0001628280-23-036428 | 10-Q | XBRL Viewer

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Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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 (the “FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (the “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 28, 2023, as amended by Amendment No. 1 thereto filed on Form 10-K/A with the SEC on March 29, 2023 (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. The Windstream Leases consist of (a) a master lease (the "ILEC MLA") that governs Uniti owned assets used for Windstream's incumbent local exchange carrier ("ILEC") operations and (b) a master lease (the "CLEC MLA") that governs Uniti owned assets used for Windstream's consumer competitive local exchange carrier ("CLEC") operations. Revenue under the Windstream Leases provided 66.9% and 66.4% of our revenue for the nine months ended September 30, 2023 and 2022, 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. 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, 2023 and December 31, 2022, all of our goodwill is included in our Uniti Fiber 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 estimated and 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 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, 2023, 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 the continuing rise in interest rates, impacting our discount rate. As a result of the interim assessment of goodwill, we concluded that the fair value of the Uniti Fiber segment, estimated using a combination of the income approach and market approach, is less than its carrying amount. Accordingly, we recorded a $153.0 million ($113.9 million net of tax) goodwill impairment charge in the Uniti Fiber segment during the three months ended September 30, 2023. 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 Uniti Fiber segment, estimated using a combination of the income approach and market approach, is less than its carrying amount. Accordingly, we recorded a $216.0 million ($205.7 million net of tax) goodwill impairment charge in the Uniti Fiber segment during the three months ended September 30, 2022. Recently Adopted Accounting Pronouncements In March 2022, the FASB issued Accounting Standards Update ("ASU") 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"), which eliminates the accounting guidance for troubled debt restructurings and requires the disclosure of current-period gross write-offs of financing receivables and net investment in leases by year of origination. The Company adopted ASU 2022-02 on January 1, 2023, and the adoption had no impact on the Company's consolidated financial statements. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"), which provides additional relief for contract modifications completed after the December 31, 2022 LIBOR sunset date. The amendment allows for a deferral until December 31, 2024. The Company adopted ASU 2022-06 at issuance, and the adoption had no impact on the Company's consolidated financial statements.

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Non-Participating Securities
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilution adjustments (in shares)	1,053,189	1,053,189
Convertible Debt Securities
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilution adjustments (in shares)	53,427,833	53,836,845

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Feb. 14, 2023	Dec. 31, 2022	Jun. 25, 2019
Liabilities
Settlement payable	$ 174,075		$ 232,350,000
Total	4,982,734		4,750,497,000
Quoted Prices in Active Markets (Level 1)
Liabilities
Total	0		0
Prices with Other Observable Inputs (Level 2)
Liabilities
Settlement payable	174,075		232,350,000
Total	4,982,734		4,750,497,000
Prices with Unobservable Inputs (Level 3)
Liabilities
Total	0		0
Senior Secured Notes - 10.50% Due February 15, 2028
Liabilities
Senior notes	$ 2,530,476
Issuance senior notes, stated percentage	10.50%
Senior Secured Notes - 10.50% Due February 15, 2028 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	$ 2,530,476
7.875% Senior Secured Notes
Liabilities
Senior notes			$ 2,208,319,000
Issuance senior notes, stated percentage	7.875%	7.875%	7.875%
7.875% Senior Secured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes			$ 2,208,319,000
4.75% Senior Secured Notes
Liabilities
Senior notes	$ 460,130		$ 469,740,000
Issuance senior notes, stated percentage	4.75%		4.75%
4.75% Senior Secured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	$ 460,130		$ 469,740,000
Senior Unsecured Notes - 6.00%, Due January 15, 2030
Liabilities
Senior notes	$ 441,809		$ 467,401,000
Issuance senior notes, stated percentage	6.00%		6.00%
Senior Unsecured Notes - 6.00%, Due January 15, 2030 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	$ 441,809		$ 467,401,000
6.50% Senior Unsecured Notes
Liabilities
Senior notes	$ 723,720		$ 759,917,000
Issuance senior notes, stated percentage	6.50%		6.50%
6.50% Senior Unsecured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	$ 723,720		$ 759,917,000
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Liabilities
Senior notes	$ 118,016		$ 127,024,000
Issuance senior notes, stated percentage	4.00%		4.00%	4.00%
Exchangeable Senior Notes - 4.00%, due June 15, 2024 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	$ 118,016		$ 127,024,000
Convertible Senior Notes 2027
Liabilities
Senior notes	$ 263,535		$ 297,765,000
Issuance senior notes, stated percentage	7.50%		7.50%
Convertible Senior Notes 2027 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	$ 263,535		$ 297,765,000
Senior Secured Revolving Credit Facility
Liabilities
Senior secured loan	270,973		187,981,000
Senior Secured Revolving Credit Facility \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan	$ 270,973		$ 187,981,000

Revenues - Revenues Disaggregated by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 61,022	$ 58,541	$ 178,718	$ 176,358
Lease income - operating leases	229,633	224,562	685,457	668,754
Total revenues	290,655	283,103	864,175	845,112
Uniti Fiber
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	59,154	57,340	173,576	172,805
Lease income - operating leases	16,913	17,140	52,750	53,429
Total revenues	76,067	74,480	226,326	226,234
Uniti Fiber \| Lit backhaul
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	18,246	19,969	57,221	59,344
Uniti Fiber \| Enterprise and wholesale
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	24,211	21,423	70,144	63,359
Uniti Fiber \| E-Rate and government
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	15,911	15,245	43,947	48,026
Uniti Fiber \| Other
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	786	703	2,264	2,076
Uniti Leasing
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	1,868	1,201	5,142	3,553
Lease income - operating leases	212,720	207,422	632,707	615,325
Total revenues	$ 214,588	$ 208,623	$ 637,849	$ 618,878

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Lessor Accounting

We lease communications towers, ground space, colocation space 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, 2023 and 2022, respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2023		2022		2023		2022
Lease income - operating leases	$	229,633	$	224,562	$	685,457	$	668,754

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, 2023 are as follows:


(Thousands)	September 30, 2023⁽¹⁾
2023	$	196,452
2024	804,866
2025	813,967
2026	815,516
2027	816,453
Thereafter	2,351,694
Total lease receivables	$	5,798,948
(1) Total future minimum lease payments to be received include $4.9 billion relating to the Windstream Leases.

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


(Thousands)	September 30, 2023		December 31, 2022
Land	$	26,533	$	26,549
Building and improvements	347,002		346,093
Poles	309,901		296,941
Fiber	3,802,120		3,529,835
Equipment	437		437
Copper	3,978,336		3,964,439
Conduit	89,963		89,963
Tower assets	1,165		1,397
Finance lease assets	2,615		28,126
Other assets	10,434		10,434
	8,568,506		8,294,214
Less: accumulated depreciation	(5,660,717)		(5,542,726)
Underlying assets under operating leases, net	$	2,907,789	$	2,751,488

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2023 and 2022, respectively, is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2023		2022		2023		2022
Depreciation expense for underlying assets under operating leases	$	45,795	$	44,127	$	136,640	$	130,858

Lessee Accounting

We have commitments under operating leases for communications towers, ground space, colocation space, dark fiber and buildings. We also have finance leases for dark fiber and automobiles. 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, 2023, we have short term lease commitments amounting to approximately $3.40 million.

Future lease payments under non-cancellable leases as of September 30, 2023 are as follows:


(Thousands)	Operating Leases		Finance Leases
2023	$	4,169	$	928
2024	17,941		3,521
2025	15,090		3,468
2026	11,701		3,335
2027	9,060		2,960
Thereafter	101,405		12,934
Total undiscounted lease payments	$	159,366	$	27,146
Less: imputed interest	(78,064)		(8,758)
Total lease liabilities	$	81,302	$	18,388

Leases

Lessor Accounting

The components of lease income for the three and nine months ended September 30, 2023 and 2022, respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2023		2022		2023		2022
Lease income - operating leases	$	229,633	$	224,562	$	685,457	$	668,754

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, 2023 are as follows:


(Thousands)	September 30, 2023⁽¹⁾
2023	$	196,452
2024	804,866
2025	813,967
2026	815,516
2027	816,453
Thereafter	2,351,694
Total lease receivables	$	5,798,948
(1) Total future minimum lease payments to be received include $4.9 billion relating to the Windstream Leases.

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


(Thousands)	September 30, 2023		December 31, 2022
Land	$	26,533	$	26,549
Building and improvements	347,002		346,093
Poles	309,901		296,941
Fiber	3,802,120		3,529,835
Equipment	437		437
Copper	3,978,336		3,964,439
Conduit	89,963		89,963
Tower assets	1,165		1,397
Finance lease assets	2,615		28,126
Other assets	10,434		10,434
	8,568,506		8,294,214
Less: accumulated depreciation	(5,660,717)		(5,542,726)
Underlying assets under operating leases, net	$	2,907,789	$	2,751,488

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2023 and 2022, respectively, is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2023		2022		2023		2022
Depreciation expense for underlying assets under operating leases	$	45,795	$	44,127	$	136,640	$	130,858

Lessee Accounting

As of September 30, 2023, we have short term lease commitments amounting to approximately $3.40 million.

Future lease payments under non-cancellable leases as of September 30, 2023 are as follows:


(Thousands)	Operating Leases		Finance Leases
2023	$	4,169	$	928
2024	17,941		3,521
2025	15,090		3,468
2026	11,701		3,335
2027	9,060		2,960
Thereafter	101,405		12,934
Total undiscounted lease payments	$	159,366	$	27,146
Less: imputed interest	(78,064)		(8,758)
Total lease liabilities	$	81,302	$	18,388

Leases

Lessor Accounting

The components of lease income for the three and nine months ended September 30, 2023 and 2022, respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2023		2022		2023		2022
Lease income - operating leases	$	229,633	$	224,562	$	685,457	$	668,754

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, 2023 are as follows:


(Thousands)	September 30, 2023⁽¹⁾
2023	$	196,452
2024	804,866
2025	813,967
2026	815,516
2027	816,453
Thereafter	2,351,694
Total lease receivables	$	5,798,948
(1) Total future minimum lease payments to be received include $4.9 billion relating to the Windstream Leases.

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


(Thousands)	September 30, 2023		December 31, 2022
Land	$	26,533	$	26,549
Building and improvements	347,002		346,093
Poles	309,901		296,941
Fiber	3,802,120		3,529,835
Equipment	437		437
Copper	3,978,336		3,964,439
Conduit	89,963		89,963
Tower assets	1,165		1,397
Finance lease assets	2,615		28,126
Other assets	10,434		10,434
	8,568,506		8,294,214
Less: accumulated depreciation	(5,660,717)		(5,542,726)
Underlying assets under operating leases, net	$	2,907,789	$	2,751,488

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2023 and 2022, respectively, is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2023		2022		2023		2022
Depreciation expense for underlying assets under operating leases	$	45,795	$	44,127	$	136,640	$	130,858

Lessee Accounting

As of September 30, 2023, we have short term lease commitments amounting to approximately $3.40 million.

Future lease payments under non-cancellable leases as of September 30, 2023 are as follows:


(Thousands)	Operating Leases		Finance Leases
2023	$	4,169	$	928
2024	17,941		3,521
2025	15,090		3,468
2026	11,701		3,335
2027	9,060		2,960
Thereafter	101,405		12,934
Total undiscounted lease payments	$	159,366	$	27,146
Less: imputed interest	(78,064)		(8,758)
Total lease liabilities	$	81,302	$	18,388

Notes and Other Debt - Additional Information (Details) $ in Thousands			3 Months Ended			9 Months Ended
	Mar. 24, 2023 USD ($) day	Feb. 14, 2023 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 21, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 25, 2019
Debt Instrument [Line Items]
Debt instrument amount			$ 5,680,442			$ 5,680,442			$ 5,262,373
Debt instrument, covenant, lease default period threshold \| day	90
Gain (loss) on extinguishment of debt						(31,187)	$ 0
Interest expense			120,691		$ 97,731	389,243	290,280
Amortization of deferred financing costs			4,400		$ 4,400	13,600	$ 13,000
CSL Capital, LLC
Debt Instrument [Line Items]
Debt Instrument, debt default, amount	$ 75,000
Maximum
Debt Instrument [Line Items]
Debt instrument, covenant, secured leverage ratio	5.00%
Consolidated total leverage ratio	6.50%
Maximum \| Pro Forma
Debt Instrument [Line Items]
Debt instrument, covenant, secured leverage ratio	4.00%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument amount			271,000			$ 271,000			188,000
Commitment fee percentage of average amount of unused commitments	0.50%
Commitment fee step-down percentage of average amount of unused commitments	0.40%
Senior Secured Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						0.10%
Senior Secured Notes - 10.50% Due February 15, 2028
Debt Instrument [Line Items]
Debt instrument amount			$ 2,600,000			$ 2,600,000			0
Issuance senior notes, stated percentage			10.50%			10.50%
Covenant, approval period		60 days
Senior Secured Notes - 10.50% Due February 15, 2028 \| Secured Debt
Debt Instrument [Line Items]
Issuance senior notes, stated percentage		10.50%
Debt instrument, face amount		$ 2,600,000
Issuance price, percentage		1
Redemption price, percentage		100.00%
Senior Secured Notes - 10.50% Due February 15, 2028 \| Secured Debt \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage		103.00%
Redemption price, percentage of principal amount redeemed		0.10
Senior Secured Notes - 10.50% Due February 15, 2028 \| Secured Debt \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage		110.50%
Redemption price, percentage of principal amount redeemed		0.40
Senior Secured Notes - 10.50% Due February 15, 2028 \| Secured Debt \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price, percentage		101.00%
Redemption price, percentage of principal amount redeemed		0.60
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 Unsecured Notes
Debt Instrument [Line Items]
Debt instrument amount			$ 1,110,000			$ 1,110,000			$ 1,110,000
Issuance senior notes, stated percentage			6.50%			6.50%			6.50%
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Debt Instrument [Line Items]
Debt instrument amount			$ 122,942			$ 122,942			$ 137,873
Issuance senior notes, stated percentage			4.00%			4.00%			4.00%	4.00%
Gain (loss) on extinguishment of debt				$ 1,100
Repurchased face amount								$ 15,000
Debt instrument, repurchase amount								$ 13,700
Write off of deferred debt issuance cost				100
Senior Unsecured Notes - 6.00%, Due January 15, 2030
Debt Instrument [Line Items]
Debt instrument amount			$ 700,000			$ 700,000			$ 700,000
Issuance senior notes, stated percentage			6.00%			6.00%			6.00%
Convertible Senior Notes 2027
Debt Instrument [Line Items]
Debt instrument amount			$ 306,500			$ 306,500			$ 306,500
Issuance senior notes, stated percentage			7.50%			7.50%			7.50%
Extended Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument amount	$ 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 \| Secured Overnight Financing Rate (SOFR)
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 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.75%
7.875% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument amount			$ 0			$ 0			$ 2,250,000
Issuance senior notes, stated percentage		7.875%	7.875%			7.875%			7.875%
7.875% Senior Secured Notes \| Secured Debt
Debt Instrument [Line Items]
Debt issuance costs, net				10,300
Interest expense				22,000
7.875% Senior Secured Notes \| Secured Debt \| Interest Expense
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt				$ (32,300)

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2023
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, 2023, we are the sole general partner of the Operating Partnership and own approximately 99.96% of the partnership interests in the Operating Partnership.

Revenues - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 44	$ 173
Contract Liabilities	$ 11,129	$ 8,699

Condensed Consolidated Statements of Shareholders' Deficit - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Distributions in Excess of Accumulated Earnings	Noncontrolling Interest - OP Units	Noncontrolling Interest - Non- voting Preferred Shares
Beginning balance (in shares) at Dec. 31, 2021		0
Beginning balance (in shares) at Dec. 31, 2021			234,779,247,000
Beginning balance at Dec. 31, 2021	$ (2,113,774)	$ 0	$ 23	$ 1,214,830	$ (9,164)	$ (3,333,481)	$ 13,893	$ 125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(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		0
Ending balance (in shares) at Sep. 30, 2022			235,741,244,000
Ending balance at Sep. 30, 2022	(2,260,175)	$ 0	$ 24	1,227,905	(688)	(3,489,718)	2,052	250
Beginning balance (in shares) at Jun. 30, 2022		0
Beginning balance (in shares) at Jun. 30, 2022			235,699,513,000
Beginning balance at Jun. 30, 2022	(2,075,198)	$ 0	$ 24	1,224,427	(3,516)	(3,298,455)	2,072	250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(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		$ 0	3,151
Issuance of common stock - employee stock purchase plan (in shares)			40,530,000
Issuance of common stock - employee stock purchase plan	325
Ending balance (in shares) at Sep. 30, 2022		0
Ending balance (in shares) at Sep. 30, 2022			235,741,244,000
Ending balance at Sep. 30, 2022	$ (2,260,175)	$ 0	$ 24	1,227,905	(688)	(3,489,718)	2,052	250
Beginning balance (in shares) at Dec. 31, 2022	0	0
Beginning balance (in shares) at Dec. 31, 2022	235,829,000		235,829,485,000
Beginning balance at Dec. 31, 2022	$ (2,271,206)	$ 0	$ 24	1,210,033	0	(3,483,634)	2,121	250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(74,506)					(74,473)	(33)
Other comprehensive income	0
Common stock dividends declared	(107,462)					(107,462)
Distributions to noncontrolling interest declared	(48)						(48)
Payment for settlement of common stock warrant	(56)			(56)
Termination of bond hedge option	59			59
Payments related to tax withholding for stock-based compensation	(1,359)			(1,359)
Stock-based compensation (in shares)			537,590,000
Stock-based compensation	9,408			9,408
Issuance of common stock - employee stock purchase plan (in shares)			172,641,000
Issuance of common stock - employee stock purchase plan	$ 730			730
Ending balance (in shares) at Sep. 30, 2023	0	0
Ending balance (in shares) at Sep. 30, 2023	236,540,000		236,539,716,000
Ending balance at Sep. 30, 2023	$ (2,444,440)	$ 0	$ 24	1,218,815	0	(3,665,569)	2,040	250
Beginning balance (in shares) at Jun. 30, 2023		0
Beginning balance (in shares) at Jun. 30, 2023			236,430,752,000
Beginning balance at Jun. 30, 2023	(2,331,244)	$ 0	$ 24	1,215,260	0	(3,548,870)	2,092	250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(80,933)					(80,897)	(36)
Other comprehensive income	0
Common stock dividends declared	(35,802)					(35,802)
Distributions to noncontrolling interest declared	(16)						(16)
Payments related to tax withholding for stock-based compensation	(9)			(9)
Stock-based compensation (in shares)			3,227,000
Stock-based compensation	3,148			3,148
Issuance of common stock - employee stock purchase plan (in shares)			105,737,000
Issuance of common stock - employee stock purchase plan	$ 416
Ending balance (in shares) at Sep. 30, 2023	0	0
Ending balance (in shares) at Sep. 30, 2023	236,540,000		236,539,716,000
Ending balance at Sep. 30, 2023	$ (2,444,440)	$ 0	$ 24	$ 1,218,815	$ 0	$ (3,665,569)	$ 2,040	$ 250

Notes and Other Debt - Schedule of Notes and Other Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Feb. 14, 2023	Dec. 31, 2022	Jun. 25, 2019
Debt Instrument [Line Items]
Principal amount	$ 5,680,442		$ 5,262,373
Less unamortized discount, premium and debt issuance costs	(98,385)		(73,558)
Notes and other debt less unamortized discount, premium and debt issuance costs	5,582,057		5,188,815
Senior Secured Notes - 7.875% Due February 15, 2025
Debt Instrument [Line Items]
Principal amount	0		2,250,000
Less unamortized discount, premium and debt issuance costs	$ 0		$ (22,239)
Issuance senior notes, stated percentage	7.875%	7.875%	7.875%
Effective interest rate	8.38%
Senior Secured Notes - 10.50% Due February 15, 2028
Debt Instrument [Line Items]
Principal amount	$ 2,600,000		$ 0
Less unamortized discount, premium and debt issuance costs	$ (50,570)		0
Issuance senior notes, stated percentage	10.50%
Effective interest rate	11.06%
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	$ (6,689)		$ (7,654)
Issuance senior notes, stated percentage	4.75%		4.75%
Effective interest rate	5.04%
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	$ (9,622)		$ (10,535)
Issuance senior notes, stated percentage	6.00%		6.00%
Effective interest rate	6.27%
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	$ (16,398)		$ (18,245)
Issuance senior notes, stated percentage	6.50%		6.50%
Effective interest rate	6.83%
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Debt Instrument [Line Items]
Principal amount	$ 122,942		$ 137,873
Less unamortized discount, premium and debt issuance costs	$ (657)		$ (1,501)
Issuance senior notes, stated percentage	4.00%		4.00%	4.00%
Effective interest rate	4.77%
Convertible Senior Notes 2027
Debt Instrument [Line Items]
Principal amount	$ 306,500		$ 306,500
Less unamortized discount, premium and debt issuance costs	$ (8,524)		$ (9,768)
Issuance senior notes, stated percentage	7.50%		7.50%
Effective interest rate	8.29%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount	$ 271,000		$ 188,000
Less unamortized discount, premium and debt issuance costs	$ (5,925)		$ (3,616)

Revenues

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues

Disaggregation of Revenues

The following table presents our revenues disaggregated by revenue stream.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2023		2022		2023		2022
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Uniti Fiber
Lit backhaul	$	18,246	$	19,969	$	57,221	$	59,344
Enterprise and wholesale	24,211		21,423		70,144		63,359
E-Rate and government	15,911		15,245		43,947		48,026
Other	786		703		2,264		2,076
Uniti Fiber	$	59,154	$	57,340	$	173,576	$	172,805
Uniti Leasing	1,868		1,201		5,142		3,553
Total revenue from contracts with customers	61,022		58,541		178,718		176,358
Revenue accounted for under leasing guidance
Uniti Leasing	212,720		207,422		632,707		615,325
Uniti Fiber	16,913		17,140		52,750		53,429
Total revenue accounted for under leasing guidance	229,633		224,562		685,457		668,754
Total revenue	$	290,655	$	283,103	$	864,175	$	845,112

At September 30, 2023 and December 31, 2022, lease receivables were $20.9 million and $26.2 million, respectively, and receivables from contracts with customers were $16.4 million and $16.1 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 obligations. 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, 2023, we recognized revenues of $0.9 million and $3.5 million which was included in the December 31, 2022 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, 2022	$	173	$	8,699
Balance at September 30, 2023	$	44	$	11,129

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, 2023, our future revenues (i.e., transaction price related to remaining performance obligations) under contracts accounted for under ASC 606 totaled $646.1 million, of which $584.9 million is related to contracts that are currently being invoiced and have an average remaining contract term of 3.4 years, while $61.2 million represents our backlog for sales bookings which have yet to be installed and have an average contract term of 5.0 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
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+ Details

Investments in Unconsolidated Entities	9 Months Ended
Investments in Unconsolidated Entities	Sep. 30, 2023
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 $37.7 million as of September 30, 2023. 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 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 expense (income), net and $6.7 million of income tax expense within our Consolidated Statements of Income.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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)	236,540,000	235,829,000
Common stock, shares outstanding (in shares)	236,540,000	235,829,000
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

Goodwill and Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill And Intangible Assets And Liabilities Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

Changes in the carrying value of goodwill occurring during the nine months ended September 30, 2023 are as follows:


(Thousands)	Uniti Fiber		Total
Goodwill at December 31, 2022	$	672,878	$	672,878
Accumulated impairment charges as of December 31, 2022	(311,500)		(311,500)
Balance at December 31, 2022	$	361,378	$	361,378

Goodwill Impairment (Note 2)	$	(153,000)	$	(153,000)
Balance at September 30, 2023	$	208,378	$	208,378

Goodwill at September 30, 2023	$	672,878	$	672,878
Accumulated impairment charges as of September 30, 2023	(464,500)		(464,500)
Balance at September 30, 2023	$	208,378	$	208,378

Schedule of Carrying Value of Other Intangible Assets

Carrying value of intangible assets and liabilities at September 30, 2023 and December 31, 2022 are as follows:


(Thousands)	September 30, 2023				December 31, 2022
	Original Cost		Accumulated Amortization		Original Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(145,845)	$	416,104	$	(128,728)
Contracts	52,536		(19,701)		52,536		(14,776)
Underlying Rights	10,497		(1,050)		10,497		(787)

Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(166,596)				(144,291)
Total intangible assets, net	$	312,541			$	334,846

Finite life intangible liabilities:
Below-market leases	$	191,154	(32,083)		$	191,154	(24,062)

Finite life intangible liabilities:
Below-market leases	$	191,154			$	191,154
Less: accumulated amortization	(32,083)				(24,062)
Total intangible liabilities, net	$	159,071			$	167,092

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022:


	Three Months Ended September 30, 2023
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	214,588	$	76,067	$	—	$	290,655

Adjusted EBITDA	$	208,561	$	29,857	$	(5,408)	$	233,010
Less:
Interest expense							120,691
Depreciation and amortization	44,754		32,570		13		77,337
Transaction related and other costs							1,441
Gain on sale of real estate							(1,424)
Goodwill impairment							153,000
Other, net							2,091
Stock-based compensation							3,148
Income tax benefit							(43,095)
Adjustments for equity in earnings from unconsolidated entities							754
Net loss							$	(80,933)


	Three Months Ended September 30, 2022
(Thousands)	Uniti Leasing		Uniti Fiber		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)


	Nine Months Ended September 30, 2023
(Thousands)	Uniti Leasing		Uniti Fiber	Corporate		Subtotal of Reportable Segments
Revenues	$	637,849	226,326	$	—	$	864,175

Adjusted EBITDA	$	620,079	88,712	(16,413)		$	692,378
Less:
Interest expense						389,243
Depreciation and amortization	133,617		97,719	43		231,379
Transaction related and other costs						9,805
Gain on sale of real estate						(1,424)
Goodwill impairment						153,000
Other, net						23,073
Stock-based compensation						9,408
Income tax benefit						(49,864)
Adjustments for equity in earnings from unconsolidated entities						2,264
Net loss						$	(74,506)


	Nine Months Ended September 30, 2022
(Thousands)	Uniti Leasing		Uniti Fiber		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)

Condensed Consolidated Statements of Shareholders' Deficit (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared per share (in dollars per share)	$ 0.15	$ 0.15	$ 0.45	$ 0.45

Derivative Instruments and Hedging Activities	9 Months Ended
Derivative Instruments and Hedging Activities	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Exchangeable Notes Hedge Transactions On June 25, 2019, concurrently with the pricing of the 4.00% Exchangeable Notes due June 15, 2024 (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 Holdings Inc.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 initial maximum number of shares of the Company’s common stock that could be issued pursuant to the Warrants was approximately 55.5 million. The maximum number of shares of the Company's common stock that could be issued pursuant to the Warrants has subsequently decreased due to the partial unwind agreements that the Company entered into with the Counterparties in connection with each repurchase of Exchangeable Notes. 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.

Notes and Other Debt (Tables)

9 Months Ended

Sep. 30, 2023

Long-Term Debt, Unclassified [Abstract]

Schedule of Notes and Other Debt

Notes and other debt are as follows:


(Thousands)	September 30, 2023		December 31, 2022
Principal amount	$	5,680,442	$	5,262,373
Less unamortized discount, premium and debt issuance costs	(98,385)		(73,558)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	5,582,057	$	5,188,815

Notes and other debt at September 30, 2023 and December 31, 2022 consisted of the following:


	September 30, 2023				December 31, 2022
(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	$	(22,239)
Senior secured notes - 10.50% due February 15, 2028 (discount is based on imputed interest rate of 11.06%)	2,600,000		(50,570)		—		—
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)	570,000		(6,689)		570,000		(7,654)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)	700,000		(9,622)		700,000		(10,535)
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)	1,110,000		(16,398)		1,110,000		(18,245)
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)	122,942		(657)		137,873		(1,501)
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)	306,500		(8,524)		306,500		(9,768)
Senior secured revolving credit facility, variable rate, due September 24, 2027	271,000		(5,925)		188,000		(3,616)
Total	$	5,680,442	$	(98,385)	$	5,262,373	$	(73,558)

- 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.

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+ Details

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2023		2022		2023		2022
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	30,353		26,837		30,353		21,189
Amounts reclassified from accumulated other comprehensive income	—		2,829		—		8,488
Balance at end of period	30,353		29,666		30,353		29,677
Less: Other comprehensive income attributable to noncontrolling interest	—		1		—		12
Balance at end of period attributable to shareholders	30,353		29,665		30,353		29,665
Accumulated other comprehensive loss at end of period	$	—	$	(688)	$	—	$	(688)

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		238,672,102
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001620280
Current Fiscal Year End Date	--12-31

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss attributable to shareholders	$ (80,897)	$ (155,679)	$ (74,473)	$ (49,252)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Topic 280
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (c)
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+ Details

Revenues - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Accounts receivable, net	$ 46,824	$ 46,824	$ 42,631
Contract with customer, receivable, after allowance for credit loss	16,400	16,400	16,100
Revenue recognized that was included in the contract liability	900	3,500
Future revenues under contract	646,100	646,100
Operating Lease Receivable
Disaggregation Of Revenue [Line Items]
Accounts receivable, net	20,900	20,900	$ 26,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 \| Billed Revenues
Disaggregation Of Revenue [Line Items]
Future revenues under contract	$ 584,900	$ 584,900
Average remaining contract term for contracts currently billing	3 years 4 months 24 days	3 years 4 months 24 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 \| Unbilled Revenues
Disaggregation Of Revenue [Line Items]
Future revenues under contract	$ 61,200	$ 61,200
Average remaining contract term for contracts currently billing	5 years	5 years

Goodwill and Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2023

Goodwill And Intangible Assets And Liabilities Disclosure [Abstract]

Goodwill and Intangible Assets and Liabilities

Changes in the carrying value of goodwill occurring during the nine months ended September 30, 2023 are as follows:


(Thousands)	Uniti Fiber		Total
Goodwill at December 31, 2022	$	672,878	$	672,878
Accumulated impairment charges as of December 31, 2022	(311,500)		(311,500)
Balance at December 31, 2022	$	361,378	$	361,378

Goodwill Impairment (Note 2)	$	(153,000)	$	(153,000)
Balance at September 30, 2023	$	208,378	$	208,378

Goodwill at September 30, 2023	$	672,878	$	672,878
Accumulated impairment charges as of September 30, 2023	(464,500)		(464,500)
Balance at September 30, 2023	$	208,378	$	208,378

Carrying value of intangible assets and liabilities at September 30, 2023 and December 31, 2022 are as follows:


(Thousands)	September 30, 2023				December 31, 2022
	Original Cost		Accumulated Amortization		Original Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(145,845)	$	416,104	$	(128,728)
Contracts	52,536		(19,701)		52,536		(14,776)
Underlying Rights	10,497		(1,050)		10,497		(787)

Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(166,596)				(144,291)
Total intangible assets, net	$	312,541			$	334,846

Finite life intangible liabilities:
Below-market leases	$	191,154	(32,083)		$	191,154	(24,062)

Finite life intangible liabilities:
Below-market leases	$	191,154			$	191,154
Less: accumulated amortization	(32,083)				(24,062)
Total intangible liabilities, net	$	159,071			$	167,092

As of September 30, 2023, the remaining weighted average amortization period of the Company’s intangible assets was 13.6 years.

Amortization expense for the three and nine months ended September 30, 2023 was $7.4 million and $22.3 million, respectively. Amortization expense for the three and nine months ended September 30, 2022 was $7.5 million and $22.3 million, respectively. Amortization expense is estimated to be $29.8 million for the full year of 2023, $29.7 million in 2024, $29.7 million in 2025, $29.7 million in 2026, and $29.7 million for 2027.

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, 2023 was $2.7 million and $8.0 million. 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. As of September 30, 2023, the remaining weighted average amortization period of the Company’s intangible liabilities was 16.3 years. Revenue due to the amortization of the below-market leases is estimated to be $10.7 million for the full year of 2023, $10.7 million in 2024, $10.7 million in 2025, $10.7 million in 2026, and $10.7 million in 2027.

Commitments and Contingencies (Details) $ in Millions				3 Months Ended		9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 03, 2023 USD ($)	Mar. 25, 2022 USD ($)	Oct. 01, 2020 USD ($) installment day	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)
Commitments And Contingencies [Line Items]
Other commitment, reimbursement default period threshold \| day			30
Settlement expense		$ 38.9
Litigation settlement, amount awarded to other party	$ 0.8
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%
First five quarterly cash payments to be made after emergence						$ 288.9
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
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						233.5
New lease, aggregate reimbursements made for certain growth capital improvements						35.1
Growth capital improvements reimbursement amount made to date						794.2
Lease incentive						$ 0.7
Windstream Commitment, Growth Capital Improvements \| Maximum
Commitments And Contingencies [Line Items]
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

Earnings Per Share

9 Months Ended

Sep. 30, 2023

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 and the Convertible 2027 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, 2023 and 2022, 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)	2023		2022		2023		2022
Basic loss per share:
Numerator:
Net loss attributable to shareholders	$	(80,897)	$	(155,679)	$	(74,473)	$	(49,252)
Less: Income allocated to participating securities	(321)		(226)		(890)		(897)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Net loss attributable to common shares	$	(81,223)	$	(155,910)	$	(75,378)	$	(50,164)
Denominator:
Basic weighted-average common shares outstanding	236,533		235,739		236,352		235,483
Basic loss per common share	(0.34)		(0.66)		(0.32)		(0.21)


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2023		2022		2023		2022
Diluted loss per share:
Numerator:
Net loss attributable to shareholders	$	(80,897)	$	(155,679)	$	(74,473)	$	(49,252)
Less: Income allocated to participating securities	(321)		(226)		(890)		(897)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Impact on if-converted dilutive securities	—		—		—		—
Net loss attributable to common shares	$	(81,223)	$	(155,910)	$	(75,378)	$	(50,164)
Denominator:
Basic weighted-average common shares outstanding	236,533		235,739		236,352		235,483
Effect of dilutive non-participating securities	—		—		—		—
Impact on if-converted dilutive securities	—		—		—		—
Weighted-average shares for dilutive loss per common share	236,533		235,739		236,352		235,483
Dilutive loss per common share	$	(0.34)	$	(0.66)	$	(0.32)	$	(0.21)

For the three and nine months ended September 30, 2023, 1,053,189 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, 2023, we excluded 53,427,833 and 53,836,845 potential common shares related to the Exchangeable Notes and the Convertible Notes, respectively, from the computation of earnings per share, as their effect would have been anti-dilutive.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

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)	2023		2022		2023		2022
Basic loss per share:
Numerator:
Net loss attributable to shareholders	$	(80,897)	$	(155,679)	$	(74,473)	$	(49,252)
Less: Income allocated to participating securities	(321)		(226)		(890)		(897)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Net loss attributable to common shares	$	(81,223)	$	(155,910)	$	(75,378)	$	(50,164)
Denominator:
Basic weighted-average common shares outstanding	236,533		235,739		236,352		235,483
Basic loss per common share	(0.34)		(0.66)		(0.32)		(0.21)


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2023		2022		2023		2022
Diluted loss per share:
Numerator:
Net loss attributable to shareholders	$	(80,897)	$	(155,679)	$	(74,473)	$	(49,252)
Less: Income allocated to participating securities	(321)		(226)		(890)		(897)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Impact on if-converted dilutive securities	—		—		—		—
Net loss attributable to common shares	$	(81,223)	$	(155,910)	$	(75,378)	$	(50,164)
Denominator:
Basic weighted-average common shares outstanding	236,533		235,739		236,352		235,483
Effect of dilutive non-participating securities	—		—		—		—
Impact on if-converted dilutive securities	—		—		—		—
Weighted-average shares for dilutive loss per common share	236,533		235,739		236,352		235,483
Dilutive loss per common share	$	(0.34)	$	(0.66)	$	(0.32)	$	(0.21)

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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.
Variable Interest Entity	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.
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 (the “FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (the “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 28, 2023, as amended by Amendment No. 1 thereto filed on Form 10-K/A with the SEC on March 29, 2023 (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. The Windstream Leases consist of (a) a master lease (the "ILEC MLA") that governs Uniti owned assets used for Windstream's incumbent local exchange carrier ("ILEC") operations and (b) a master lease (the "CLEC MLA") that governs Uniti owned assets used for Windstream's consumer competitive local exchange carrier ("CLEC") operations. Revenue under the Windstream Leases provided 66.9% and 66.4% of our revenue for the nine months ended September 30, 2023 and 2022, 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. 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, 2023 and December 31, 2022, all of our goodwill is included in our Uniti Fiber 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 estimated and 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 not to exceed the carrying amount of goodwill.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2022, the FASB issued Accounting Standards Update ("ASU") 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"), which eliminates the accounting guidance for troubled debt restructurings and requires the disclosure of current-period gross write-offs of financing receivables and net investment in leases by year of origination. The Company adopted ASU 2022-02 on January 1, 2023, and the adoption had no impact on the Company's consolidated financial statements. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"), which provides additional relief for contract modifications completed after the December 31, 2022 LIBOR sunset date. The amendment allows for a deferral until December 31, 2024. The Company adopted ASU 2022-06 at issuance, and the adoption had no impact on the Company's 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.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Revenues (Tables)

9 Months Ended

Sep. 30, 2023

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)	2023		2022		2023		2022
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Uniti Fiber
Lit backhaul	$	18,246	$	19,969	$	57,221	$	59,344
Enterprise and wholesale	24,211		21,423		70,144		63,359
E-Rate and government	15,911		15,245		43,947		48,026
Other	786		703		2,264		2,076
Uniti Fiber	$	59,154	$	57,340	$	173,576	$	172,805
Uniti Leasing	1,868		1,201		5,142		3,553
Total revenue from contracts with customers	61,022		58,541		178,718		176,358
Revenue accounted for under leasing guidance
Uniti Leasing	212,720		207,422		632,707		615,325
Uniti Fiber	16,913		17,140		52,750		53,429
Total revenue accounted for under leasing guidance	229,633		224,562		685,457		668,754
Total revenue	$	290,655	$	283,103	$	864,175	$	845,112

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, 2022	$	173	$	8,699
Balance at September 30, 2023	$	44	$	11,129

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2023

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, 2023		December 31, 2022
Land	Indefinite	$	30,035	$	28,845
Building and improvements	3 - 40 years	364,714		363,077
Poles	30 years	309,901		296,941
Fiber	30 years	4,763,091		4,434,506
Equipment	5 - 7 years	451,758		399,473
Copper	20 years	3,978,336		3,964,439
Conduit	30 years	89,963		89,963
Tower assets	20 years	4,031		5,619
Finance lease assets	(1)	52,403		73,487
Other assets	15 - 20 years	10,436		10,436
Corporate assets	3 - 7 years	15,641		14,883
Construction in progress	(1)	57,597		46,508
		10,127,906		9,728,177
Less accumulated depreciation		(6,165,470)		(5,973,630)
Net property, plant and equipment		$	3,962,436	$	3,754,547

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

Depreciation expense for the three and nine months ended September 30, 2023 was $69.9 million and $209.1 million, respectively. Depreciation expense for the three and nine months ended September 30, 2022 was $66.1 million and $194.9 million, respectively.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flow from operating activities
Net loss	$ (74,506)	$ (49,117)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	231,379	217,276
Amortization of deferred financing costs and debt discount	13,975	13,510
Loss on extinguishment of debt, net	31,187	0
Interest rate swap termination	0	8,488
Deferred income taxes	(50,161)	(21,723)
Equity in earnings of unconsolidated entities	(1,990)	(1,696)
Distributions of cumulative earnings from unconsolidated entities	2,959	2,959
Cash paid for interest rate swap settlement	0	(9,591)
Straight-line revenues and amortization of below-market lease intangibles	(28,795)	(31,066)
Stock-based compensation	9,408	9,664
Goodwill impairment (Note 2)	153,000	216,000
Gain on sale of unconsolidated entity (see Note 5)	0	(7,923)
Gain on sale of real estate	(1,424)	(344)
(Gain) loss on asset disposals	(242)	902
Gain on sale of operations	0	(176)
Accretion of settlement obligation	8,273	8,733
Other	2	(126)
Changes in assets and liabilities:
Accounts receivable	(4,194)	(2,863)
Other assets	10,530	7,756
Accounts payable, accrued expenses and other liabilities	(108,826)	(75,556)
Net cash provided by operating activities	190,575	285,107
Cash flow from investing activities
Capital expenditures	(368,264)	(292,666)
Proceeds from sale of unconsolidated entity (see Note 5)	0	32,527
Proceeds from sale of real estate, net cash	1,530	575
Proceeds from sale of operations	0	541
Proceeds from sale of other equipment	1,581	338
Net cash used in investing activities	(365,153)	(258,685)
Cash flow from financing activities
Repayment of debt	(2,263,662)	0
Proceeds from issuance of notes	2,600,000	0
Dividends paid	(107,395)	(107,362)
Payments of settlement payable	(73,516)	0
Distributions paid to noncontrolling interest	(48)	(217)
Payment for exchange of noncontrolling interest	0	(4,620)
Borrowings under revolving credit facility	450,000	180,000
Payments under revolving credit facility	(367,000)	(105,000)
Finance lease payments	(1,601)	(887)
Payments for financing costs	(26,955)	0
Payment for settlement of common stock warrant	(56)	0
Termination of bond hedge option	59	0
Costs related to the early repayment of debt	(44,303)	0
Employee stock purchase program	730	589
Payments related to tax withholding for stock-based compensation	(1,359)	(4,434)
Net cash provided by (used in) financing activities	164,894	(41,931)
Net decrease in cash and cash equivalents	(9,684)	(15,509)
Cash and cash equivalents at beginning of period	43,803	58,903
Cash and cash equivalents at end of period	34,119	43,394
Non-cash investing and financing activities:
Property and equipment acquired but not yet paid	12,134	12,751
Tenant capital improvements	$ 94,322	$ 120,239

Derivative Instruments and Hedging Activities (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022	Jun. 25, 2019
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Issuance senior notes, stated percentage	4.00%	4.00%	4.00%
Common Stock Warrants
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Exercise price of warrants or rights (in dollars per share)			$ 16.42
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

Leases - Schedule of Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	$ 8,568,506	$ 8,294,214
Less: accumulated depreciation	(5,660,717)	(5,542,726)
Underlying assets under operating leases, net	2,907,789	2,751,488
Land
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	26,533	26,549
Building and improvements
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	347,002	346,093
Poles
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	309,901	296,941
Fiber
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	3,802,120	3,529,835
Equipment
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	437	437
Copper
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	3,978,336	3,964,439
Conduit
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	89,963	89,963
Tower assets
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	1,165	1,397
Finance lease assets
Lessor Lease Description [Line Items]
Finance lease assets	2,615	28,126
Other assets
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	$ 10,434	$ 10,434

Leases - Additional Information (Details) $ in Thousands	9 Months Ended
Leases - Additional Information (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Line Items]
Short term lease commitments	$ 3,400
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

Fair Value of Financial Instruments - Additional Information (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 01, 2020 USD ($) installment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount	$ 5,680,442	$ 5,262,373
Settlement payable (Note 13)	185,855	$ 251,098
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	$ 4,980,000

Property, Plant and Equipment - Schedule of Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset	$ 10,127,906	$ 9,728,177
Less accumulated depreciation	(6,165,470)	(5,973,630)
Net property, plant and equipment	3,962,436	3,754,547
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	30,035	28,845
Building and improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 364,714	363,077
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	$ 309,901	296,941
Fiber
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 4,763,091	4,434,506
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 451,758	399,473
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	$ 3,978,336	3,964,439
Conduit
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 89,963	89,963
Tower assets
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Property, plant and equipment, gross	$ 4,031	5,619
Finance lease assets
Property Plant And Equipment [Line Items]
Finance lease assets	52,403	73,487
Other assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 10,436	10,436
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	$ 15,641	14,883
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	$ 57,597	$ 46,508

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Property, plant and equipment, net	$ 3,962,436	$ 3,754,547
Cash and cash equivalents	34,119	43,803
Accounts receivable, net	46,824	42,631
Goodwill	208,378	361,378
Intangible assets, net	312,541	334,846
Straight-line revenue receivable	87,733	68,595
Operating lease right-of-use assets, net	121,816	88,545
Other assets	79,000	77,597
Investment in unconsolidated entities	37,686	38,656
Deferred income tax assets, net	90,792	40,631
Total Assets	4,981,325	4,851,229
Liabilities:
Accounts payable, accrued expenses and other liabilities	133,958	122,195
Settlement payable (Note 13)	185,855	251,098
Intangible liabilities, net	159,071	167,092
Accrued interest payable	50,778	121,316
Deferred revenue	1,214,287	1,190,041
Dividends payable	69	2
Operating lease liabilities	81,302	66,356
Finance lease obligations	18,388	15,520
Notes and other debt, net	5,582,057	5,188,815
Total liabilities	7,425,765	7,122,435
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: 236,540 shares at September 30, 2023 and 235,829 at December 31, 2022	24	24
Additional paid-in capital	1,218,815	1,210,033
Distributions in excess of accumulated earnings	(3,665,569)	(3,483,634)
Total Uniti shareholders' deficit	(2,446,730)	(2,273,577)
Noncontrolling interests:
Operating partnership units	2,040	2,121
Cumulative non-voting convertible preferred stock, $0.01 par value, 6 shares authorized, 3 issued and outstanding	250	250
Total shareholders' deficit	(2,444,440)	(2,271,206)
Total Liabilities and Shareholders' Deficit	$ 4,981,325	$ 4,851,229

Leases - Lease Payments to be Received under Non-Cancellable Operating Leases (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Lessee, Lease, Description [Line Items]
2023	$ 196,452
2024	804,866
2025	813,967
2026	815,516
2027	816,453
Thereafter	2,351,694
Total lease receivables	5,798,948
Total future minimum lease payments to be received	5,798,948
Windstream
Lessee, Lease, Description [Line Items]
Total lease receivables	4,900,000
Total future minimum lease payments to be received	$ 4,900,000

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
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). As of September 30, 2023, the Company has made payments totaling $288.9 million. Further, beginning in October 2020, we became 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 $225 million in 2022, and are limited to $225 million per year in 2023 and 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, 2023, Uniti reimbursed $233.5 million of Growth Capital Improvements, of which $35.1 million, as allowed for under the Settlement, represented the reimbursement of capital improvements completed in 2022 that were previously classified as tenant funded capital improvements. As of the date of this Quarterly Report on Form 10-Q, we have reimbursed a total of $794.2 million of Growth 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 $0.7 million and reported within other assets on our Condensed Consolidated Balance Sheets as of September 30, 2023, 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. No loans have been made under the Equipment Loan Agreement. Other Litigation Beginning on October 25, 2019, shareholders filed class action lawsuits that were consolidated into one case under the caption In re Uniti Group Inc. Securities Litigation (the "Class Action") 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 that the defendants improperly failed to disclose the risk that our spin-off from Windstream (the "Spin-Off") and entry into the Master Lease violated certain debt covenants of Windstream. The Class Action sought class certification, unspecified monetary damages, costs and attorneys’ fees and other relief. On March 25, 2022, the parties reached an agreement to settle the Class Action for $38.9 million, to be funded entirely by the Company’s insurance carriers, which was approved by the court on November 7, 2022. 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 June 30, 2022. Additionally, we recorded the probable insurance recovery of $38.9 million as a reduction to general and administrative expense during the three months ended June 30, 2022 within our Condensed Consolidated Statements of Income, and other assets within the Condensed Consolidated Balance Sheets as of June 30, 2022. The probable insurance recovery remains in other assets within the Condensed Consolidated Balance Sheets as of September 30, 2023. On August 17, 2021, shareholders filed a derivative action on behalf of the Company in the Circuit Court for Baltimore City, Maryland, under the caption Mayer et al. v. Gunderman et al. (the “Mayer Derivative Action”). On February 11, 2022, a shareholder filed a derivative action on behalf of the Company in the federal District Court for the District of Maryland, under the caption Guzzo et al. v. Gunderman et al. (the “Guzzo Derivative Action” and together, with the Mayer Derivative Action, the "Derivative Actions"). Various members of the Company's board of directors and management team were named as defendants in the Derivative Actions. The allegations in the Derivative Actions are similar to those in the Class Action, and both sought unspecified damages, equity relief and related costs and fees. On March 3, 2023, the parties to the Derivative Actions signed a stipulation of settlement agreeing to settle the actions in exchange for non-monetary damages, and also agreeing to an award of attorney’s fees and expenses to plaintiffs’ counsel in both actions in the amount of $0.8 million. The court in the Mayer Derivative Action granted final approval to the settlement on May 9, 2023 and dismissed the action. On May 11, 2023, the parties to the Guzzo Derivative Action filed a stipulation and order of dismissal in the action based on the final approval of the settlement in the Mayer Derivative Action, which was entered on May 25, 2023. We maintain insurance policies that would provide coverage to various degrees for potential liabilities arising from the legal proceedings described above.

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (80,933)	$ (155,749)	$ (74,506)	$ (49,117)
Other comprehensive income:
Interest rate swap termination	0	2,829	0	8,488
Other comprehensive income	0	2,829	0	8,488
Comprehensive loss	(80,933)	(152,920)	(74,506)	(40,629)
Comprehensive (loss) income attributable to noncontrolling interest	(36)	(69)	(33)	147
Comprehensive loss attributable to shareholders	$ (80,897)	$ (152,851)	$ (74,473)	$ (40,776)

- 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.

+ References + Details

- 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.

+ References + Details

- Definition

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

+ References

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+ Details

Segment Information

9 Months Ended

Sep. 30, 2023

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:

Uniti 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.

Uniti Fiber: 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, 2023 and 2022:


	Three Months Ended September 30, 2023
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	214,588	$	76,067	$	—	$	290,655

Adjusted EBITDA	$	208,561	$	29,857	$	(5,408)	$	233,010
Less:
Interest expense							120,691
Depreciation and amortization	44,754		32,570		13		77,337
Transaction related and other costs							1,441
Gain on sale of real estate							(1,424)
Goodwill impairment							153,000
Other, net							2,091
Stock-based compensation							3,148
Income tax benefit							(43,095)
Adjustments for equity in earnings from unconsolidated entities							754
Net loss							$	(80,933)


	Three Months Ended September 30, 2022
(Thousands)	Uniti Leasing		Uniti Fiber		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)


	Nine Months Ended September 30, 2023
(Thousands)	Uniti Leasing		Uniti Fiber	Corporate		Subtotal of Reportable Segments
Revenues	$	637,849	226,326	$	—	$	864,175

Adjusted EBITDA	$	620,079	88,712	(16,413)		$	692,378
Less:
Interest expense						389,243
Depreciation and amortization	133,617		97,719	43		231,379
Transaction related and other costs						9,805
Gain on sale of real estate						(1,424)
Goodwill impairment						153,000
Other, net						23,073
Stock-based compensation						9,408
Income tax benefit						(49,864)
Adjustments for equity in earnings from unconsolidated entities						2,264
Net loss						$	(74,506)


	Nine Months Ended September 30, 2022
(Thousands)	Uniti Leasing		Uniti Fiber		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)

- 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.

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+ Details

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (2,331,244)	$ (2,075,198)	$ (2,271,206)	$ (2,113,774)
Other comprehensive income	0	2,829	0	8,488
Ending balance	(2,444,440)	(2,260,175)	(2,444,440)	(2,260,175)
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)
Other comprehensive income (loss), before reclassifications, net of tax	30,353	26,837	30,353	21,189
Amounts reclassified from accumulated other comprehensive income	0	2,829	0	8,488
Other comprehensive income	30,353	29,666	30,353	29,677
Ending balance	(30,353)	(30,353)	(30,353)	(30,353)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(3,516)	0	(9,164)
Other comprehensive income		2,828		8,476
Ending balance	0	(688)	0	(688)
Interest rate swap termination, noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income	0	1	0	12
Interest rate swap termination, parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income	$ 30,353	$ 29,665	$ 30,353	$ 29,665

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 69.9	$ 66.1	$ 209.1	$ 194.9

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2023		2022		2023		2022
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	30,353		26,837		30,353		21,189
Amounts reclassified from accumulated other comprehensive income	—		2,829		—		8,488
Balance at end of period	30,353		29,666		30,353		29,677
Less: Other comprehensive income attributable to noncontrolling interest	—		1		—		12
Balance at end of period attributable to shareholders	30,353		29,665		30,353		29,665
Accumulated other comprehensive loss at end of period	$	—	$	(688)	$	—	$	(688)

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023		December 31, 2022
Land	Indefinite	$	30,035	$	28,845
Building and improvements	3 - 40 years	364,714		363,077
Poles	30 years	309,901		296,941
Fiber	30 years	4,763,091		4,434,506
Equipment	5 - 7 years	451,758		399,473
Copper	20 years	3,978,336		3,964,439
Conduit	30 years	89,963		89,963
Tower assets	20 years	4,031		5,619
Finance lease assets	(1)	52,403		73,487
Other assets	15 - 20 years	10,436		10,436
Corporate assets	3 - 7 years	15,641		14,883
Construction in progress	(1)	57,597		46,508
		10,127,906		9,728,177
Less accumulated depreciation		(6,165,470)		(5,973,630)
Net property, plant and equipment		$	3,962,436	$	3,754,547

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

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable business segments	2

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss attributable to shareholders	$ (80,897)	$ (155,679)	$ (74,473)	$ (49,252)
Less: Income allocated to participating securities	(321)	(226)	(890)	(897)
Dividends declared on convertible preferred stock	(5)	(5)	(15)	(15)
Net loss attributable to common shareholders	$ (81,223)	$ (155,910)	$ (75,378)	$ (50,164)
Denominator:
Basic weighted-average common shares outstanding	236,533	235,739	236,352	235,483
Basic loss per common share	$ (0.34)	$ (0.66)	$ (0.32)	$ (0.21)
Numerator:
Net loss attributable to shareholders	$ (80,897)	$ (155,679)	$ (74,473)	$ (49,252)
Less: Income allocated to participating securities	(321)	(226)	(890)	(897)
Dividends declared on convertible preferred stock	(5)	(5)	(15)	(15)
Impact on if-converted dilutive securities	0	0	0	0
Net loss attributable to common shares	$ (81,223)	$ (155,910)	$ (75,378)	$ (50,164)
Denominator:
Basic weighted-average common shares outstanding (in shares)	236,533	235,739	236,352	235,483
Effect of dilutive non-participating securities (in shares)	0	0	0	0
Impact on if-converted dilutive securities (in shares)	0	0	0	0
Weighted average shares for diluted loss per share (in shares)	236,533	235,739	236,352	235,483
Dilutive loss per common share (in dollars per share)	$ (0.34)	$ (0.66)	$ (0.32)	$ (0.21)

Notes and Other Debt

9 Months Ended

Sep. 30, 2023

Long-Term Debt, Unclassified [Abstract]

Notes and Other Debt

All 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, 2023		December 31, 2022
Principal amount	$	5,680,442	$	5,262,373
Less unamortized discount, premium and debt issuance costs	(98,385)		(73,558)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	5,582,057	$	5,188,815

Notes and other debt at September 30, 2023 and December 31, 2022 consisted of the following:


	September 30, 2023				December 31, 2022
(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	$	(22,239)
Senior secured notes - 10.50% due February 15, 2028 (discount is based on imputed interest rate of 11.06%)	2,600,000		(50,570)		—		—
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)	570,000		(6,689)		570,000		(7,654)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)	700,000		(9,622)		700,000		(10,535)
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)	1,110,000		(16,398)		1,110,000		(18,245)
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)	122,942		(657)		137,873		(1,501)
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)	306,500		(8,524)		306,500		(9,768)
Senior secured revolving credit facility, variable rate, due September 24, 2027	271,000		(5,925)		188,000		(3,616)
Total	$	5,680,442	$	(98,385)	$	5,262,373	$	(73,558)

At September 30, 2023, notes and other debt included the following: (i) $271.0 million under the Revolving Credit Facility (as defined below) pursuant to that certain credit agreement, dated as of April 24, 2015, by and among the Operating Partnership, Uniti Group Finance 2019 Inc. and CSL Capital, LLC (hereinafter, the “Borrowers”), the guarantors party thereto, Bank of America, N.A., as administrative agent, collateral agent, swing line lender and an L/C issuer and certain other lenders named therein (the “Credit Agreement”); (ii) $2.6 billion aggregate principal amount of 10.50% Senior Secured Notes due February 15, 2028 (the “February 2028 Secured Notes”); (iii) $570 million aggregate principal amount of 4.75% Senior Secured Notes due April 15, 2028 (the “April 2028 Secured Notes”); (iv) $1.1 billion aggregate principal amount of 6.50% Senior Unsecured Notes due February 15, 2029 (the “2029 Notes”); (v) $122.9 million aggregate principal amount of the Exchangeable Notes; (vi) $700 million aggregate principal amount of 6.00% Senior Unsecured Notes due January 15, 2030 (the “2030 Notes”); and (vii) $306.5 million aggregate principal amount of 7.50% Convertible Senior Notes due December 1, 2027 (the "Convertible 2027 Notes" and, together with the February 2028 Secured Notes, April 2028 Secured Notes, 2029 Notes, 2030 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, 2022.

Credit Agreement

On March 24, 2023, the Borrowers, each a subsidiary of Uniti Group Inc., entered into Amendment No. 8 (the “Amendment”) to the Credit Agreement.

Following the receipt of certain routine regulatory approvals on July 25, 2023, the Amendment extended the maturity of the $500 million revolving credit facility to September 24, 2027 (the “Revolving Credit Facility”). The Amendment also transitioned the Revolving Credit Facility from LIBOR to Term SOFR, and in connection with that change, set the credit spread adjustment to ten basis points for all interest periods. 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, 2023, 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 Term SOFR 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 Term SOFR borrowings and (B) the average amount available to be drawn under outstanding letters of credit during such quarter.

Secured Notes

On February 14, 2023, the Operating Partnership, CSL Capital, LLC, Uniti Group Finance 2019 Inc. and Uniti Fiber Holdings Inc. (collectively, the “Issuers”) issued $2.6 billion aggregate principal amount of the February 2028 Secured Notes. The Issuers used the net proceeds from the offering to fund the redemption in full of the Issuers’ outstanding 7.875% senior secured notes due 2025 (the "2025 Secured Notes"), to repay outstanding borrowings under the Revolving Credit Facility and to pay any related premiums, fees and expenses in connection with the foregoing. On February 14, 2023, the Issuers deposited the full redemption price for the 2025 Secured Notes with the trustee and satisfied and discharged their respective obligations with respect to the indenture governing the 2025 Secured Notes at such time. During the first quarter of 2023, we recorded $32.3 million of loss on the extinguishment of the 2025 Secured Notes within interest expense, net on the Condensed Consolidated Statements of Income, which included $10.3 million of non-cash interest expense for the write off of the unamortized discount and deferred financing costs and $22.0 million of cash interest expense for the redemption premium.

The February 2028 Secured Notes were issued at an issue price of 100% of their principal amount pursuant to an indenture, dated as of February 14, 2023 (the “February 2028 Secured Notes Indenture”), among the Issuers, the guarantors named therein (collectively, the “Guarantors”) and Deutsche Bank Trust Company Americas, as trustee and as collateral agent. The February 2028 Secured Notes mature on February 15, 2028 and bear interest at a rate of 10.50% per year. Interest on the February 2028 Secured Notes is payable on March 15 and September 15 of each year, beginning on September 15, 2023.

The Issuers may redeem the February 2028 Secured Notes, in whole or in part, at any time prior to September 15, 2025 at a redemption price equal to 100% of the principal amount of the February 2028 Secured Notes redeemed plus accrued and unpaid interest thereon, if any, to, but not including, the redemption date, plus an applicable “make whole” premium described in the February 2028 Secured Notes Indenture.

Thereafter, the Issuers may redeem the February 2028 Secured Notes in whole or in part, at the redemption prices set forth in the February 2028 Secured Notes Indenture. In addition, prior to February 15, 2025, the Issuers may, on one or more occasions, redeem up to 10% of the aggregate principal amount of the February 2028 Secured Notes in any twelve month

period at a redemption price equal to 103% of the principal amount thereof plus accrued and unpaid interest thereon, if any, to, but not including, the applicable redemption date. Notwithstanding the foregoing, the Issuers may not use the proceeds of any offering of Additional Notes (as defined in the February 2028 Secured Notes Indenture) with a price to investors equal to or in excess of 103% to finance any such optional redemption. Further, at any time on or prior to September 15, 2025, up to 40% of the aggregate principal amount of the February 2028 Secured Notes may be redeemed with the net cash proceeds of certain equity offerings at a redemption price of 110.50% of the principal amount plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date; provided that at least 60% of aggregate principal amount of the originally issued February 2028 Secured Notes remains outstanding. If certain changes of control of the Operating Partnership occur, holders of the February 2028 Secured Notes will have the right to require the Issuers to offer to repurchase their Notes at 101% of their principal amount plus accrued and unpaid interest, if any, to, but not including, the repurchase date.

The February 2028 Secured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company and on a senior secured basis by each of the Operating Partnership’s existing and future domestic restricted subsidiaries (other than the Issuers) that guarantees indebtedness under the Company’s senior secured credit facilities and existing secured notes (the “Subsidiary Guarantors”). In addition, the Issuers will use commercially reasonable efforts to obtain necessary regulatory approval to allow certain non-guarantor subsidiaries of the Company to guarantee the February 2028 Secured Notes, including by making filings to obtain such approval within 60 days of the issuance of the February 2028 Secured Notes. The guarantees are subject to release under specified circumstances, including certain circumstances in which such guarantees may be automatically released without the consent of the holders of the February 2028 Secured Notes.

The February 2028 Secured Notes and the related guarantees are the Issuers’ and the Subsidiary Guarantors’ senior secured obligations and rank equal in right of payment with all of the Issuers’ and the Subsidiary Guarantors’ existing and future unsubordinated obligations; effectively senior to all unsecured indebtedness of the Issuers and the Subsidiary Guarantors, including the Company’s existing senior unsecured notes, to the extent of the value of the collateral securing the February 2028 Secured Notes; effectively equal with all of the Issuers’ and the Subsidiary Guarantors’ existing and future indebtedness that is secured by first-priority liens on the collateral (including indebtedness under the Company’s senior secured credit facilities and existing secured notes); senior in right of payment to any of the Issuers’ and Subsidiary Guarantors’ subordinated indebtedness; and structurally subordinated to all existing and future liabilities (including trade payables) of the Company’s subsidiaries (other than the Issuers) that do not guarantee the February 2028 Secured Notes.

The February 2028 Secured Notes Indenture contains customary high yield covenants limiting the ability of the Operating Partnership and its restricted subsidiaries to: incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; transfer material intellectual property to unrestricted subsidiaries; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of their assets; and create restrictions on the ability of the Issuers and their restricted subsidiaries to pay dividends or other amounts to the Issuers. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. The February 2028 Secured Notes Indenture also contains customary events of default.

Exchangeable Notes

On March 21, 2023, the Company repurchased approximately $15.0 million of the Exchangeable Notes for total cash consideration of $13.7 million. During the first quarter of 2023, we recorded $1.1 million of gain on extinguishment of debt, net within interest expense on our Condensed Consolidated Statements of Income, which included $0.1 million of non-cash interest expense for the write off of the unamortized discount and deferred financing costs. In connection with these repurchases, the Company entered into partial unwind agreements with the Counterparties to unwind a portion of the Note Hedge Transactions and the Warrants described above (see Note 8).

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, 2023, we recognized $4.4 million and $13.6 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs. 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.

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Components of Lease Income

The components of lease income for the three and nine months ended September 30, 2023 and 2022, respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2023		2022		2023		2022
Lease income - operating leases	$	229,633	$	224,562	$	685,457	$	668,754

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, 2023 are as follows:


(Thousands)	September 30, 2023⁽¹⁾
2023	$	196,452
2024	804,866
2025	813,967
2026	815,516
2027	816,453
Thereafter	2,351,694
Total lease receivables	$	5,798,948
(1) Total future minimum lease payments to be received include $4.9 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, 2023		December 31, 2022
Land	$	26,533	$	26,549
Building and improvements	347,002		346,093
Poles	309,901		296,941
Fiber	3,802,120		3,529,835
Equipment	437		437
Copper	3,978,336		3,964,439
Conduit	89,963		89,963
Tower assets	1,165		1,397
Finance lease assets	2,615		28,126
Other assets	10,434		10,434
	8,568,506		8,294,214
Less: accumulated depreciation	(5,660,717)		(5,542,726)
Underlying assets under operating leases, net	$	2,907,789	$	2,751,488

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, 2023 and 2022, respectively, is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2023		2022		2023		2022
Depreciation expense for underlying assets under operating leases	$	45,795	$	44,127	$	136,640	$	130,858

Future Lease Payments Under Non-Cancellable Operating Leases

Future lease payments under non-cancellable leases as of September 30, 2023 are as follows:


(Thousands)	Operating Leases		Finance Leases
2023	$	4,169	$	928
2024	17,941		3,521
2025	15,090		3,468
2026	11,701		3,335
2027	9,060		2,960
Thereafter	101,405		12,934
Total undiscounted lease payments	$	159,366	$	27,146
Less: imputed interest	(78,064)		(8,758)
Total lease liabilities	$	81,302	$	18,388

Future Lease Payments Under Non-Cancellable Finance Leases

Future lease payments under non-cancellable leases as of September 30, 2023 are as follows:


(Thousands)	Operating Leases		Finance Leases
2023	$	4,169	$	928
2024	17,941		3,521
2025	15,090		3,468
2026	11,701		3,335
2027	9,060		2,960
Thereafter	101,405		12,934
Total undiscounted lease payments	$	159,366	$	27,146
Less: imputed interest	(78,064)		(8,758)
Total lease liabilities	$	81,302	$	18,388

Leases - Future Lease Payments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating Leases
2023	$ 4,169
2024	17,941
2025	15,090
2026	11,701
2027	9,060
Thereafter	101,405
Total undiscounted lease payments	159,366
Less: imputed interest	(78,064)
Operating lease liabilities	81,302	$ 66,356
Finance Leases
2023	928
2024	3,521
2025	3,468
2026	3,335
2027	2,960
Thereafter	12,934
Total undiscounted lease payments	27,146
Less: imputed interest	(8,758)
Total lease liabilities	$ 18,388

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 and December 31, 2022:


(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, 2023
Liabilities
Senior secured notes - 10.50%, due February 15, 2028	$	2,530,476	$	—	$	2,530,476	$	—
Senior secured notes - 4.75%, due April 15, 2028	460,130		—		460,130		—
Senior unsecured notes - 6.00%, due January 15, 2030	441,809		—		441,809		—
Senior unsecured notes - 6.50%, due February 15, 2029	723,720		—		723,720		—
Exchangeable senior notes - 4.00%, due June 15, 2024	118,016		—		118,016		—
Convertible senior notes - 7.50% due December 1, 2027	263,535		—		263,535		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	270,973		—		270,973		—
Settlement payable	174,075		—		174,075		—
Total	$	4,982,734	$	—	$	4,982,734	$	—


(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, 2022
Liabilities
Senior secured notes - 7.875%, due February 15, 2025	$	2,208,319	$	—	$	2,208,319	$	—
Senior secured notes - 4.75%, due April 15, 2028	469,740		—		469,740		—
Senior unsecured notes - 6.00%, due January 15, 2030	467,401		—		467,401		—
Senior unsecured notes - 6.50% , due February 15, 2029	759,917		—		759,917		—
Exchangeable senior notes - 4.00%, due June 15, 2024	127,024		—		127,024		—
Convertible senior notes - 7.50%, due December 1, 2027	297,765				297,765
Senior secured revolving credit facility, variable rate, due December 10, 2024	187,981		—		187,981		—
Settlement payable	232,350		—		232,350		—
Total	$	4,750,497	$	—	$	4,750,497	$	—

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Value of the Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible assets, original cost	$ 479,137	$ 479,137
Less: accumulated amortization	(166,596)	(144,291)
Total intangible assets, net	312,541	334,846
Below-market leases	191,154	191,154
Less: accumulated amortization	(32,083)	(24,062)
Total intangible liabilities, net	159,071	167,092
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	(145,845)	(128,728)
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	(19,701)	(14,776)
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	$ (1,050)	$ (787)

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 18, 2020 lease	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of master leases \| lease	2
Goodwill impairment		$ 153,000	$ 216,000	$ 153,000	$ 216,000
Uniti Fiber
Summary Of Significant Accounting Policies [Line Items]
Goodwill impairment		153,000	216,000	$ 153,000
Goodwill, impairment loss, net of tax		$ 113,900	$ 205,700
Concentration of Credit Risk \| Revenue \| Windstream
Summary Of Significant Accounting Policies [Line Items]
Master lease and the windstream leases revenue percentage				66.90%	66.40%

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 290,655	$ 283,103	$ 864,175	$ 845,112
Adjusted EBITDA	233,010	225,053	692,378	677,006
Interest expense	120,691	97,731	389,243	290,280
Depreciation and amortization	77,337	73,516	231,379	217,276
Transaction related and other costs	1,441	2,375	9,805	7,324
Gain on sale of real estate	(1,424)	(94)	(1,424)	(344)
Gain on sale of operations	0	176	0	176
Goodwill impairment	153,000	216,000	153,000	216,000
Other, net	2,091	600	23,073	(6,534)
Stock-based compensation	3,148	3,151	9,408	9,664
Income tax benefit	(43,095)	(13,056)	(49,864)	(10,183)
Adjustments for equity in earnings from unconsolidated entities	754	755	2,264	2,816
Net loss	(80,933)	(155,749)	(74,506)	(49,117)
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA	(5,408)	(6,742)	(16,413)	(19,153)
Depreciation and amortization	13	25	43	98
Uniti Leasing
Segment Reporting Information [Line Items]
Revenues	214,588	208,623	637,849	618,878
Uniti Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	214,588	208,623	637,849	618,878
Adjusted EBITDA	208,561	203,209	620,079	602,531
Depreciation and amortization	44,754	43,121	133,617	127,738
Uniti Fiber
Segment Reporting Information [Line Items]
Revenues	76,067	74,480	226,326	226,234
Goodwill impairment	153,000	216,000	153,000
Uniti Fiber \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	76,067	74,480	226,326	226,234
Adjusted EBITDA	29,857	28,586	88,712	93,628
Depreciation and amortization	$ 32,570	$ 30,370	$ 97,719	$ 89,440

Goodwill and Intangible Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill And Intangible Assets And Liabilities Disclosure [Abstract]
Remaining weighted average amortization period of intangible assets	13 years 7 months 6 days		13 years 7 months 6 days
Amortization of intangible assets	$ 7,400	$ 7,500	$ 22,300	$ 22,300
Estimated amortization expense for 2023	29,800		29,800
Estimated amortization expense for 2024	29,700		29,700
Estimated amortization expense for 2025	29,700		29,700
Estimated amortization expense for 2026	29,700		29,700
Estimated amortization expense for 2027	29,700		29,700
Revenue related to amortization of below-market leases	2,700	$ 2,700	$ 8,000	$ 8,000
Remaining weighted average amortization period of intangible liabilities			16 years 3 months 18 days
Estimated revenue due to amortization, 2023	10,700		$ 10,700
Estimated revenue due to amortization, 2024	10,700		10,700
Estimated revenue due to amortization, 2025	10,700		10,700
Estimated revenue due to amortization, 2026	10,700		10,700
Estimated revenue due to amortization, 2027	$ 10,700		$ 10,700

Leases - Schedule of Depreciation Expense for Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Depreciation expense for underlying assets under operating leases	$ 45,795	$ 44,127	$ 136,640	$ 130,858

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
	Jun. 21, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule Of Equity Method Investments [Line Items]
Proceeds from sale of equity method investments					$ 0	$ 32,527
Income tax benefit		$ (43,095)	$ (13,056)		$ (49,864)	$ (10,183)
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		$ 37,700			$ 37,700
Harmoni
Schedule Of Equity Method Investments [Line Items]
Proceeds from sale of equity method investments	$ 32,500
Gain on sale of investments				$ 7,900
Income tax benefit				$ 6,700
BB Fiber Holdings LLC \| Propco
Schedule Of Equity Method Investments [Line Items]
Percentage of ownership interest		47.50%			47.50%

Condensed Consolidated Statements of Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues	$ 290,655	$ 283,103	$ 864,175	$ 845,112
Costs and Expenses:
Interest expense, net	120,691	97,731	389,243	290,280
Depreciation and amortization	77,337	73,516	231,379	217,276
General and administrative expense	25,481	26,863	77,331	75,818
Operating expense (exclusive of depreciation and amortization)	37,392	36,291	109,878	108,184
Goodwill impairment (Note 2)	153,000	216,000	153,000	216,000
Transaction related and other costs	1,441	2,375	9,805	7,324
Gain on sale of real estate	(1,424)	(94)	(1,424)	(344)
Gain on sale of operations	0	(176)	0	(176)
Other expense (income), net	1,435	74	21,323	(8,254)
Total costs and expenses	415,353	452,580	990,535	906,108
Loss before income taxes and equity in earnings from unconsolidated entities	(124,698)	(169,477)	(126,360)	(60,996)
Income tax benefit	(43,095)	(13,056)	(49,864)	(10,183)
Equity in earnings of unconsolidated entities	(670)	(672)	(1,990)	(1,696)
Net loss	(80,933)	(155,749)	(74,506)	(49,117)
Net (loss) income attributable to noncontrolling interests	(36)	(70)	(33)	135
Net loss attributable to shareholders	(80,897)	(155,679)	(74,473)	(49,252)
Participating securities' share in earnings	(321)	(226)	(890)	(897)
Dividends declared on convertible preferred stock	(5)	(5)	(15)	(15)
Net loss attributable to common shareholders	$ (81,223)	$ (155,910)	$ (75,378)	$ (50,164)
Loss per common share:
Basic (in dollars per share)	$ (0.34)	$ (0.66)	$ (0.32)	$ (0.21)
Diluted (in dollars per share)	$ (0.34)	$ (0.66)	$ (0.32)	$ (0.21)
Weighted-average number of common shares outstanding:
Basic (in shares)	236,533	235,739	236,352	235,483
Diluted (in shares)	236,533	235,739	236,352	235,483
Uniti Leasing
Revenues:
Total revenues	$ 214,588	$ 208,623	$ 637,849	$ 618,878
Uniti Fiber
Revenues:
Total revenues	76,067	74,480	226,326	$ 226,234
Costs and Expenses:
Goodwill impairment (Note 2)	$ 153,000	$ 216,000	$ 153,000

Leases - Components of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Lease income - operating leases	$ 229,633	$ 224,562	$ 685,457	$ 668,754

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

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, our outstanding notes and other debt, settlement payable, interest and dividends payable.

The following table summarizes the fair value of our financial instruments at September 30, 2023 and December 31, 2022:


(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, 2023
Liabilities
Senior secured notes - 10.50%, due February 15, 2028	$	2,530,476	$	—	$	2,530,476	$	—
Senior secured notes - 4.75%, due April 15, 2028	460,130		—		460,130		—
Senior unsecured notes - 6.00%, due January 15, 2030	441,809		—		441,809		—
Senior unsecured notes - 6.50%, due February 15, 2029	723,720		—		723,720		—
Exchangeable senior notes - 4.00%, due June 15, 2024	118,016		—		118,016		—
Convertible senior notes - 7.50% due December 1, 2027	263,535		—		263,535		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	270,973		—		270,973		—
Settlement payable	174,075		—		174,075		—
Total	$	4,982,734	$	—	$	4,982,734	$	—


(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, 2022
Liabilities
Senior secured notes - 7.875%, due February 15, 2025	$	2,208,319	$	—	$	2,208,319	$	—
Senior secured notes - 4.75%, due April 15, 2028	469,740		—		469,740		—
Senior unsecured notes - 6.00%, due January 15, 2030	467,401		—		467,401		—
Senior unsecured notes - 6.50% , due February 15, 2029	759,917		—		759,917		—
Exchangeable senior notes - 4.00%, due June 15, 2024	127,024		—		127,024		—
Convertible senior notes - 7.50%, due December 1, 2027	297,765				297,765
Senior secured revolving credit facility, variable rate, due December 10, 2024	187,981		—		187,981		—
Settlement payable	232,350		—		232,350		—
Total	$	4,750,497	$	—	$	4,750,497	$	—

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 $5.68 billion at September 30, 2023, with a fair value of $4.98 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.

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 initially recorded at fair value, using the present value of future cash flows. The future cash flows are discounted using discount rate inputs based on observable market data. Accordingly, we classify inputs used as Level 2 in the fair value hierarchy. As of September 30, 2023, the remaining Settlement Payable is $185.9 million. 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

Organization and Description of Business (Details)	9 Months Ended
Organization and Description of Business (Details)	Sep. 30, 2023 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%

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill [Line Items]
Goodwill gross	$ 672,878		$ 672,878		$ 672,878
Accumulated impairment charges	(464,500)		(464,500)		(311,500)
Goodwill [Roll Forward]
Goodwill at beginning of period			361,378
Goodwill impairment (Note 2)	153,000	$ 216,000	153,000	$ 216,000
Goodwill at ending of period	208,378		208,378
Uniti Fiber
Goodwill [Line Items]
Goodwill gross	672,878		672,878		672,878
Accumulated impairment charges	(464,500)		(464,500)		$ (311,500)
Goodwill [Roll Forward]
Goodwill at beginning of period			361,378
Goodwill impairment (Note 2)	153,000	$ 216,000	153,000
Goodwill at ending of period	$ 208,378		$ 208,378

- 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
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+ Details