2024	2,307
2025	2,254
2026	2,254
Thereafter	14,878
Total undiscounted lease payments	24,815
Less: imputed interest	(9,246)
Total lease liabilities	$ 15,569

Investments in Unconsolidated Entities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule Of Equity Method Investments [Line Items]
Proceeds from sale of unconsolidated entity				$ 32,527	$ 0
Gain on sale of unconsolidated entity				7,923	0
Income tax (benefit) expense	$ (13,056)		$ (2,244)	$ (10,183)	$ 283
Propco
Schedule Of Equity Method Investments [Line Items]
Equity method investment retained after disposal				20.00%
BB Fiber Holdings LLC
Schedule Of Equity Method Investments [Line Items]
Equity method investments	$ 39,000			$ 39,000
Harmoni
Schedule Of Equity Method Investments [Line Items]
Proceeds from sale of unconsolidated entity				$ 32,500
Gain on sale of unconsolidated entity		$ 7,900
Income tax (benefit) expense		$ 6,700
BB Fiber Holdings LLC \| Propco
Schedule Of Equity Method Investments [Line Items]
Percentage of ownership interest	47.50%			47.50%

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Liabilities
Settlement payable	$ 235,225	$ 254,725
Derivative liability, net	822	10,413
Total	4,674,434	5,578,491
Quoted Prices in Active Markets (Level 1)
Liabilities
Settlement payable	0	0
Derivative liability, net	0	0
Total	0	0
Prices with Other Observable Inputs (Level 2)
Liabilities
Settlement payable	235,225	254,725
Derivative liability, net	822	10,413
Total	4,674,434	5,578,491
Prices with Unobservable Inputs (Level 3)
Liabilities
Settlement payable	0	0
Derivative liability, net	0	0
Total	0	0
7.875% Senior Secured Notes
Liabilities
Senior notes	$ 2,198,565	$ 2,351,576
Issuance senior notes, stated percentage	7.875%	7.875%
7.875% Senior Secured Notes \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
7.875% Senior Secured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	2,198,565	2,351,576
7.875% Senior Secured Notes \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
4.75% Senior Secured Notes
Liabilities
Senior notes	$ 451,640	$ 560,857
Issuance senior notes, stated percentage	4.75%	4.75%
4.75% Senior Secured Notes \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
4.75% Senior Secured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	451,640	560,857
4.75% Senior Secured Notes \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
6.50% Senior Unsecured Notes
Liabilities
Senior notes	$ 748,728	$ 1,087,844
Issuance senior notes, stated percentage	6.50%	6.50%
6.50% Senior Unsecured Notes \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
6.50% Senior Unsecured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	748,728	1,087,844
6.50% Senior Unsecured Notes \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
6.00% Senior Unsecured Notes
Liabilities
Senior notes	$ 447,965	$ 659,992
Issuance senior notes, stated percentage	6.00%	6.00%
6.00% Senior Unsecured Notes \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
6.00% Senior Unsecured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	447,965	659,992
6.00% Senior Unsecured Notes \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Liabilities
Senior notes	$ 316,517	$ 453,104
Issuance senior notes, stated percentage	4.00%	4.00%
Exchangeable Senior Notes - 4.00%, due June 15, 2024 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Exchangeable Senior Notes - 4.00%, due June 15, 2024 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	316,517	453,104
Exchangeable Senior Notes - 4.00%, due June 15, 2024 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Senior Secured Revolving Credit Facility
Liabilities
Senior secured loan	274,972	199,980
Senior Secured Revolving Credit Facility \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior secured loan	0	0
Senior Secured Revolving Credit Facility \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan	274,972	199,980
Senior Secured Revolving Credit Facility \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior secured loan	$ 0	$ 0

Fair Value of Financial Instruments - Additional Information (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 01, 2020 USD ($) installment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount	$ 5,250,000	$ 5,175,000
Settlement payable	248,117	$ 239,384
Windstream Commitment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other commitment			$ 490,100
Number of installments \| installment			20
Prices with Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notes and other debt, fair value	$ 4,440,000

Property, Plant and Equipment - Schedule of Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 9,605,865
Property, plant, and equipment and finance lease right-of-use asset	9,605,865	$ 9,250,151
Less accumulated depreciation	(5,912,284)	(5,741,212)
Net property, plant and equipment	3,693,581	3,508,939
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	28,678	28,449
Building and improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 361,592	359,980
Building and improvements \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	3 years
Building and improvements \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	40 years
Poles
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 293,504	281,130
Fiber
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 4,354,532	4,107,519
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 375,340	331,761
Equipment \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	5 years
Equipment \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Copper
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Property, plant and equipment, gross	$ 3,955,180	3,918,281
Conduit
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 89,925	89,859
Tower assets
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Property, plant and equipment, gross	$ 8,544	8,544
Finance lease assets
Property Plant And Equipment [Line Items]
Finance lease assets	73,203	72,284
Other assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 10,451	10,652
Other assets \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	15 years
Other assets \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Corporate assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 14,775	14,326
Corporate assets \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	3 years
Corporate assets \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Construction in progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 40,141	$ 27,366

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 66.1	$ 65.7	$ 194.9	$ 196.8

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 25, 2019	Apr. 27, 2015
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Reclassification out of other comprehensive income into interest (expense) benefit	$ (97,731)	$ (94,793)	$ (290,280)	$ (341,762)
Estimated amount to be reclassified as an increase to interest expense	800		800
Common Stock Warrants
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Exercise price of warrants or rights (in dollars per share)					$ 16.42
Reclassification Out of Other Comprehensive Income \| Designated as Cash Flow Hedges
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Reclassification out of other comprehensive income into interest (expense) benefit	$ 2,800	$ 2,800	$ 8,500	$ 8,500
Maximum \| Common Stock Warrants
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Warrants (in shares)					27,800,000
Maximum number of shares issued pursuant to warrants (in shares)					55,500,000
Interest Rate Swap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional value						$ 2,000,000

Derivative Instruments and Hedging Activities - Summary of Gross Amount of Derivative Instruments Subject to Master Netting Arrangements With Same Counterparty (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Offsetting Assets And Liabilities [Line Items]
Gross Amounts of Recognized Assets	$ 1,278	$ 10,788
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	(1,278)	(10,788)
Derivative Asset	0	0
Gross Amounts of Recognized Liabilities	2,100	21,201
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	(1,278)	(10,788)
Derivative Liability	822	10,413
Interest Rate Swap
Offsetting Assets And Liabilities [Line Items]
Gross Amounts of Recognized Assets	1,278	10,788
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	(1,278)	(10,788)
Derivative Asset	0	0
Gross Amounts of Recognized Liabilities	2,100	21,201
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	(1,278)	(10,788)
Derivative Liability	$ 822	$ 10,413

Derivative Instruments and Hedging Activities - Summary of Fair Value of Derivative Instruments and Presentation in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Derivative liability, net	$ 822	$ 10,413
Interest Rate Swap
Derivatives Fair Value [Line Items]
Derivative liability, net	$ 822	$ 10,413

Goodwill and Intangible Assets and Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Remaining weighted average amortization period of intangible assets			14 years 4 months 24 days
Amortization of intangible assets	$ 7.5	$ 4.8	$ 22.3	$ 14.3
Estimated amortization expense for 2022	29.8		29.8
Estimated amortization expense for 2023	29.8		29.8
Estimated amortization expense for 2024	29.7		29.7
Estimated amortization expense for 2025	29.7		29.7
Estimated amortization expense for 2026	29.7		29.7
Revenue related to amortization of below-market leases	2.7	$ 2.7	$ 8.0	$ 8.0
Remaining weighted average amortization period of intangible liabilities			17 years 2 months 12 days
Estimated revenue due to amortization, 2022	10.7		$ 10.7
Estimated revenue due to amortization, 2023	10.7		10.7
Estimated revenue due to amortization, 2024	10.7		10.7
Estimated revenue due to amortization, 2025	10.7		10.7
Estimated revenue due to amortization, 2026	$ 10.7		$ 10.7

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill [Roll Forward]
Goodwill at December 31, 2021			$ 601,878
Goodwill impairment loss	$ (216,000)	$ 0	(216,000)	$ 0
Goodwill at September 30, 2022	385,878		385,878
Fiber Infrastructure
Goodwill [Roll Forward]
Goodwill at December 31, 2021			601,878
Goodwill impairment loss			(216,000)
Goodwill at September 30, 2022	$ 385,878		$ 385,878

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Value of the Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible assets, Original Cost	$ 479,137	$ 479,137
Less: accumulated amortization	(136,846)	(114,507)
Total intangible assets, net	342,291	364,630
Less: accumulated amortization	(21,389)	(13,368)
Total intangible liabilities, net	169,765	177,786
Customer lists
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost	416,104	416,104
Less: accumulated amortization	(123,012)	(105,861)
Contracts
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost	52,536	52,536
Less: accumulated amortization	(13,134)	(8,209)
Underlying Rights
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost	10,497	10,497
Less: accumulated amortization	(700)	(437)
Below-market leases
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible liabilities	191,154	191,154
Less: accumulated amortization	$ (21,389)	$ (13,368)

Notes and Other Debt - Schedule of Notes and Other Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal amount	$ 5,250,000	$ 5,175,000
Less unamortized discount, premium and debt issuance costs	(70,673)	(84,463)
Long-Term Debt, Total	5,179,327	5,090,537
Senior Secured Notes - 7.875% Due February 15, 2025
Debt Instrument [Line Items]
Principal amount	2,250,000	2,250,000
Less unamortized discount, premium and debt issuance costs	$ (24,604)	$ (31,411)
Issuance senior notes, stated percentage	7.875%	7.875%
Effective interest rate	8.38%
Senior Secured Notes - 4.75% Due April 15, 2028
Debt Instrument [Line Items]
Principal amount	$ 570,000	$ 570,000
Less unamortized discount, premium and debt issuance costs	$ (7,968)	$ (8,886)
Issuance senior notes, stated percentage	4.75%	4.75%
Effective interest rate	5.04%
Senior Unsecured Notes - 4.00%, Due June 15, 2024
Debt Instrument [Line Items]
Principal amount	$ 345,000	$ 345,000
Less unamortized discount, premium and debt issuance costs	$ (4,376)	(6,187)
Issuance senior notes, stated percentage	4.00%
Effective interest rate	4.77%
Senior Unsecured Notes - 6.50%, Due February 15, 2029
Debt Instrument [Line Items]
Principal amount	$ 1,110,000	1,110,000
Less unamortized discount, premium and debt issuance costs	$ (18,840)	$ (20,797)
Issuance senior notes, stated percentage	6.50%	6.50%
Effective interest rate	6.83%
Senior Unsecured Notes - 6.00%, Due January 15, 2030
Debt Instrument [Line Items]
Principal amount	$ 700,000	$ 700,000
Less unamortized discount, premium and debt issuance costs	$ (10,831)	(11,689)
Issuance senior notes, stated percentage	6.00%
Effective interest rate	6.27%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount	$ 275,000	200,000
Less unamortized discount, premium and debt issuance costs	$ (4,054)	$ (5,493)

Notes and Other Debt - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) day	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt instrument amount	$ 5,250,000		$ 5,250,000		$ 5,175,000
Debt Instrument, debt default, amount	75,000		$ 75,000
Debt instrument, covenant, lease default period threshold \| day			90
Amortization of deferred financing costs	$ 4,400	$ 4,200	$ 13,000	$ 12,400
Maximum
Debt Instrument [Line Items]
Debt instrument, covenant, secured leverage ratio	5.00%		5.00%
Consolidated total leverage ratio	6.50%		6.50%
Maximum \| Pro Forma
Debt Instrument [Line Items]
Debt instrument, covenant, secured leverage ratio	4.00%		4.00%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument amount	$ 275,000		$ 275,000		200,000
Commitment fee percentage of average amount of unused commitments			0.50%
Commitment fee step-down percentage of average amount of unused commitments			0.40%
7.875% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument amount	$ 2,250,000		$ 2,250,000		$ 2,250,000
Issuance senior notes, stated percentage	7.875%		7.875%		7.875%
4.75% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument amount	$ 570,000		$ 570,000		$ 570,000
Issuance senior notes, stated percentage	4.75%		4.75%		4.75%
6.50% Senior Notes
Debt Instrument [Line Items]
Debt instrument amount	$ 1,110,000		$ 1,110,000
Issuance senior notes, stated percentage	6.50%		6.50%
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Debt Instrument [Line Items]
Debt instrument amount	$ 345,000		$ 345,000
Issuance senior notes, stated percentage	4.00%		4.00%		4.00%
6.00% Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument amount	$ 700,000		$ 700,000
Issuance senior notes, stated percentage	6.00%		6.00%
Extended Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument amount	$ 500,000		$ 500,000
Extended Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			3.50%
Extended Revolving Credit Facility \| Maximum \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			4.50%
Extended Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.75%
Extended Revolving Credit Facility \| Minimum \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			3.75%

Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net (loss) income attributable to shareholders	$ (155,679)	$ 43,366	$ (49,252)	$ 87,835
Less: Income allocated to participating securities	226	283	897	864
Dividends declared on convertible preferred stock	(5)	(3)	(15)	(8)
Net (loss) income attributable to common shareholders	$ (155,910)	$ 43,080	$ (50,164)	$ 86,963
Denominator:
Basic weighted-average common shares outstanding	235,739	233,513	235,483	232,269
Basic (loss) earnings per common share	$ (0.66)	$ 0.18	$ (0.21)	$ 0.37
Numerator:
Net (loss) income attributable to shareholders	$ (155,679)	$ 43,366	$ (49,252)	$ 87,835
Less: Income allocated to participating securities	(226)	(283)	(897)	(864)
Dividends declared on convertible preferred stock	(5)	(3)	(15)	(8)
Impact on if-converted dilutive securities	0	2,984	0	0
Net (loss) income attributable to common shares	$ (155,910)	$ 46,064	$ (50,164)	$ 86,963
Denominator:
Basic weighted-average common shares outstanding	235,739	233,513	235,483	232,269
Effect of dilutive non-participating securities	0	338	0	271
Impact on if-converted dilutive securities	0	30,570	0	0
Weighted-average shares for dilutive earnings per common share	235,739	264,421	235,483	232,540
Dilutive (loss) earnings per common share	$ (0.66)	$ 0.17	$ (0.21)	$ 0.37

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Non-Participating Securities
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilution adjustments (in shares)	847,147	847,147
Convertible Debt Securities
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilution adjustments (in shares)	31,691,390	31,691,390	30,569,588

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenues	$ 283,103	$ 266,747	$ 845,112	$ 807,513
Adjusted EBITDA	225,053	217,227	677,006	647,209
Interest expense	97,731	94,793	290,280	341,762
Depreciation and amortization	73,516	70,530	217,276	211,165
Transaction related and other costs	2,375	1,063	7,324	5,624
Gain on sale of real estate	(94)	0	(344)	(442)
Gain on sale of operations	(176)	0	(176)	(28,143)
Goodwill impairment	216,000	0	216,000	0
Other, net	600	4,472	(6,534)	14,569
Stock-based compensation	3,151	4,166	9,664	10,963
Income tax (benefit) expense	(13,056)	(2,244)	(10,183)	283
Adjustments for equity in earnings from unconsolidated entities	755	765	2,816	2,609
Net (loss) income	(155,749)	43,682	(49,117)	88,819
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA	(6,742)	(4,632)	(19,153)	(17,444)
Depreciation and amortization	25	62	98	195
Leasing
Segment Reporting Information [Line Items]
Revenues	208,623	199,485	618,878	590,478
Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	208,623	199,485	618,878	590,478
Adjusted EBITDA	203,209	194,303	602,531	577,937
Depreciation and amortization	43,121	41,432	127,738	124,132
Fiber Infrastructure
Segment Reporting Information [Line Items]
Revenues	74,480	67,262	226,234	217,035
Goodwill impairment			216,000
Fiber Infrastructure \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	74,480	67,262	226,234	217,035
Adjusted EBITDA	28,586	27,556	93,628	86,716
Depreciation and amortization	$ 30,370	$ 29,036	$ 89,440	$ 86,838

Commitments and Contingencies - Additional Information (Details) $ in Millions			9 Months Ended
	Mar. 25, 2022 USD ($)	Oct. 14, 2021 USD ($) payment	Sep. 30, 2022 USD ($) day	Oct. 01, 2020 USD ($) installment
Commitments And Contingencies [Line Items]
Other commitment, number of prepaid installment payments \| payment		4
Other commitment, reimbursement default period threshold \| day			30
Settlement expense	$ 38.9
SLF Holdings, LLC
Commitments And Contingencies [Line Items]
Settlement expense			$ 38.9
Insurance recovery for settlement expense			38.9
Windstream Commitment
Commitments And Contingencies [Line Items]
Other commitment				$ 490.1
Number of installments \| installment				20
Percentage of committed purchase of assets				9.00%
Prepayment of settlement obligations under settlement agreement		$ 92.9
First five quarterly cash payments to be made after emergence			215.4
Windstream Commitment, Growth Capital Improvements
Commitments And Contingencies [Line Items]
Other commitment				$ 1,750.0
Growth capital improvements fund annual limit			250.0
Growth capital improvements reimbursement amount			158.1
New lease, aggregate reimbursements made for certain growth capital improvements			30.6
Lease incentive			$ 0.8
Windstream Commitment, Growth Capital Improvements \| Maximum
Commitments And Contingencies [Line Items]
Other commitment, to be paid, remainder of fiscal year				125.0
Other commitment, to be paid, year one				225.0
Other commitment, to be paid, year two				225.0
Other commitment, to be paid, year three				225.0
Other commitment, to be paid, year four				225.0
Other commitment, to be paid, year five				175.0
Other commitment, to be paid, year six				175.0
Other commitment, to be paid, year seven				125.0
Other commitment, to be paid, year eight				125.0
Other commitment, to be paid, year nine				125.0
Windstream Commitments, Growth Capital Improvements, Cost Reimbursements
Commitments And Contingencies [Line Items]
Other commitment				$ 70.0
Windstream Commitments, Equipment Loan and Security Agreements
Commitments And Contingencies [Line Items]
Accrued interest rate for borrowing			8.00%
Windstream Commitments, Equipment Loan and Security Agreements \| Maximum
Commitments And Contingencies [Line Items]
Other commitment			$ 125.0
New lease, aggregate reimbursements made for certain growth capital improvements			$ 25.0
Windstream
Commitments And Contingencies [Line Items]
Annual rent adjustment for Growth Capital Funding			8.00%
Rate used for rent percentage			100.50%
Maximum funding rights allocated per year upon transfer of interests under Windstream lease			$ 20.0

Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (2,075,198)	$ (2,133,440)	$ (2,113,774)	$ (2,072,376)
Other comprehensive income	2,829	2,830	8,488	8,488
Ending balance	(2,260,175)	(2,118,241)	(2,260,175)	(2,118,241)
Cash flow hedge changes in fair value
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(30,353)	(30,353)	(30,353)	(30,353)
Ending balance	(30,353)	(30,353)	(30,353)	(30,353)
Cash flow hedge changes in fair value \| Interest Rate Swap
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss), before reclassifications, net of tax	26,837	15,561	21,189	9,986
Amounts reclassified from accumulated other comprehensive income	2,829	2,830	8,488	8,488
Other comprehensive income	29,666	18,391	29,677	18,474
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,516)	(14,792)	(9,164)	(20,367)
Other comprehensive income	2,828	2,808	8,476	8,383
Ending balance	(688)	(11,984)	(688)	(11,984)
Interest rate swap termination, noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income	1	22	12	105
Interest rate swap termination, parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income	$ 29,665	$ 18,369	$ 29,665	$ 18,369

Capital Stock (Details) $ in Millions	9 Months Ended
Capital Stock (Details) $ in Millions	Sep. 30, 2022 USD ($) shares
Schedule Of Capitalization Equity [Line Items]
Conversion of stock, ratio	1
Exchange of noncontrolling interest (in shares)	591,349
Percentage of units exchanged held by third parties	85.00%
Noncontrolling Interest - OP Units
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest \| $	$ 11.9
Cash Share Exchange
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest (in shares)	346,667
Cash Share Exchange \| Noncontrolling Interest - OP Units
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest \| $	$ 4.6
Common Share Exchange
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest (in shares)	244,683