0001628280-24-046520 | 10-Q | XBRL Viewer

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

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


(Thousands)	Depreciable Lives	September 30, 2024		December 31, 2023
Land	Indefinite	$	30,507	$	30,099
Building and improvements	3 - 40 years	371,600		366,490
Poles	30 years	333,447		314,489
Fiber	30 years	5,148,425		4,835,623
Equipment	5 - 7 years	493,096		460,463
Copper	20 years	3,973,887		3,974,410
Conduit	30 years	90,117		90,087
Tower assets	20 years	1,221		1,221
Finance lease assets	(1)	52,824		52,589
Other assets	15 - 20 years	10,435		10,436
Construction in progress	(1)	44,620		49,771
Corporate assets	3 - 7 years	16,315		15,731
		10,566,494		10,201,409
Less accumulated depreciation		(6,409,952)		(6,219,340)
Net property, plant and equipment		$	4,156,542	$	3,982,069

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

Depreciation expense for the three and nine months ended September 30, 2024 was $71.9 million and $212.6 million, respectively. Depreciation expense for the three and nine months ended September 30, 2023 was $69.9 million and $209.1 million, respectively.

CableSouth Transaction

In 2018, we acquired certain fiber assets from CableSouth Media, LLC (“CableSouth”) and leased back certain of those acquired assets to CableSouth pursuant to a triple-net lease.

During the fourth quarter of 2023, the Company entered into an agreement with a fund managed by Macquarie Asset Management ("MAM") pursuant to which MAM would make a structured equity investment into CableSouth in order to assist CableSouth in the acquisition of all of our previously acquired CableSouth fiber assets and the buyout of their triple-net lease for cash consideration of $40.0 million (the "CableSouth Transaction"). The Company completed the CableSouth Transaction on January 31, 2024 and recorded a $19.0 million gain on sale of real estate in the Condensed Consolidated Statements of Income (Loss).

The CableSouth Transaction is included in the results of the Uniti Leasing segment, and because the sale does not represent a strategic shift that will have a major effect on operations and financial results, it does not qualify for presentation as a discontinued operation.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to shareholders	$ 12,229	$ (118,843)	$ 71,836	$ (112,419)

- Definition

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

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+ Details

Leases - Future Lease Payments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
2024	$ 4,079
2025	17,095
2026	13,616
2027	10,833
2028	9,196
Thereafter	102,944
Total undiscounted lease payments	157,763
Less: imputed interest	(78,978)
Operating lease liabilities	78,785	$ 84,404
Finance Leases
2024	1,060
2025	4,241
2026	4,115
2027	3,408
2028	2,581
Thereafter	9,327
Total undiscounted lease payments	24,732
Less: imputed interest	(6,863)
Total lease liabilities	$ 17,869

Derivative Instruments and Hedging Activities - Schedule of Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 231	$ 0
Interest Rate Cap \| Designated as Hedging Instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 231,000	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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-URI https://asc.fasb.org/1943274/2147483444/210-20-55-22

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Condensed Consolidated Statements of Shareholders' Deficit (unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Accumulated Earnings	Noncontrolling Interest - OP Units	Noncontrolling Interest - Non- voting Preferred Shares
Beginning balance (in shares) at Dec. 31, 2022		0
Beginning balance (in shares) at Dec. 31, 2022			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 income (loss)	(112,469)					(112,419)	(50)
Other comprehensive loss	0
Common stock dividends declared	(107,462)					(107,462)
Distributions to noncontrolling interest declared	(48)						(48)
Payments 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
Ending balance (in shares) at Sep. 30, 2023			236,539,716,000
Ending balance at Sep. 30, 2023	(2,482,403)	$ 0	$ 24	1,218,815	0	(3,703,515)	2,023	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 income (loss)	(118,896)					(118,843)	(53)
Other comprehensive loss	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			416
Ending balance (in shares) at Sep. 30, 2023		0
Ending balance (in shares) at Sep. 30, 2023			236,539,716,000
Ending balance at Sep. 30, 2023	$ (2,482,403)	$ 0	$ 24	1,218,815	0	(3,703,515)	2,023	250
Beginning balance (in shares) at Dec. 31, 2023	0	0
Beginning balance (in shares) at Dec. 31, 2023			236,558,601,000
Beginning balance at Dec. 31, 2023	$ (2,484,121)	$ 0	$ 24	1,221,824	0	(3,708,240)	2,021	250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	71,859					71,836	23
Other comprehensive loss	(820)				(820)
Common stock dividends declared	(72,301)					(72,301)
Distributions to noncontrolling interest declared	(21)						(21)
Exchange of noncontrolling interest (in shares)			53,662,000
Exchange of noncontrolling interest	(92)			1,215			(1,307)
Payments related to tax withholding for stock-based compensation	(1,587)			(1,587)
Stock-based compensation (in shares)			659,685,000
Stock-based compensation	10,120			10,120
Issuance of common stock - employee stock purchase plan (in shares)			216,183,000
Issuance of common stock - employee stock purchase plan	$ 656			656
Ending balance (in shares) at Sep. 30, 2024	0	0
Ending balance (in shares) at Sep. 30, 2024			237,488,131,000
Ending balance at Sep. 30, 2024	$ (2,476,307)	$ 0	$ 24	1,232,228	(820)	(3,708,705)	716	250
Beginning balance (in shares) at Jun. 30, 2024		0
Beginning balance (in shares) at Jun. 30, 2024			237,353,110,000
Beginning balance at Jun. 30, 2024	(2,492,414)	$ 0	$ 24	1,228,527	136	(3,722,066)	715	250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	12,230					12,229	1
Other comprehensive loss	(956)				(956)
Performance award dividend	1,132					1,132
Payments related to tax withholding for stock-based compensation	(4)			(4)
Stock-based compensation (in shares)			1,885,000
Stock-based compensation	3,375			3,375
Issuance of common stock - employee stock purchase plan (in shares)			133,136,000
Issuance of common stock - employee stock purchase plan	$ 330			330
Ending balance (in shares) at Sep. 30, 2024	0	0
Ending balance (in shares) at Sep. 30, 2024			237,488,131,000
Ending balance at Sep. 30, 2024	$ (2,476,307)	$ 0	$ 24	$ 1,232,228	$ (820)	$ (3,708,705)	$ 716	$ 250

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
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, 2024, the Company has made payments totaling $386.9 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 2023, and are limited to $225 million per year in 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, 2024, Uniti reimbursed $230.8 million of Growth Capital Improvements, of which $104.6 million represented the reimbursement of capital improvements completed in 2023 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 $1.0 billion of Growth Capital Improvements. 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.

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 07, 2022
Assets
Derivative asset	$ 231	$ 0
Total	231
Liabilities
Settlement payable	94,465	160,550,000
Total	5,925,265	5,188,025,000
Quoted Prices in Active Markets (Level 1)
Assets
Derivative asset	0
Total	0
Liabilities
Settlement payable	0	0
Total	0	0
Prices with Other Observable Inputs (Level 2)
Assets
Derivative asset	231
Total	231
Liabilities
Settlement payable	94,465	160,550,000
Total	5,925,265	5,188,025,000
Prices with Unobservable Inputs (Level 3)
Assets
Derivative asset	0
Total	0
Liabilities
Settlement payable	0	0
Total	0	0
Senior secured notes - 10.50%, due February 15, 2028 (see Note 10)
Liabilities
Senior notes	$ 3,100,886	$ 2,624,596,000
Issuance senior notes, stated percentage	10.50%	10.50%
Senior secured notes - 10.50%, due February 15, 2028 (see Note 10) \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Senior secured notes - 10.50%, due February 15, 2028 (see Note 10) \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	3,100,886	2,624,596,000
Senior secured notes - 10.50%, due February 15, 2028 (see Note 10) \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Senior secured notes - 4.75%, due April 15, 2028
Liabilities
Senior notes	$ 526,462	$ 488,205,000
Issuance senior notes, stated percentage	4.75%	4.75%
Senior secured notes - 4.75%, due April 15, 2028 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Senior secured notes - 4.75%, due April 15, 2028 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	526,462	488,205,000
Senior secured notes - 4.75%, due April 15, 2028 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Senior unsecured notes - 6.50%, due February 15, 2029
Liabilities
Senior notes	$ 974,565	$ 796,125,000
Issuance senior notes, stated percentage	6.50%	6.50%
Senior unsecured notes - 6.50%, due February 15, 2029 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Senior unsecured notes - 6.50%, due February 15, 2029 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	974,565	796,125,000
Senior unsecured notes - 6.50%, due February 15, 2029 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Senior unsecured notes - 6.00%, due January 15, 2030
Liabilities
Senior notes	$ 604,480	$ 486,675,000
Issuance senior notes, stated percentage	6.00%	6.00%
Senior unsecured notes - 6.00%, due January 15, 2030 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Senior unsecured notes - 6.00%, due January 15, 2030 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	604,480	486,675,000
Senior unsecured notes - 6.00%, due January 15, 2030 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Exchangeable senior notes - 4.00%, due June 15, 2024
Liabilities
Senior notes		$ 122,140,000
Issuance senior notes, stated percentage		4.00%
Exchangeable senior notes - 4.00%, due June 15, 2024 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes		$ 0
Exchangeable senior notes - 4.00%, due June 15, 2024 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes		122,140,000
Exchangeable senior notes - 4.00%, due June 15, 2024 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes		0
Convertible senior notes - 7.50% due December 1, 2027
Liabilities
Senior notes	$ 345,783	$ 301,755,000
Issuance senior notes, stated percentage	7.50%	7.50%	7.50%
Convertible senior notes - 7.50% due December 1, 2027 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Convertible senior notes - 7.50% due December 1, 2027 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	345,783	301,755,000
Convertible senior notes - 7.50% due December 1, 2027 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
ABS Loan Facility, variable rate, due September 1, 2025
Liabilities
Senior notes	273,625
ABS Loan Facility, variable rate, due September 1, 2025 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	0
ABS Loan Facility, variable rate, due September 1, 2025 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	273,625
ABS Loan Facility, variable rate, due September 1, 2025 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0
Senior secured revolving credit facility, variable rate, due September 24, 2027
Liabilities
Senior secured loan	4,999	207,979,000
Senior secured revolving credit facility, variable rate, due September 24, 2027 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior secured loan	0	0
Senior secured revolving credit facility, variable rate, due September 24, 2027 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan	4,999	207,979,000
Senior secured revolving credit facility, variable rate, due September 24, 2027 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior secured loan	$ 0	$ 0

Goodwill and Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

Changes in the carrying amount of goodwill occurring during the nine months ended September 30, 2024 are as follows:


(Thousands)	Uniti Fiber		Total
Goodwill at December 31, 2023	$	672,878	$	672,878
Accumulated impairment charges as of December 31, 2023	(515,498)		(515,498)
Balance at December 31, 2023	$	157,380	$	157,380

Goodwill at September 30, 2024	$	672,878	$	672,878
Accumulated impairment charges as of September 30, 2024	(515,498)		(515,498)
Balance at September 30, 2024	$	157,380	$	157,380

Schedule of Carrying Value of Other Intangible Assets


(Thousands)	September 30, 2024				December 31, 2023
	Original Cost		Accumulated Amortization		Original Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(168,630)	$	416,104	$	(151,542)
Contracts	52,536		(26,268)		52,536		(21,343)
Underlying Rights	10,497		(1,400)		10,497		(1,137)

Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(196,298)				(174,022)
Total intangible assets, net	$	282,839			$	305,115

Finite life intangible liabilities:
Below-market leases	$	191,154	$	(42,777)	$	191,154	$	(34,757)

Finite life intangible liabilities:
Below-market leases	$	191,154			$	191,154
Less: accumulated amortization	(42,777)				(34,757)
Total intangible liabilities, net	$	148,377			$	156,397

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-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 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Notes and Other Debt - Mandatory Exchange of Additional February 2028 Secured Notes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	May 17, 2024	Dec. 31, 2023	Feb. 14, 2023
Debt Instrument [Line Items]
Principal amount	$ 5,866,500			$ 5,866,500			$ 5,617,442
Loss on extinguishment of debt, net				0	$ 31,187
Interest expense	131,007	$ 120,691		381,693	$ 389,243
February 2028 Secured Notes
Debt Instrument [Line Items]
Principal amount	$ 2,900,000			$ 2,900,000			$ 2,600,000	$ 2,600,000
Issuance senior notes, stated percentage	10.50%			10.50%			10.50%
February 2028 Secured Notes \| Secured Debt
Debt Instrument [Line Items]
Principal amount						$ 300,000
2025 Secured Notes \| Uniti Group LP, Uniti Group Finance 2019 Inc. and CSL Capital, LLC
Debt Instrument [Line Items]
Principal amount								$ 2,250,000
Loss on extinguishment of debt, net			$ 32,300
Debt issuance costs, net			10,300
Interest expense			$ 22,000
2025 Secured Notes \| Borrowers
Debt Instrument [Line Items]
Issuance senior notes, stated percentage								7.875%

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Value of the Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible assets, original cost	$ 479,137	$ 479,137
Less: accumulated amortization	(196,298)	(174,022)
Total intangible assets, net	282,839	305,115
Less: accumulated amortization	(42,777)	(34,757)
Total intangible liabilities, net	148,377	156,397
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	(168,630)	(151,542)
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	(26,268)	(21,343)
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	(1,400)	(1,137)
Below-market leases
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible liabilities	191,154	191,154
Less: accumulated amortization	$ (42,777)	$ (34,757)

Notes and Other Debt

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
Principal amount	$	5,866,500	$	5,617,442
Less unamortized discount, premium and debt issuance costs	(83,867)		(93,863)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	5,782,633	$	5,523,579

Notes and other debt at September 30, 2024 and December 31, 2023 consisted of the following:


	September 30, 2024				December 31, 2023
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs		Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured notes - 10.50% due February 15, 2028 (discount is based on imputed interest rate of 10.99%)	$	2,900,000	$	(40,006)	$	2,600,000	$	(48,290)
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)	570,000		(5,345)		570,000		(6,360)
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)	1,110,000		(13,783)		1,110,000		(15,761)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)	700,000		(8,335)		700,000		(9,307)
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)	—		—		122,942		(427)
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)	306,500		(6,742)		306,500		(8,092)
ABS Loan Facility, variable rate, due September 1, 2025 (discount is based on imputed interest rate of 10.33%)	275,000		(4,983)		—		—
Senior secured revolving credit facility, variable rate, due September 24, 2027 (discount is based on imputed interest rate of 11.16%)	5,000		(4,673)		208,000		(5,625)
Total	$	5,866,500	$	(83,867)	$	5,617,442	$	(93,863)

At September 30, 2024, notes and other debt included the following: (i) $5.0 million balance 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, as amended (the “Credit Agreement”); (ii) $275.0 million under the bridge loan and security agreement (the "ABS Loan Agreement"), a multi-draw term loan facility dated February 23, 2024, entered into by and among Uniti Fiber Bridge Borrower LLC (the “ABS Bridge Borrower”), Uniti Fiber Bridge HoldCo LLC and Uniti Fiber GulfCo LLC (together, the “ABS Bridge Loan Parties”), each an indirect subsidiary of the Company, Wilmington Trust, National Association, as administrative agent, collateral agent, account bank and verification agent, Barclays Bank PLC, as facility agent, and the lenders identified therein; (iii) $2.9 billion aggregate principal amount of 10.50% Senior Secured Notes due February 15, 2028 (the “February 2028 Secured Notes”); (iv) $570.0 million aggregate principal amount of 4.75% Senior Secured Notes due April 15, 2028 (the “April 2028 Secured Notes”); (v) $1.1 billion aggregate principal amount of 6.50% Senior Unsecured Notes due February 15, 2029 (the “2029 Notes”); (vi) $700.0 million aggregate principal amount of 6.00% Senior Notes due January 15, 2030 (the “2030 Notes”); and (vii) $306.5 million aggregate principal amount of Convertible 2027 Notes and, together with the February 2028 Secured Notes, April 2028 Secured Notes, 2029 Notes, and the 2030 Notes, the "Notes". The terms of the Notes are as described in the Company’s Annual Report.

Credit Agreement

The Borrowers are party to the Credit Agreement, which provides for a $500 million revolving credit facility that will mature on September 24, 2027 (the “Revolving Credit Facility”) and provides us with the ability to obtain revolving loans as well as swingline loans and letters of credit from time to time. On June 17, 2024, the Borrowers, each a subsidiary of the Company, entered into Amendment No. 9 (the “Amendment”) to the Credit Agreement. Pursuant to the Amendment, the Credit Agreement’s requirement for the Operating Partnership to use commercially reasonable efforts to maintain its status as a REIT will now terminate (i) at the end of the taxable year in which the Company’s proposed merger with Windstream is consummated or, (ii) at December 31, 2024, if the Company determines that by reason of such proposed merger, the Company will cease to qualify as a REIT for the year during which the Merger is consummated.

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, 2024, 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.

Mandatory Exchange of Additional February 2028 Secured Notes

As previously disclosed, on May 17, 2024, the Operating Partnership, CSL Capital, LLC, Uniti Group Finance 2019 Inc. and Uniti Fiber Holdings Inc. (collectively, the “Issuers”) completed a private offering of $300.0 million aggregate principal amount of February 2028 Secured Notes (the "Additional February 2028 Secured Notes"). In accordance with the terms of the indenture governing the Additional February 2028 Secured Notes, following the receipt of regulatory approval to enable certain subsidiaries of the Operating Partnership to guarantee the Additional February 2028 Secured Notes, the Issuers caused the Additional February 2028 Notes to be mandatorily exchanged for February 2028 Secured Notes issued as “additional notes” under the Indenture dated as of February 14, 2023, as amended and supplemented among the Issuers, the guarantors party thereto and the trustee and collateral agent party thereto (the “2023 Indenture”). The mandatory exchange occurred on November 1, 2024, and the additional notes comprise part of the same series as the February 2028 Secured Notes issued under the 2023 Indenture and have the same CUSIP numbers as, and are fungible with, the February 2028 Secured Notes issued under the 2023 Indenture.

February 2028 Secured Notes

On February 14, 2023, the Issuers completed a private offering of $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 of $2.25 billion for the 2025 Secured Notes with the trustee and satisfied and discharged their obligations with respect to 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 Consolidation Statements of Income (Loss), which includes $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.

Exchangeable Notes

The Exchangeable Notes matured on June 15, 2024, and the principal balance of $122.9 million was repaid.

Asset-Backed Bridge Loan Facility

On February 23, 2024, ABS Bridge Borrower and the other ABS Bridge Loan Parties entered into the ABS Loan Agreement, which provides for a secured, multi-draw term loan facility of up to $350 million (the “ABS Loan Facility”). On March 1, 2024 (the “ABS Loan Closing Date”), the ABS Bridge Borrower made an initial drawing under the ABS Loan Facility in a principal amount of $275 million. Amounts borrowed under the ABS Loan Facility may not be reborrowed. Unless otherwise terminated pursuant to the terms of the ABS Loan Agreement, the ABS Loan Facility matures on the date that is 18 months from the ABS Loan Closing Date. The Company intends to refinance the ABS Loan Facility in full with proceeds from a long-term asset-backed securitized debt offering secured primarily by certain Uniti Fiber network assets.

Amounts outstanding under the ABS Loan Facility bear interest at a floating rate equal to, at the Company’s option, either (i) the one-month or three-month SOFR, plus a spread of 3.75% per annum or (ii) Base Rate (as defined in the ABS Loan Agreement), plus a spread of 2.75% per annum; provided that the spread will automatically increase to (a) 4.50% per annum in the case of loans bearing interest based on SOFR and 3.50% per annum in the case of loans bearing interest based on Base Rate, in each case to the extent outstanding on and after the date that is 12 months following the ABS Loan Closing Date and (b) 5.25% per annum in the case of loans bearing interest based on SOFR and 4.25% per annum in the case of loans bearing interest based on Base Rate, in each case to the extent outstanding on and after the date that is 15 months following the ABS Loan Closing Date. The Company capped SOFR interest expense at 4.50% for the duration of the ABS Loan Facility pursuant to the ABS Loan Interest Rate Cap (see Note 8).

In connection with the ABS Loan Facility, the Company formed Uniti Fiber ABS Parent LLC, an indirect subsidiary of the Company that qualifies as a bankruptcy-remote special purpose entity (“ABS Parent”) and directed the formation of the ABS Bridge Loan Parties, which are direct or indirect wholly-owned subsidiaries of ABS Parent. Each of the ABS Bridge Loan Parties is a special purpose, bankruptcy-remote, indirect subsidiary of the Company. The ABS Loan Facility is secured by equity in the ABS Bridge Borrower and substantially all of the assets of the ABS Bridge Loan Parties (subject to certain customary limited exceptions) and is non-recourse to the Company. Each of the ABS Bridge Loan Parties and ABS Parent was designated as an unrestricted subsidiary under the Credit Agreement and the applicable indentures governing the Company’s outstanding senior notes. The assets of the ABS Bridge Loan Parties will only be available for payment of the obligations arising under the ABS Loan Agreement and will not be available to pay any obligations or claims of the Company’s other creditors.

In connection with the initial funding under the ABS Loan Facility on the ABS Loan Closing Date, the Company, directly or indirectly, (i) transferred certain Uniti Fiber non-regulated and interstate customer contracts and related equipment to the ABS Bridge Loan Parties and (ii) granted an indefeasible right of use in the related fiber network assets to such ABS Bridge Loan Parties. In addition, certain of the ABS Bridge Loan Parties entered into a management agreement (the “Management Agreement”) with Uniti Fiber Holdings Inc. (in its capacity as manager thereunder, the “Manager”), pursuant to which the Manager is responsible for servicing and administering the assets securing the ABS Loan Facility and is permitted to make reimbursable servicing advances in respect of the collateral securing the ABS Loan Facility under certain circumstances.

The ABS Loan Agreement contains customary covenants limiting the ability of the ABS Bridge Loan Parties to: incur or guarantee additional indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell fiber network assets; enter into transactions with the Company and other affiliates; and create restrictions on the ability of the ABS Bridge Loan Parties to incur liens on their assets constituting collateral to secure obligations under the ABS Loan Agreement. These covenants are subject to a number of limitations, qualifications and exceptions. The ABS Loan Agreement also contains a maximum leverage financial maintenance covenant and customary events of default.

Deferred Financing Cost

Deferred financing costs were incurred in connection with the issuance of the Notes and our entry into the Revolving Credit Facility and the ABS Loan 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 (Loss).

For the three and nine months ended September 30, 2024, we recognized $6.3 million and $17.4 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs. 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.

Restatement of Previously Issued Financial Statements - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill	$ 157,380		$ 157,380	$ 157,380
Deferred income tax assets, net	124,077		109,128	103,827
Total Assets	5,098,671		5,025,129	4,943,362
Distributions in excess of accumulated earnings	(3,708,705)		(3,708,240)	(3,703,515)
Total Uniti shareholders' deficit	(2,477,273)		(2,486,392)	(2,484,676)
Operating partnership units	716		2,021	2,023
Total shareholders' deficit	(2,476,307)	$ (2,492,414)	(2,484,121)	(2,482,403)	$ (2,331,244)	$ (2,271,206)
Total Liabilities and Shareholders' Deficit	$ 5,098,671		$ 5,025,129	4,943,362
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill				208,378
Deferred income tax assets, net				90,792
Total Assets				4,981,325
Distributions in excess of accumulated earnings				(3,665,569)
Total Uniti shareholders' deficit				(2,446,730)
Operating partnership units				2,040
Total shareholders' deficit				(2,444,440)
Total Liabilities and Shareholders' Deficit				4,981,325
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill				(50,998)
Deferred income tax assets, net				13,035
Total Assets				(37,963)
Distributions in excess of accumulated earnings				(37,946)
Total Uniti shareholders' deficit				(37,946)
Operating partnership units				(17)
Total shareholders' deficit				(37,963)
Total Liabilities and Shareholders' Deficit				$ (37,963)

Notes and Other Debt - Schedule of Notes and Other Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Feb. 14, 2023	Dec. 07, 2022	Sep. 25, 2019
Debt Instrument [Line Items]
Principal amount	$ 5,866,500	$ 5,617,442
Less unamortized discount, premium and debt issuance costs	(83,867)	(93,863)
Notes and other debt less unamortized discount, premium and debt issuance costs	5,782,633	5,523,579
Senior secured notes - 10.50% due February 15, 2028 (discount is based on imputed interest rate of 10.99%)
Debt Instrument [Line Items]
Principal amount	2,900,000	2,600,000	$ 2,600,000
Less unamortized discount, premium and debt issuance costs	$ (40,006)	$ (48,290)
Issuance senior notes, stated percentage	10.50%	10.50%
Effective interest rate	10.99%
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)
Debt Instrument [Line Items]
Principal amount	$ 570,000	$ 570,000
Less unamortized discount, premium and debt issuance costs	$ (5,345)	$ (6,360)
Issuance senior notes, stated percentage	4.75%	4.75%
Effective interest rate	5.04%
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)
Debt Instrument [Line Items]
Principal amount	$ 1,110,000	$ 1,110,000
Less unamortized discount, premium and debt issuance costs	$ (13,783)	$ (15,761)
Issuance senior notes, stated percentage	6.50%	6.50%
Effective interest rate	6.83%
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)
Debt Instrument [Line Items]
Principal amount	$ 700,000	$ 700,000
Less unamortized discount, premium and debt issuance costs	$ (8,335)	(9,307)
Issuance senior notes, stated percentage	6.00%
Effective interest rate	6.27%
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)
Debt Instrument [Line Items]
Principal amount	$ 0	122,942
Less unamortized discount, premium and debt issuance costs	$ 0	(427)
Issuance senior notes, stated percentage	4.00%				4.00%
Effective interest rate	4.77%
Convertible senior notes - 7.50% due December 1, 2027
Debt Instrument [Line Items]
Principal amount	$ 306,500	306,500
Less unamortized discount, premium and debt issuance costs	$ (6,742)	$ (8,092)
Issuance senior notes, stated percentage	7.50%	7.50%		7.50%
Effective interest rate	8.29%
ABS Loan Facility, variable rate, due September 1, 2025 (discount is based on imputed interest rate of 10.33%)
Debt Instrument [Line Items]
Principal amount	$ 275,000	$ 0
Less unamortized discount, premium and debt issuance costs	$ (4,983)	0
Effective interest rate	10.33%
Senior secured revolving credit facility, variable rate, due September 24, 2027
Debt Instrument [Line Items]
Principal amount	$ 5,000	208,000
Less unamortized discount, premium and debt issuance costs	$ (4,673)	$ (5,625)
Effective interest rate	11.16%

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023:


(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, 2024
Assets
Derivative asset	$	231	$	—	$	231	$	—
Total	$	231	$	—	$	231	$	—

Liabilities
Senior secured notes - 10.50%, due February 15, 2028 (see Note 10)	$	3,100,886	$	—	$	3,100,886	$	—
Senior secured notes - 4.75%, due April 15, 2028	526,462		—		526,462		—
Senior unsecured notes - 6.50%, due February 15, 2029	974,565		—		974,565		—
Senior unsecured notes - 6.00%, due January 15, 2030	604,480		—		604,480		—
Convertible senior notes - 7.50% due December 1, 2027	345,783		—		345,783		—
ABS Loan Facility, variable rate, due September 1, 2025	273,625		—		273,625		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	4,999		—		4,999		—
Settlement payable	94,465		—		94,465		—
Total	$	5,925,265	$	—	$	5,925,265	$	—


(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, 2023
Liabilities
Senior secured notes - 10.50%, due February 15, 2028	$	2,624,596	$	—	$	2,624,596	$	—
Senior secured notes - 4.75%, due April 15, 2028	488,205		—		488,205		—
Senior unsecured notes - 6.50% , due February 15, 2029	796,125		—		796,125		—
Senior unsecured notes - 6.00%, due January 15, 2030	486,675		—		486,675		—
Exchangeable senior notes - 4.00%, due June 15, 2024	122,140		—		122,140		—
Convertible senior notes - 7.50%, due December 1, 2027	301,755		—		301,755		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	207,979		—		207,979		—
Settlement payable	160,550		—		160,550		—
Total	$	5,188,025	$	—	$	5,188,025	$	—

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 $5.87 billion at September 30, 2024, with a fair value of $5.83 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 input based on observable market data. Accordingly, we classify inputs used as Level 2 in the fair value hierarchy. As of September 30, 2024, the remaining Settlement Payable is $95.1 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases - Schedule of Depreciation Expense for Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Depreciation expense for underlying assets under operating leases	$ 46,307	$ 45,795	$ 137,955	$ 136,640

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Components of Lease Income

The components of lease income for the three and nine months ended September 30, 2024 and 2023 respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Lease income - operating leases	$	233,885	$	229,633	$	691,344	$	685,457

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, 2024 are as follows:


(Thousands)	September 30, 2024⁽¹⁾
2024	$	204,518
2025	836,266
2026	842,822
2027	843,315
2028	843,309
Thereafter	1,593,415
Total lease receivables	$	5,163,645
(1) Total future minimum lease payments to be received include $4.3 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, 2024		December 31, 2023
Land	$	26,518	$	26,533
Building and improvements	348,683		347,700
Poles	333,447		314,488
Fiber	4,128,677		3,862,635
Equipment	437		436
Copper	3,973,887		3,974,410
Conduit	90,117		90,087
Tower assets	58		58
Finance lease assets	1,889		1,890
Other assets	10,432		10,434
	8,914,145		8,628,671
Less: accumulated depreciation	(5,812,265)		(5,690,066)
Underlying assets under operating leases, net	$	3,101,880	$	2,938,605

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, 2024 and 2023, respectively, is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Depreciation expense for underlying assets under operating leases	$	46,307	$	45,795	$	137,955	$	136,640

Future Lease Payments Under Non-Cancellable Operating Leases

Future lease payments under non-cancellable leases as of September 30, 2024 are as follows:


(Thousands)	Operating Leases		Finance Leases
2024	$	4,079	$	1,060
2025	17,095		4,241
2026	13,616		4,115
2027	10,833		3,408
2028	9,196		2,581
Thereafter	102,944		9,327
Total undiscounted lease payments	$	157,763	$	24,732
Less: imputed interest	(78,978)		(6,863)
Total lease liabilities	$	78,785	$	17,869

Future Lease Payments Under Non-Cancellable Finance Leases

Future lease payments under non-cancellable leases as of September 30, 2024 are as follows:


(Thousands)	Operating Leases		Finance Leases
2024	$	4,079	$	1,060
2025	17,095		4,241
2026	13,616		4,115
2027	10,833		3,408
2028	9,196		2,581
Thereafter	102,944		9,327
Total undiscounted lease payments	$	157,763	$	24,732
Less: imputed interest	(78,978)		(6,863)
Total lease liabilities	$	78,785	$	17,869

Restatement of Previously Issued Financial Statements (Tables)

9 Months Ended

Sep. 30, 2024

Prior Period Adjustment [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The impact of the restatement on our prior period unaudited condensed consolidated balance sheet, condensed consolidated statement of loss, condensed consolidated statement of comprehensive loss, and condensed consolidated statement of cash flows is presented below:


	As of September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill	$	208,378	$	(50,998)	$	157,380
Deferred income taxes, net	$	90,792	$	13,035	$	103,827
Total Assets	$	4,981,325	$	(37,963)	$	4,943,362
Distributions in excess of accumulated earnings	$	(3,665,569)	$	(37,946)	$	(3,703,515)
Total Uniti shareholders' deficit	$	(2,446,730)	$	(37,946)	$	(2,484,676)
Operating partnership units	$	2,040	$	(17)	$	2,023
Total shareholders' deficit	$	(2,444,440)	$	(37,963)	$	(2,482,403)
Total Liabilities and Shareholders' Deficit	$	4,981,325	$	(37,963)	$	4,943,362


	Three Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill impairment	$	153,000	$	50,998	$	203,998
Loss before income taxes and equity in earnings from unconsolidated entities	$	(124,698)	$	(50,998)	$	(175,696)
Income tax benefit	$	(43,095)	$	(13,035)	$	(56,130)
Net loss	$	(80,933)	$	(37,963)	$	(118,896)
Net loss attributable to noncontrolling interest	$	(36)	$	(17)	$	(53)
Net loss attributable to shareholders	$	(80,897)	$	(37,946)	$	(118,843)
Net loss attributable to common shareholders	$	(81,223)	$	(37,946)	$	(119,169)
Earnings per share - Basic	$	(0.34)	$	(0.16)	$	(0.50)
Earnings per share - Diluted	$	(0.34)	$	(0.16)	$	(0.50)

Comprehensive loss:
Net loss	$	(80,933)	$	(37,963)	$	(118,896)
Comprehensive loss	$	(80,933)	$	(37,963)	$	(118,896)
Comprehensive loss attributable to noncontrolling interest	$	(36)	$	(17)	$	(53)
Comprehensive loss attributable to shareholders	$	(80,897)	$	(37,946)	$	(118,843)


	Nine Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill impairment	$	153,000	$	50,998	$	203,998
Loss before income taxes and equity in earnings from unconsolidated entities	$	(126,360)	$	(50,998)	$	(177,358)
Income tax benefit	$	(49,864)	$	(13,035)	$	(62,899)
Net loss	$	(74,506)	$	(37,963)	$	(112,469)
Net loss attributable to noncontrolling interest	$	(33)	$	(17)	$	(50)
Net loss attributable to shareholders	$	(74,473)	$	(37,946)	$	(112,419)
Net loss attributable to common shareholders	$	(75,378)	$	(37,946)	$	(113,324)
Earnings per share - Basic	$	(0.32)	$	(0.16)	$	(0.48)
Earnings per share - Diluted	$	(0.32)	$	(0.16)	$	(0.48)

Comprehensive loss:
Net loss	$	(74,506)	$	(37,963)	$	(112,469)
Comprehensive loss	$	(74,506)	$	(37,963)	$	(112,469)
Comprehensive loss attributable to noncontrolling interest	$	(33)	$	(17)	$	(50)
Comprehensive loss attributable to shareholders	$	(74,473)	$	(37,946)	$	(112,419)


	Nine Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Cash Flows from Operating Activities
Net Loss	$	(74,506)	$	(37,963)	$	(112,469)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income taxes	$	(50,161)	$	(13,035)	$	(63,196)
Goodwill impairment	$	153,000	$	50,998	$	203,998
Net cash provided by operating activities	$	190,575	$	—	$	190,575

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2024
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, 2024, we are the sole general partner of the Operating Partnership and own approximately 99.98% of the partnership interests in the Operating Partnership. Our Proposed Merger with Windstream On May 3, 2024, the Company entered into an Agreement and Plan of Merger with Windstream Holdings II, LLC (the “Merger Agreement”) providing for a combination of the Company and Windstream Holdings, Inc. (together with Windstream Holdings II, LLC, its successor in interest, and its subsidiaries, “Windstream”) such that, following a pre-closing reorganization of Windstream and the merger of the Company into an entity formed in such reorganization (the "Merger"), both the Company and Windstream will be indirect wholly owned subsidiaries of a recently formed company that in the reorganization will become the parent company of Windstream (“New Uniti”). Following the Merger, the common stock of New Uniti (“New Uniti Common Stock”) is expected to be listed on the Nasdaq. The Merger intends to reunite Windstream’s business with the underlying fiber infrastructure owned by the Company to create a premier digital infrastructure company with a strong platform for value creation. Upon consummation of the Merger, the board of directors of New Uniti will initially comprise nine members, including five directors to be appointed by Uniti. It is expected that Uniti’s existing officers will serve as initial officers of New Uniti. At the effective time of the Merger, each share of Uniti’s common stock that is issued and outstanding will automatically be cancelled and retired and converted into the right to a number of shares of New Uniti Common Stock pursuant to an exchange ratio set forth in the Merger Agreement such that the Company's and Windstream's stockholders are expected to hold approximately 62% and 38%, respectively, of the combined company before giving effect to the conversion of any outstanding convertible securities or the issuance of warrants to purchase New Uniti Common Stock referenced below. In addition, at the closing of the Merger, we will fund an aggregate cash payment of $425 million (less certain transaction expenses) that will be distributed to Windstream equityholders on a pro-rata basis (the “Merger Cash Consideration”). Windstream equityholders will also be entitled to pro rata distributions of (i) new shares of non-voting preferred stock of New Uniti with a dividend rate of 11% per year for the first six years, subject to an additional 0.5% per year during each of the seventh and eighth year after the initial issuance and further increased by an additional 1% per year during each subsequent year, subject to a cap of 16% per year and with an aggregate liquidation preference of $575 million, and (ii) warrants to purchase New Uniti Common Stock, with an exercise price of $0.01 per share, subject to customary adjustments, representing in the aggregate approximately 6.9% of the pro forma share total of New Uniti. We intend to fund the Merger Cash Consideration with cash on hand and borrowings under the Revolving Credit Facility (as defined herein). Our Merger with Windstream is subject to customary closing conditions, including, among others, approval by our stockholders and receipt of required regulatory approvals, including the expiration or early termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976 and the receipt of approvals from the Federal Communications Commission and certain state public utility commissions. We currently expect our Merger with Windstream to close in 2025. Upon consummation of the Merger, New Uniti will become an integrated telecommunications company. Initially, the legacy Uniti and Windstream organizational structures will remain separate, and the existing agreements and arrangements presently in effect between Uniti and Windstream, such as the Windstream Leases and the settlement agreement with Windstream, which requires Uniti to fund periodic settlement payments and reimburse Windstream for certain growth capital improvements, will remain in place. All Windstream debt obligations would remain obligations of Windstream and our debt obligations would remain as ours, with no cross-guarantees or credit support between the Company and Windstream. In September and October 2024, Windstream undertook a series of transactions through which it amended the terms of its outstanding debt to, among other things, allow for the consolidation of Uniti's and Windstream's debt following the completion of the Merger into a single silo under a common parent entity (the "Post-Closing Reorganization"). As a result, following the completion of the Merger, Uniti may, but is not required to, consummate the Post-Closing Reorganization. If the Post-Closing Reorganization is completed, certain existing agreements and arrangements presently in effect between Uniti and Windstream, including the Windstream Leases and the settlement agreement described above, could be (but are not required to be) terminated. In addition, if the Post-Closing Reorganization is completed, each obligor under Uniti's outstanding debt (other than the ABS Loan Facility) would become an obligor under Windstream's outstanding debt, and each obligor under Windstream's outstanding debt would become an obligor under Uniti's outstanding debt (other than the ABS Loan Facility). In addition, we have agreed to suspend dividend payments or other distributions until the consummation of the Merger, except for the dividend paid on June 28, 2024 and those dividends reasonably required for us or our subsidiaries to maintain our status as a REIT or to avoid the payment or imposition of income or excise tax, among other customary exceptions. Finally, it is expected that, following consummation of the Merger, Uniti will cease to be a REIT for U.S. federal income tax purposes.

Basis of Presentation and Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 34,077	$ 62,264
Restricted cash and cash equivalents	19,311	0
Cash, restricted cash and cash equivalents at end of period	$ 53,388	$ 62,264	$ 34,119	$ 43,803

Derivative Instruments and Hedging Activities - Schedule of Cash Flow Hedges on Condensed Consolidated Statements of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Income (Loss)	$ 131,007	$ 120,691	$ 381,693	$ 389,243
Interest Rate Cap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Amount of loss recognized on derivative in Other Comprehensive Loss	(834)	0	(661)	0
Amounts reclassified from Accumulated Other Comprehensive Loss into Interest Expense	$ 122	$ 0	$ 159	$ 0

Notes and Other Debt (Tables)

9 Months Ended

Sep. 30, 2024

Long-Term Debt, Unclassified [Abstract]

Schedule of Notes and Other Debt

Notes and other debt are as follows:


(Thousands)	September 30, 2024		December 31, 2023
Principal amount	$	5,866,500	$	5,617,442
Less unamortized discount, premium and debt issuance costs	(83,867)		(93,863)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	5,782,633	$	5,523,579

Notes and other debt at September 30, 2024 and December 31, 2023 consisted of the following:


	September 30, 2024				December 31, 2023
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs		Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured notes - 10.50% due February 15, 2028 (discount is based on imputed interest rate of 10.99%)	$	2,900,000	$	(40,006)	$	2,600,000	$	(48,290)
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)	570,000		(5,345)		570,000		(6,360)
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)	1,110,000		(13,783)		1,110,000		(15,761)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)	700,000		(8,335)		700,000		(9,307)
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)	—		—		122,942		(427)
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)	306,500		(6,742)		306,500		(8,092)
ABS Loan Facility, variable rate, due September 1, 2025 (discount is based on imputed interest rate of 10.33%)	275,000		(4,983)		—		—
Senior secured revolving credit facility, variable rate, due September 24, 2027 (discount is based on imputed interest rate of 11.16%)	5,000		(4,673)		208,000		(5,625)
Total	$	5,866,500	$	(83,867)	$	5,617,442	$	(93,863)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Restatement of Previously Issued Financial Statements - Condensed Consolidated Statement of Loss (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill impairment	$ 0	$ 203,998	$ 0	$ 203,998
Loss before income taxes and equity in earnings from unconsolidated entities	6,295	(175,696)	57,990	(177,358)
Income tax benefit	(5,935)	(56,130)	(13,869)	(62,899)
Net loss	12,230	(118,896)	71,859	(112,469)
Net loss attributable to noncontrolling interest	1	(53)	23	(50)
Net loss attributable to shareholders	12,229	(118,843)	71,836	(112,419)
Net loss attributable to common shareholders	$ 11,890	$ (119,169)	$ 70,328	$ (113,324)
Earnings per share - Basic (in shares)	$ 0.05	$ (0.50)	$ 0.30	$ (0.48)
Earnings per share - Diluted (in shares)	$ 0.05	$ (0.50)	$ 0.30	$ (0.48)
Comprehensive loss:
Net loss	$ 12,230	$ (118,896)	$ 71,859	$ (112,469)
Comprehensive loss	11,274	(118,896)	71,039	(112,469)
Comprehensive loss attributable to noncontrolling interest	1	(53)	23	(50)
Comprehensive loss attributable to shareholders	$ 11,273	(118,843)	$ 71,016	(112,419)
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill impairment		153,000		153,000
Loss before income taxes and equity in earnings from unconsolidated entities		(124,698)		(126,360)
Income tax benefit		(43,095)		(49,864)
Net loss		(80,933)		(74,506)
Net loss attributable to noncontrolling interest		(36)		(33)
Net loss attributable to shareholders		(80,897)		(74,473)
Net loss attributable to common shareholders		$ (81,223)		$ (75,378)
Earnings per share - Basic (in shares)		$ (0.34)		$ (0.32)
Earnings per share - Diluted (in shares)		$ (0.34)		$ (0.32)
Comprehensive loss:
Net loss		$ (80,933)		$ (74,506)
Comprehensive loss		(80,933)		(74,506)
Comprehensive loss attributable to noncontrolling interest		(36)		(33)
Comprehensive loss attributable to shareholders		(80,897)		(74,473)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill impairment		50,998		50,998
Loss before income taxes and equity in earnings from unconsolidated entities		(50,998)		(50,998)
Income tax benefit		(13,035)		(13,035)
Net loss		(37,963)		(37,963)
Net loss attributable to noncontrolling interest		(17)		(17)
Net loss attributable to shareholders		(37,946)		(37,946)
Net loss attributable to common shareholders		$ (37,946)		$ (37,946)
Earnings per share - Basic (in shares)		$ (0.16)		$ (0.16)
Earnings per share - Diluted (in shares)		$ (0.16)		$ (0.16)
Comprehensive loss:
Net loss		$ (37,963)		$ (37,963)
Comprehensive loss		(37,963)		(37,963)
Comprehensive loss attributable to noncontrolling interest		(17)		(17)
Comprehensive loss attributable to shareholders		$ (37,946)		$ (37,946)

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents within the Condensed Consolidated Balance Sheets to the total cash and cash equivalents and restricted cash and cash equivalents within the Condensed Consolidated Statements of Cash Flows.


(Thousands)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	34,077	$	62,264
Restricted cash and cash equivalents	19,311		—
Cash, restricted cash and cash equivalents at end of period	$	53,388	$	62,264

Restrictions on Cash and Cash Equivalents


(Thousands)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	34,077	$	62,264
Restricted cash and cash equivalents	19,311		—
Cash, restricted cash and cash equivalents at end of period	$	53,388	$	62,264

Revenues

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue stream.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Uniti Fiber
Lit backhaul	$	17,938	$	18,246	$	58,305	$	57,221
Enterprise and wholesale	26,381		24,211		77,601		70,144
E-Rate and government	11,327		15,911		38,645		43,947
Other	917		786		2,644		2,264
Uniti Fiber	56,563		59,154		177,195		173,576
Uniti Leasing	1,799		1,868		5,073		5,142
Total revenue from contracts with customers	58,362		61,022		182,268		178,718
Revenue accounted for under leasing guidance
Uniti Leasing	221,123		212,720		653,756		632,707
Uniti Fiber	12,762		16,913		37,588		52,750
Total revenue accounted for under leasing guidance	233,885		229,633		691,344		685,457
Total revenue	$	292,247	$	290,655	$	873,612	$	864,175

At September 30, 2024 and December 31, 2023, lease receivables were $27.3 million and $22.0 million, respectively, and receivables from contracts with customers were $21.1 million and $18.8 million, respectively.

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

Contract assets primarily consist of unbilled construction revenue where we are utilizing our costs incurred as the measure of progress of satisfying our performance obligation. Contract assets are reported within accounts receivable, net on our Condensed Consolidated Balance Sheets. When the contract price is invoiced, the related unbilled receivable is reclassified to trade accounts receivable, where the balance will be settled upon the collection of the invoiced amount. Contract liabilities are generally comprised of upfront fees charged to the customer for the cost of establishing the necessary components of the Company’s network prior to the commencement of use by the customer. Fees charged to customers for the recurring use of the Company’s network are recognized during the related periods of service. Upfront fees that are billed in advance of providing services are deferred until such time the customer accepts the Company’s network and then are recognized as service revenues ratably over a period in which substantive services required under the revenue arrangement are expected to be performed, which is the initial term of the arrangement. During the three and nine months ended September 30, 2024, we recognized revenues of $0.8 million and $3.4 million, respectively, which were included in the December 31, 2023 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, 2023	$	26	$	11,109
Balance at September 30, 2024	$	—	$	10,613

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, 2024, our future revenues (i.e., transaction price related to remaining performance obligations) under contract accounted for under ASC 606 totaled $624.7 million, of which $552.5 million is related to contracts that are currently being invoiced and have an average remaining contract term of 3.1 years, while $72.2 million represents our backlog for sales bookings which have yet to be installed and have an average contract term of 5.3 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 10
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023:


(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, 2024
Assets
Derivative asset	$	231	$	—	$	231	$	—
Total	$	231	$	—	$	231	$	—

Liabilities
Senior secured notes - 10.50%, due February 15, 2028 (see Note 10)	$	3,100,886	$	—	$	3,100,886	$	—
Senior secured notes - 4.75%, due April 15, 2028	526,462		—		526,462		—
Senior unsecured notes - 6.50%, due February 15, 2029	974,565		—		974,565		—
Senior unsecured notes - 6.00%, due January 15, 2030	604,480		—		604,480		—
Convertible senior notes - 7.50% due December 1, 2027	345,783		—		345,783		—
ABS Loan Facility, variable rate, due September 1, 2025	273,625		—		273,625		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	4,999		—		4,999		—
Settlement payable	94,465		—		94,465		—
Total	$	5,925,265	$	—	$	5,925,265	$	—


(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, 2023
Liabilities
Senior secured notes - 10.50%, due February 15, 2028	$	2,624,596	$	—	$	2,624,596	$	—
Senior secured notes - 4.75%, due April 15, 2028	488,205		—		488,205		—
Senior unsecured notes - 6.50% , due February 15, 2029	796,125		—		796,125		—
Senior unsecured notes - 6.00%, due January 15, 2030	486,675		—		486,675		—
Exchangeable senior notes - 4.00%, due June 15, 2024	122,140		—		122,140		—
Convertible senior notes - 7.50%, due December 1, 2027	301,755		—		301,755		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	207,979		—		207,979		—
Settlement payable	160,550		—		160,550		—
Total	$	5,188,025	$	—	$	5,188,025	$	—

Revenues - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 0	$ 26
Contract Liabilities	$ 10,613	$ 11,109

Derivative Instruments and Hedging Activities - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions		9 Months Ended
	Dec. 07, 2022 USD ($) $ / shares $ / Unit	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 01, 2024 USD ($)	Dec. 31, 2023	Sep. 25, 2019	Jun. 25, 2019 $ / shares shares
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Cash flow hedge gain (loss) to be reclassified within 12 months		$ 900
Derivative cap price (in dollars per share) \| $ / Unit	10.63
Sale of stock, percentage	75.00%
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 6.075
Termination of bond hedge option	$ 1,200	$ 0	$ 59
Counterparties 2019
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Termination of bond hedge option	500
Convertible Debt
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Payments for capped calls	$ 21,100
Common Stock Warrants
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Exercise price of warrants or rights (in dollars per share) \| $ / shares							$ 16.42
Maximum \| Common Stock Warrants
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Warrants (in shares) \| shares							27.8
Maximum number of shares issued pursuant to warrants (in shares) \| shares							55.5
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Issuance senior notes, stated percentage		4.00%				4.00%
Convertible senior notes - 7.50% due December 1, 2027
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Issuance senior notes, stated percentage	7.50%	7.50%			7.50%
Designated as Hedging Instrument \| Interest Rate Cap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional value				$ 275,000
Derivative, cap interest rate				4.50%

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Cash flow hedge:
Balance at beginning of period attributable to shareholders	$	136	$	—	$	—	$	—
Change in fair value of derivative asset	(834)		—		(661)		—
Amounts reclassified from accumulated other comprehensive income	(122)		—		(159)		—
Balance at end of period	(820)		—		(820)		—
Less: Other comprehensive income attributable to noncontrolling interest	0		—		0		—
Balance at end of period attributable to shareholders	(820)		—		(820)		—
Accumulated other comprehensive loss at end of period	$	(820)	$	—	$	(820)	$	—

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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)	237,488,000	236,559,000
Common stock, shares outstanding (in shares)	237,488,000	236,559,000
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

Leases - Lease Payments to be Received under Non-Cancellable Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Lessee Lease Description [Line Items]
2024	$ 204,518
2025	836,266
2026	842,822
2027	843,315
2028	843,309
Thereafter	1,593,415
Total lease receivables	5,163,645
Total future minimum lease payments to be received	5,163,645
Windstream
Lessee Lease Description [Line Items]
Total lease receivables	4,300,000
Total future minimum lease payments to be received	$ 4,300,000

Condensed Consolidated Statements of Income (Loss) (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenue from rentals	$ 233,885	$ 229,633	$ 691,344	$ 685,457
Total service revenues	58,362	61,022	182,268	178,718
Total revenues	292,247	290,655	873,612	864,175
Costs and Expenses:
Interest expense, net	131,007	120,691	381,693	389,243
Depreciation and amortization	79,325	77,337	234,862	231,379
General and administrative expense	26,697	25,481	80,546	77,331
Operating expense (exclusive of depreciation and amortization)	34,519	37,392	106,753	109,878
Transaction related and other costs	14,404	1,441	31,068	9,805
Gain on sale of real estate	0	(1,424)	(18,999)	(1,424)
Goodwill impairment	0	203,998	0	203,998
Other expense (income), net	0	1,435	(301)	21,323
Total costs and expenses	285,952	466,351	815,622	1,041,533
Income (loss) before income taxes and equity in earnings from unconsolidated entities	6,295	(175,696)	57,990	(177,358)
Income tax benefit	(5,935)	(56,130)	(13,869)	(62,899)
Equity in earnings from unconsolidated entities	0	(670)	0	(1,990)
Net income (loss)	12,230	(118,896)	71,859	(112,469)
Net income (loss) attributable to noncontrolling interests	1	(53)	23	(50)
Net income (loss) attributable to shareholders	12,229	(118,843)	71,836	(112,419)
Participating securities' share in earnings	(334)	(321)	(1,493)	(890)
Dividends declared on convertible preferred stock	(5)	(5)	(15)	(15)
Net income (loss) attributable to common shareholders	$ 11,890	$ (119,169)	$ 70,328	$ (113,324)
Income (Loss) per common share:
Basic (in dollars per share)	$ 0.05	$ (0.50)	$ 0.30	$ (0.48)
Diluted (in dollars per share)	$ 0.05	$ (0.50)	$ 0.30	$ (0.48)
Weighted-average number of common shares outstanding:
Basic (in shares)	237,480	236,533	237,242	236,352
Diluted (in shares)	237,480	236,533	237,242	236,352
Uniti Leasing
Revenues:
Total revenue from rentals	$ 221,123	$ 212,720	$ 653,756	$ 632,707
Total service revenues	1,799	1,868	5,073	5,142
Uniti Fiber
Revenues:
Total revenue from rentals	12,762	16,913	37,588	52,750
Total service revenues	$ 56,563	59,154	$ 177,195	$ 173,576
Costs and Expenses:
Goodwill impairment		$ 204,000

Revenues - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Accounts receivable, net	$ 51,604	$ 51,604	$ 46,358
Contract with customer, receivable, after allowance for credit loss	21,100	21,100	18,800
Revenue recognized that was included in the contract liability	800	3,400
Future revenues under contract	624,700	624,700
Operating Lease Receivable
Disaggregation Of Revenue [Line Items]
Accounts receivable, net	27,300	27,300	$ 22,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01 \| Billed Revenues
Disaggregation Of Revenue [Line Items]
Future revenues under contract	$ 552,500	$ 552,500
Average remaining contract term for contracts currently billing	3 years 1 month 6 days	3 years 1 month 6 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01 \| Unbilled Revenues
Disaggregation Of Revenue [Line Items]
Future revenues under contract	$ 72,200	$ 72,200
Average remaining contract term for contracts currently billing	5 years 3 months 18 days	5 years 3 months 18 days

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
Land	Indefinite	$	30,507	$	30,099
Building and improvements	3 - 40 years	371,600		366,490
Poles	30 years	333,447		314,489
Fiber	30 years	5,148,425		4,835,623
Equipment	5 - 7 years	493,096		460,463
Copper	20 years	3,973,887		3,974,410
Conduit	30 years	90,117		90,087
Tower assets	20 years	1,221		1,221
Finance lease assets	(1)	52,824		52,589
Other assets	15 - 20 years	10,435		10,436
Construction in progress	(1)	44,620		49,771
Corporate assets	3 - 7 years	16,315		15,731
		10,566,494		10,201,409
Less accumulated depreciation		(6,409,952)		(6,219,340)
Net property, plant and equipment		$	4,156,542	$	3,982,069

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

Goodwill and Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Line Items]
Goodwill impairment	$ 0	$ 203,998	$ 0	$ 203,998
Remaining weighted average amortization period of intangible assets	13 years		13 years
Amortization of intangible assets	$ 7,400	7,400	$ 22,300	22,300
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
Estimated amortization expense for 2028	28,100		28,100
Revenue related to amortization of below-market leases	2,700	2,700	$ 8,000	$ 8,000
Remaining weighted average amortization period of intangible liabilities			15 years 4 months 24 days
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
Estimated revenue due to amortization, 2028	$ 10,200		$ 10,200
Uniti Fiber
Goodwill [Line Items]
Goodwill impairment		204,000
Goodwill, impairment loss, net of tax		$ 151,900
Customer lists
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	13 years 4 months 24 days		13 years 4 months 24 days
Contracts
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	4 years		4 years
Underlying Rights
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	26 years		26 years

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023:


	Three Months Ended September 30, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	222,922	$	69,325	$	—	$	292,247

Adjusted EBITDA	$	215,188	$	25,557	$	(5,421)	$	235,324
Less:
Interest expense							131,007
Depreciation and amortization	45,281		34,031		13		79,325
Transaction related and other costs							14,404
Other, net							918
Stock-based compensation							3,375
Income tax benefit							(5,935)
Net income							$	12,230


	Three Months Ended September 30, 2023
	(as restated)
(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							203,998
Other, net							2,091
Stock-based compensation							3,148
Income tax benefit							(56,130)
Adjustments for equity in earnings from unconsolidated entities							754
Net loss							$	(118,896)


	Nine Months Ended September 30, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	658,829	$	214,783	$	—	$	873,612

Adjusted EBITDA	$	636,718	$	80,486	$	(16,593)	$	700,611
Less:
Interest expense							381,693
Depreciation and amortization	134,874		99,948		40		234,862
Transaction related and other costs							31,068
Gain on sale of real estate							(18,999)
Other, net							3,877
Stock-based compensation							10,120
Income tax benefit							(13,869)
Net income							$	71,859


	Nine Months Ended September 30, 2023
	(as restated)
(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							203,998
Other, net							23,073
Stock-based compensation							9,408
Income tax benefit							(62,899)
Adjustments for equity in earnings from unconsolidated entities							2,264
Net loss							$	(112,469)

Notes and Other Debt - Asset-Backed Bridge Loan Facility (Narrative) (Details) - USD ($) $ in Thousands			9 Months Ended
	Mar. 01, 2024	Feb. 23, 2024	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Proceeds from ABS Loan Facility	$ 275,000		$ 275,000	$ 0
Debt instrument, months following closing date		15 months
ABS Credit Agreement \| Line of Credit \| Variable Rate Component One
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.75%
ABS Credit Agreement \| Line of Credit \| Variable Rate Component One \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.75%
ABS Credit Agreement \| Line of Credit \| Variable Rate Component Two
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.50%
ABS Credit Agreement \| Line of Credit \| Variable Rate Component Two \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		4.50%
ABS Credit Agreement \| Line of Credit \| Variable Rate Component Three
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		4.25%
ABS Credit Agreement \| Line of Credit \| Variable Rate Component Three \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		5.25%
ABS Credit Agreement \| Line of Credit \| Variable Rate Component Four
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		4.50%
Revolving Credit Facility \| ABS Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 350,000
Debt instrument, term		18 months

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Leases - Components of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Lease income - operating leases	$ 233,885	$ 229,633	$ 691,344	$ 685,457

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		244,114,544
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001620280
Current Fiscal Year End Date	--12-31

Segment Information

9 Months Ended

Sep. 30, 2024

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 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 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, information technology systems, 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, goodwill impairment charges, 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, 2024 and 2023:


	Three Months Ended September 30, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	222,922	$	69,325	$	—	$	292,247

Adjusted EBITDA	$	215,188	$	25,557	$	(5,421)	$	235,324
Less:
Interest expense							131,007
Depreciation and amortization	45,281		34,031		13		79,325
Transaction related and other costs							14,404
Other, net							918
Stock-based compensation							3,375
Income tax benefit							(5,935)
Net income							$	12,230


	Three Months Ended September 30, 2023
	(as restated)
(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							203,998
Other, net							2,091
Stock-based compensation							3,148
Income tax benefit							(56,130)
Adjustments for equity in earnings from unconsolidated entities							754
Net loss							$	(118,896)


	Nine Months Ended September 30, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	658,829	$	214,783	$	—	$	873,612

Adjusted EBITDA	$	636,718	$	80,486	$	(16,593)	$	700,611
Less:
Interest expense							381,693
Depreciation and amortization	134,874		99,948		40		234,862
Transaction related and other costs							31,068
Gain on sale of real estate							(18,999)
Other, net							3,877
Stock-based compensation							10,120
Income tax benefit							(13,869)
Net income							$	71,859


	Nine Months Ended September 30, 2023
	(as restated)
(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							203,998
Other, net							23,073
Stock-based compensation							9,408
Income tax benefit							(62,899)
Adjustments for equity in earnings from unconsolidated entities							2,264
Net loss							$	(112,469)

- Definition

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

+ References

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+ Details

Notes and Other Debt - Deferred Financing Cost (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Amortization of deferred financing costs	$ 6.3	$ 4.4	$ 17.4	$ 13.6

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

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

On March 1, 2024, the Company entered into an interest rate cap agreement (the "ABS Loan Interest Rate Cap") related to the ABS Loan Facility (as defined in Note 10). This interest rate cap was designated as a cash flow hedge, has a notional value of $275.0 million, and effectively caps the one-month term secured overnight financing rate ("SOFR ") at 4.50%.

The following table presents the fair value of the Company’s derivatives designated as hedging instruments as of September 30, 2024 and December 31, 2023:


(Thousands)	Location on Condensed Consolidated Balance Sheets	September 30, 2024		December 31, 2023
Interest rate caps	Derivative asset	$	231	$	—

The following table presents the effects of the Company’s derivative financial instrument on the Condensed Consolidated Statements of Income (Loss) for the periods presented:


(Thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships (Interest Rate Caps)	2024		2023		2024		2023
Amount of loss recognized on derivative in Other Comprehensive Loss	$	(834)	$	—	$	(661)	$	—
Amounts reclassified from Accumulated Other Comprehensive Loss into Interest Expense	$	122	$	—	$	159	$	—
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Income (Loss)	$	131,007	$	120,691	$	381,693	$	389,243

The company estimates that an additional $0.9 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next twelve months.

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 covered, 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 were exercisable upon exchange of the Exchangeable Notes. The Note Hedge Transactions had an initial strike price that corresponded 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 expired on June 15, 2024, upon the maturity and repayment of the Exchangeable Notes (see Note 10).

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 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 Warrants terminated in June 2024 and are no longer outstanding.

Capped Call Transactions

On December 7, 2022, in connection with the pricing of the 7.50% Convertible Notes due December 1, 2027 (the "Convertible 2027 Notes"), the Company entered into privately negotiated capped call transactions (the “Capped Calls”) with certain financial institutions at a cost of $21.1 million. The Capped Calls cover the same number of shares of the Company’s common stock that initially underlie the Convertible 2027 Notes in the aggregate. By entering into the Capped Calls, the Company expects to reduce the potential dilution to its common stock (or, in the event a conversion of the Convertible 2027 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the Convertible 2027 Notes its common stock price exceeds the conversion price of the Convertible 2027 Notes. The cap price of the Capped Calls will initially be $10.63 per share of common stock, which represents a premium of 75% over the last reported sale price of the Company’s common stock of $6.075 per share on December 7, 2022 and is subject to customary anti-dilution adjustments substantially similar to those applicable to the Convertible 2027 Notes. The Company used approximately $21.1 million of the net proceeds from the offering of the Convertible 2027 Notes to pay for the cost of the Capped Calls. The Capped Calls meet the criteria for classification in equity, are not remeasured each reporting period and are included as a reduction to additional paid-in-capital within stockholders’ equity.

Additionally on December 7, 2022, in connection with the Company’s repurchase of the Exchangeable Notes, the Company entered into partial unwind agreements with the Counterparties to unwind a portion of the Note Hedge Transactions and the Warrants described above (collectively, the “Unwind Transactions”). In connection with the Unwind Transactions, the Company received cash as a termination payment for the portion of the Note Hedge Transactions that were unwound, and the Company delivered cash as a termination payment in respect of the portion of the Warrants that were unwound. The amount of cash that was received, which was approximately $1.2 million, and the amount of cash that was delivered to the Counterparties, which was approximately $0.5 million, were based generally on the termination values of the unwound portions of such instruments.

Capital Stock	9 Months Ended
Capital Stock	Sep. 30, 2024
Equity [Abstract]
Capital Stock	Capital Stock The limited partnership interests in our operating partnership (commonly called “OP Units”), are exchangeable on a one-for-one basis for shares of our common stock or, at our election, cash of equivalent value. No OP Units held by third parties were exchanged during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company exchanged 68,384 OP Units held by third parties, of which 53,662 OP Units were exchanged for an equal number of shares of our common stock and 14,722 OP Units were purchased for cash consideration of $0.1 million, representing approximately 65% of the OP Units held by third parties with a carrying value of $1.3 million as of the exchange dates.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Capital Stock (Details) $ in Millions	3 Months Ended	9 Months Ended
Capital Stock (Details) $ in Millions	Sep. 30, 2024 shares	Sep. 30, 2024 USD ($) shares
Schedule Of Capitalization Equity [Line Items]
Conversion of stock, ratio		1
Exchange of noncontrolling interest (in shares)	0	68,384
Percentage of units exchanged held by third parties		65.00%
Noncontrolling Interest - OP Units
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest \| $		$ 1.3
Common Share Exchange
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest (in shares)		53,662
Cash Share Exchange
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest (in shares)		14,722
Cash Share Purchase
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest \| $		$ 0.1

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 01, 2020 USD ($) installment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount	$ 5,866,500	$ 5,617,442
Settlement payable (Note 13)	95,147	$ 163,583
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	$ 5,830,000

Notes and Other Debt - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Feb. 14, 2023	Dec. 07, 2022
Debt Instrument [Line Items]
Principal amount	$ 5,866,500	$ 5,617,442
Senior secured revolving credit facility, variable rate, due September 24, 2027
Debt Instrument [Line Items]
Principal amount	5,000	208,000
ABS Loan Facility, variable rate, due September 1, 2025
Debt Instrument [Line Items]
Principal amount	275,000	0
Senior secured notes - 10.50% due February 15, 2028 (discount is based on imputed interest rate of 10.99%)
Debt Instrument [Line Items]
Principal amount	$ 2,900,000	$ 2,600,000	$ 2,600,000
Issuance senior notes, stated percentage	10.50%	10.50%
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)
Debt Instrument [Line Items]
Principal amount	$ 570,000	$ 570,000
Issuance senior notes, stated percentage	4.75%	4.75%
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)
Debt Instrument [Line Items]
Principal amount	$ 1,110,000	$ 1,110,000
Issuance senior notes, stated percentage	6.50%	6.50%
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)
Debt Instrument [Line Items]
Principal amount	$ 700,000	$ 700,000
Issuance senior notes, stated percentage	6.00%
Convertible senior notes - 7.50% due December 1, 2027
Debt Instrument [Line Items]
Principal amount	$ 306,500	$ 306,500
Issuance senior notes, stated percentage	7.50%	7.50%		7.50%
Uniti Group LP, Uniti Group Finance 2019 Inc. and CSL Capital, LLC \| Senior secured revolving credit facility, variable rate, due September 24, 2027
Debt Instrument [Line Items]
Principal amount	$ 5,000

Condensed Consolidated Statements of Shareholders' Deficit (Parenthetical) (unaudited) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared per share (in dollars per share)	$ 0.15	$ 0.45	$ 0.30

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($) day	Oct. 01, 2020 USD ($) installment
Commitments And Contingencies [Line Items]
Other commitment, reimbursement default period threshold \| day	30
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	$ 386.9
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	230.8
New lease, aggregate reimbursements made for certain growth capital improvements	104.6
Growth capital improvements reimbursement amount made to date	$ 1,000.0
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		175.0
Other commitment, to be paid, year four		175.0
Other commitment, to be paid, year five		125.0
Other commitment, to be paid, year six		125.0
Windstream Commitments, Growth Capital Improvements, Cost Reimbursements
Commitments And Contingencies [Line Items]
Other commitment		$ 70.0
Windstream Commitments, Equipment Loan and Security Agreements
Commitments And Contingencies [Line Items]
Accrued interest rate for borrowing	8.00%
Windstream Commitments, Equipment Loan and Security Agreements \| Maximum
Commitments And Contingencies [Line Items]
Other commitment	$ 125.0
New lease, aggregate reimbursements made for certain growth capital improvements	$ 25.0
Windstream
Commitments And Contingencies [Line Items]
Annual rent adjustment for Growth Capital Funding	8.00%
Rate used for rent percentage	100.50%
Maximum funding rights allocated per year upon transfer of interests under Windstream lease	$ 20.0

Leases - Narrative (Details) $ in Millions	9 Months Ended
Leases - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Leases [Line Items]
Short term lease commitments	$ 4.2
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

Property, Plant and Equipment - Schedule of Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset	$ 10,566,494	$ 10,201,409
Less accumulated depreciation	(6,409,952)	(6,219,340)
Net property, plant and equipment	4,156,542	3,982,069
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	30,507	30,099
Building and improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	371,600	$ 366,490
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	333,447	$ 314,489
Fiber
Property Plant And Equipment [Line Items]
Depreciable Lives		30 years
Property, plant and equipment, gross	5,148,425	$ 4,835,623
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	493,096	$ 460,463
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	3,973,887	$ 3,974,410
Conduit
Property Plant And Equipment [Line Items]
Depreciable Lives		30 years
Property, plant and equipment, gross	90,117	$ 90,087
Tower assets
Property Plant And Equipment [Line Items]
Depreciable Lives		20 years
Property, plant and equipment, gross	1,221	$ 1,221
Finance lease assets
Property Plant And Equipment [Line Items]
Finance lease assets	52,824	52,589
Other assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	10,435	$ 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
Construction in progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	44,620	$ 49,771
Corporate assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 16,315	$ 15,731
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

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - lease		9 Months Ended
	Sep. 18, 2020	Sep. 30, 2024	Sep. 30, 2023
Summary Of Significant Accounting Policies [Line Items]
Number of master leases	2
Concentration of Credit Risk \| Revenue \| Windstream
Summary Of Significant Accounting Policies [Line Items]
Master lease and the windstream leases revenue percentage		68.20%	66.90%

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

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)	2024		2023		2024		2023
			(as restated)				(as restated)
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	12,229	$	(118,843)	$	71,836	$	(112,419)
Less: Income allocated to participating securities	(334)		(321)		(1,493)		(890)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Net income (loss) attributable to common shares	$	11,890	$	(119,169)	$	70,328	$	(113,324)
Denominator:
Basic weighted-average common shares outstanding	237,480		236,533		237,242		236,352
Basic income (loss) earnings per common share	$	0.05	$	(0.50)	$	0.30	$	(0.48)


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2024		2023		2024		2023
			(as restated)				(as restated)
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	12,229	$	(118,843)	$	71,836	$	(112,419)
Less: Income allocated to participating securities	(334)		(321)		(1,493)		(890)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Impact on if-converted dilutive securities	—		—		—		—
Net income (loss) attributable to common shares	$	11,890	$	(119,169)	$	70,328	$	(113,324)
Denominator:
Basic weighted-average common shares outstanding	237,480		236,533		237,242		236,352
Effect of dilutive non-participating securities	—		—		—		—
Impact on if-converted dilutive securities	—		—		—		—
Weighted-average shares for dilutive earnings per common share	237,480		236,533		237,242		236,352
Dilutive earnings (loss) per common share	$	0.05	$	(0.50)	$	0.30	$	(0.48)

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents the fair value of the Company’s derivatives designated as hedging instruments as of September 30, 2024 and December 31, 2023:


(Thousands)	Location on Condensed Consolidated Balance Sheets	September 30, 2024		December 31, 2023
Interest rate caps	Derivative asset	$	231	$	—

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents the effects of the Company’s derivative financial instrument on the Condensed Consolidated Statements of Income (Loss) for the periods presented:


(Thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships (Interest Rate Caps)	2024		2023		2024		2023
Amount of loss recognized on derivative in Other Comprehensive Loss	$	(834)	$	—	$	(661)	$	—
Amounts reclassified from Accumulated Other Comprehensive Loss into Interest Expense	$	122	$	—	$	159	$	—
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Income (Loss)	$	131,007	$	120,691	$	381,693	$	389,243

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Property, plant and equipment, net	$ 4,156,542	$ 3,982,069
Cash and cash equivalents	34,077	62,264
Restricted cash and cash equivalents	19,311	0
Accounts receivable, net	51,604	46,358
Goodwill	157,380	157,380
Intangible assets, net	282,839	305,115
Straight-line revenue receivable	105,823	90,988
Operating lease right-of-use assets, net	126,791	125,105
Derivative asset	231	0
Other assets	39,996	118,117
Deferred income tax assets, net	124,077	109,128
Assets held for sale	0	28,605
Total Assets	5,098,671	5,025,129
Liabilities:
Accounts payable, accrued expenses and other liabilities	95,844	119,340
Settlement payable (Note 13)	95,147	163,583
Intangible liabilities, net	148,377	156,397
Accrued interest payable	56,562	133,683
Deferred revenue	1,299,759	1,273,661
Dividends payable	2	36,162
Operating lease liabilities	78,785	84,404
Finance lease obligations	17,869	18,110
Notes and other debt, net	5,782,633	5,523,579
Liabilities held for sale	0	331
Total liabilities	7,574,978	7,509,250
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: 237,488 shares at September 30, 2024 and 236,559 at December 31, 2023	24	24
Additional paid-in capital	1,232,228	1,221,824
Accumulated other comprehensive loss	(820)	0
Distributions in excess of accumulated earnings	(3,708,705)	(3,708,240)
Total Uniti shareholders' deficit	(2,477,273)	(2,486,392)
Noncontrolling interests:
Operating partnership units	716	2,021
Cumulative non-voting convertible preferred stock, $0.01 par value, 6 shares authorized, 3 issued and outstanding	250	250
Total shareholders' deficit	(2,476,307)	(2,484,121)
Total Liabilities and Shareholders' Deficit	$ 5,098,671	$ 5,025,129

Restatement of Previously Issued Financial Statements - Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flow from operating activities
Net loss	$ 12,230	$ (118,896)	$ 71,859	$ (112,469)
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes			(14,949)	(63,196)
Goodwill impairment	$ 0	203,998	0	203,998
Net cash provided by operating activities			$ 181,080	190,575
As Reported
Cash flow from operating activities
Net loss		(80,933)		(74,506)
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes				(50,161)
Goodwill impairment		153,000		153,000
Net cash provided by operating activities				190,575
Adjustments
Cash flow from operating activities
Net loss		(37,963)		(37,963)
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes				(13,035)
Goodwill impairment		$ 50,998		50,998
Net cash provided by operating activities				$ 0

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

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

Schedule of Changes in Accumulated Other Comprehensive Loss by Component

Changes in accumulated other comprehensive loss by component is as follows for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Cash flow hedge:
Balance at beginning of period attributable to shareholders	$	136	$	—	$	—	$	—
Change in fair value of derivative asset	(834)		—		(661)		—
Amounts reclassified from accumulated other comprehensive income	(122)		—		(159)		—
Balance at end of period	(820)		—		(820)		—
Less: Other comprehensive income attributable to noncontrolling interest	0		—		0		—
Balance at end of period attributable to shareholders	(820)		—		(820)		—
Accumulated other comprehensive loss at end of period	$	(820)	$	—	$	(820)	$	—

Notes and Other Debt - Credit Agreement (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) day	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 5,866,500	$ 5,617,442
Debt instrument, covenant, lease default period threshold \| day	90
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%
Extended Revolving Credit Facility
Debt Instrument [Line Items]
Principal 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%
Senior secured revolving credit facility, variable rate, due September 24, 2027
Debt Instrument [Line Items]
Principal amount	$ 5,000	$ 208,000
Commitment fee percentage of average amount of unused commitments	0.50%
Commitment fee step-down percentage of average amount of unused commitments	0.40%

Revenues - Revenues Disaggregated by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 58,362	$ 61,022	$ 182,268	$ 178,718
Lease income - operating leases	233,885	229,633	691,344	685,457
Total revenues	292,247	290,655	873,612	864,175
Uniti Fiber
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	56,563	59,154	177,195	173,576
Lease income - operating leases	12,762	16,913	37,588	52,750
Uniti Fiber \| Lit backhaul
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	17,938	18,246	58,305	57,221
Uniti Fiber \| Enterprise and wholesale
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	26,381	24,211	77,601	70,144
Uniti Fiber \| E-Rate and government
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	11,327	15,911	38,645	43,947
Uniti Fiber \| Other
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	917	786	2,644	2,264
Uniti Leasing
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	1,799	1,868	5,073	5,142
Lease income - operating leases	$ 221,123	$ 212,720	$ 653,756	$ 632,707

Leases

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023 respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Lease income - operating leases	$	233,885	$	229,633	$	691,344	$	685,457

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, 2024 are as follows:


(Thousands)	September 30, 2024⁽¹⁾
2024	$	204,518
2025	836,266
2026	842,822
2027	843,315
2028	843,309
Thereafter	1,593,415
Total lease receivables	$	5,163,645
(1) Total future minimum lease payments to be received include $4.3 billion relating to the Windstream Leases.

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


(Thousands)	September 30, 2024		December 31, 2023
Land	$	26,518	$	26,533
Building and improvements	348,683		347,700
Poles	333,447		314,488
Fiber	4,128,677		3,862,635
Equipment	437		436
Copper	3,973,887		3,974,410
Conduit	90,117		90,087
Tower assets	58		58
Finance lease assets	1,889		1,890
Other assets	10,432		10,434
	8,914,145		8,628,671
Less: accumulated depreciation	(5,812,265)		(5,690,066)
Underlying assets under operating leases, net	$	3,101,880	$	2,938,605

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2024 and 2023, respectively, is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Depreciation expense for underlying assets under operating leases	$	46,307	$	45,795	$	137,955	$	136,640

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, equipment, 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, 2024, we have short term lease commitments amounting to approximately $4.2 million.

Future lease payments under non-cancellable leases as of September 30, 2024 are as follows:


(Thousands)	Operating Leases		Finance Leases
2024	$	4,079	$	1,060
2025	17,095		4,241
2026	13,616		4,115
2027	10,833		3,408
2028	9,196		2,581
Thereafter	102,944		9,327
Total undiscounted lease payments	$	157,763	$	24,732
Less: imputed interest	(78,978)		(6,863)
Total lease liabilities	$	78,785	$	17,869

Leases

Lessor Accounting

The components of lease income for the three and nine months ended September 30, 2024 and 2023 respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Lease income - operating leases	$	233,885	$	229,633	$	691,344	$	685,457

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, 2024 are as follows:


(Thousands)	September 30, 2024⁽¹⁾
2024	$	204,518
2025	836,266
2026	842,822
2027	843,315
2028	843,309
Thereafter	1,593,415
Total lease receivables	$	5,163,645
(1) Total future minimum lease payments to be received include $4.3 billion relating to the Windstream Leases.

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


(Thousands)	September 30, 2024		December 31, 2023
Land	$	26,518	$	26,533
Building and improvements	348,683		347,700
Poles	333,447		314,488
Fiber	4,128,677		3,862,635
Equipment	437		436
Copper	3,973,887		3,974,410
Conduit	90,117		90,087
Tower assets	58		58
Finance lease assets	1,889		1,890
Other assets	10,432		10,434
	8,914,145		8,628,671
Less: accumulated depreciation	(5,812,265)		(5,690,066)
Underlying assets under operating leases, net	$	3,101,880	$	2,938,605

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2024 and 2023, respectively, is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Depreciation expense for underlying assets under operating leases	$	46,307	$	45,795	$	137,955	$	136,640

Lessee Accounting

As of September 30, 2024, we have short term lease commitments amounting to approximately $4.2 million.

Future lease payments under non-cancellable leases as of September 30, 2024 are as follows:


(Thousands)	Operating Leases		Finance Leases
2024	$	4,079	$	1,060
2025	17,095		4,241
2026	13,616		4,115
2027	10,833		3,408
2028	9,196		2,581
Thereafter	102,944		9,327
Total undiscounted lease payments	$	157,763	$	24,732
Less: imputed interest	(78,978)		(6,863)
Total lease liabilities	$	78,785	$	17,869

Leases

Lessor Accounting

The components of lease income for the three and nine months ended September 30, 2024 and 2023 respectively, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Lease income - operating leases	$	233,885	$	229,633	$	691,344	$	685,457

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, 2024 are as follows:


(Thousands)	September 30, 2024⁽¹⁾
2024	$	204,518
2025	836,266
2026	842,822
2027	843,315
2028	843,309
Thereafter	1,593,415
Total lease receivables	$	5,163,645
(1) Total future minimum lease payments to be received include $4.3 billion relating to the Windstream Leases.

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


(Thousands)	September 30, 2024		December 31, 2023
Land	$	26,518	$	26,533
Building and improvements	348,683		347,700
Poles	333,447		314,488
Fiber	4,128,677		3,862,635
Equipment	437		436
Copper	3,973,887		3,974,410
Conduit	90,117		90,087
Tower assets	58		58
Finance lease assets	1,889		1,890
Other assets	10,432		10,434
	8,914,145		8,628,671
Less: accumulated depreciation	(5,812,265)		(5,690,066)
Underlying assets under operating leases, net	$	3,101,880	$	2,938,605

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and nine months ended September 30, 2024 and 2023, respectively, is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands)	2024		2023		2024		2023
Depreciation expense for underlying assets under operating leases	$	46,307	$	45,795	$	137,955	$	136,640

Lessee Accounting

As of September 30, 2024, we have short term lease commitments amounting to approximately $4.2 million.

Future lease payments under non-cancellable leases as of September 30, 2024 are as follows:


(Thousands)	Operating Leases		Finance Leases
2024	$	4,079	$	1,060
2025	17,095		4,241
2026	13,616		4,115
2027	10,833		3,408
2028	9,196		2,581
Thereafter	102,944		9,327
Total undiscounted lease payments	$	157,763	$	24,732
Less: imputed interest	(78,978)		(6,863)
Total lease liabilities	$	78,785	$	17,869

Leases - Schedule of Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	$ 8,914,145	$ 8,628,671
Less: accumulated depreciation	(5,812,265)	(5,690,066)
Underlying assets under operating leases, net	3,101,880	2,938,605
Land
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	26,518	26,533
Building and improvements
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	348,683	347,700
Poles
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	333,447	314,488
Fiber
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	4,128,677	3,862,635
Equipment
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	437	436
Copper
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	3,973,887	3,974,410
Conduit
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	90,117	90,087
Tower assets
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	58	58
Finance lease assets
Lessor Lease Description [Line Items]
Finance lease assets	1,889	1,890
Other assets
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	$ 10,432	$ 10,434

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property Plant And Equipment [Line Items]
Depreciation expense		$ 71,900	$ 69,900	$ 212,600	$ 209,100
Gain on sale of real estate	$ 19,000	$ 0	$ 1,424	$ 18,999	$ 1,424
Macquarie Asset Management \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| CableSouth Transaction
Property Plant And Equipment [Line Items]
Cash consideration	$ 40,000

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References + Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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 (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. 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.
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents—Restricted cash and cash equivalents represent funds that are restricted for an obligation under the ABS Loan Facility (as defined in Note 10) to maintain three months of interest and other expenses.
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 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 68.2% and 66.9% of our revenue for the nine months ended September 30, 2024 and 2023, 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 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.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires incremental disclosures related to reportable segments. Specifically, the ASU requires disclosure of significant segment expense categories and amounts for each reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating this guidance to determine the impact it will have on our 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, goodwill impairment charges, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 36
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-36

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Organization and Description of Business (Details) $ / shares in Units, $ in Millions		9 Months Ended
	May 03, 2024 USD ($) member director $ / shares	Sep. 30, 2024 segment
Organization And Description Of Business [Line Items]
Number of operating business segments \| segment		2
Windstream Merger
Organization And Description Of Business [Line Items]
Number of board of directors \| member	9
Business combination, consideration transferred	$ 425
Preferred stock, dividend rate, annual increase, percentage	1.00%
Preferred stock, liquidation preference, value	$ 575
Exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 0.01
Class of warrant or right, outstanding stock, percentage	6.90%
Windstream Merger \| Maximum
Organization And Description Of Business [Line Items]
Preferred stock, dividend rate, percentage	16.00%
Windstream Merger \| Period One
Organization And Description Of Business [Line Items]
Preferred stock, dividend rate, percentage	11.00%
Preferred stock, dividend rate, percentage, term	6 years
Windstream Merger \| Period Two
Organization And Description Of Business [Line Items]
Preferred stock, dividend rate, percentage, term	7 years
Preferred stock, dividend rate, annual increase, percentage	0.50%
Windstream Merger \| Period Three
Organization And Description Of Business [Line Items]
Preferred stock, dividend rate, percentage, term	8 years
Preferred stock, dividend rate, annual increase, percentage	0.50%
Windstream Merger \| Uniti Group LP
Organization And Description Of Business [Line Items]
Number of directors to be appointed \| director	5
Windstream Merger \| Uniti Group L P Stockholders \| Common Stock
Organization And Description Of Business [Line Items]
Percentage voting interest acquired	62.00%
Windstream Merger \| Windstream Holdings II, LLC \| Common Stock
Organization And Description Of Business [Line Items]
Percentage voting interest acquired	38.00%
Uniti Group LP
Organization And Description Of Business [Line Items]
Percentage of partnership interests owned		99.98%

Restatement of Previously Issued Financial Statements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase in net loss	$ (12,230)	$ 118,896	$ (71,859)	$ 112,469
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase in net loss		$ 37,963		$ 37,963

- 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 + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flow from operating activities
Net income (loss)	$ 71,859	$ (112,469)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	234,862	231,379
Amortization of deferred financing costs and debt discount	16,774	13,975
Loss on extinguishment of debt, net	0	31,187
Interest rate cap amortization	1,149	0
Deferred income taxes	(14,949)	(63,196)
Equity in earnings of unconsolidated entities	0	(1,990)
Distributions of cumulative earnings from unconsolidated entities	0	2,959
Cash paid for interest rate cap	(2,200)	0
Straight-line revenues and amortization of below-market lease intangibles	(24,358)	(28,795)
Stock-based compensation	10,120	9,408
Goodwill impairment	0	203,998
Loss (gain) on asset disposals	292	(242)
Gain on sale of real estate	(18,999)	(1,424)
Accretion of settlement obligation	5,081	8,273
Other	68	2
Changes in assets and liabilities:
Accounts receivable	(5,247)	(4,194)
Other assets	12,103	10,530
Accounts payable, accrued expenses and other liabilities	(105,475)	(108,826)
Net cash provided by operating activities	181,080	190,575
Cash flow from investing activities
Capital expenditures	(327,762)	(368,264)
Proceeds from sale of other equipment	528	1,581
Proceeds from sale of real estate	40,039	1,530
Proceeds from sale of unconsolidated entity	40,000	0
Net cash used in investing activities	(247,195)	(365,153)
Cash flow from financing activities
Repayment of debt	(122,942)	(2,263,662)
Proceeds from issuance of notes	309,000	2,600,000
Dividends paid	(108,445)	(107,395)
Payments of settlement payable	(73,516)	(73,516)
Borrowings under revolving credit facility	130,000	450,000
Payments under revolving credit facility	(333,000)	(367,000)
Proceeds from ABS Loan Facility	275,000	0
Finance lease payments	(2,020)	(1,601)
Payments for financing costs	(15,778)	(26,955)
Payment for settlement of common stock warrant	0	(56)
Termination of bond hedge option	0	59
Costs related to the early repayment of debt	0	(44,303)
Distributions paid to noncontrolling interests	(37)	(48)
Payment for noncontrolling interest	(92)	0
Employee stock purchase program	656	730
Payments related to tax withholding for stock-based compensation	(1,587)	(1,359)
Net cash provided by financing activities	57,239	164,894
Net decrease in cash, restricted cash and cash equivalents	(8,876)	(9,684)
Cash, restricted cash and cash equivalents at beginning of period	62,264	43,803
Cash, restricted cash and cash equivalents at end of period	53,388	34,119
Non-cash investing and financing activities:
Property and equipment acquired but not yet paid	7,371	12,134
Tenant capital improvements	$ 163,592	$ 94,322

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss) attributable to shareholders	$ 12,229	$ (118,843)	$ 71,836	$ (112,419)
Less: Income allocated to participating securities	(334)	(321)	(1,493)	(890)
Dividends declared on convertible preferred stock	(5)	(5)	(15)	(15)
Net income (loss) attributable to common shareholders	$ 11,890	$ (119,169)	$ 70,328	$ (113,324)
Denominator:
Basic weighted-average common shares outstanding (in shares)	237,480	236,533	237,242	236,352
Basic income (loss) earnings per common share (in dollars per share)	$ 0.05	$ (0.50)	$ 0.30	$ (0.48)
Numerator:
Net income (loss) attributable to shareholders	$ 12,229	$ (118,843)	$ 71,836	$ (112,419)
Less: Income allocated to participating securities	(334)	(321)	(1,493)	(890)
Dividends declared on convertible preferred stock	(5)	(5)	(15)	(15)
Impact on if-converted dilutive securities	0	0	0	0
Net income (loss) attributable to common shares	$ 11,890	$ (119,169)	$ 70,328	$ (113,324)
Denominator:
Basic weighted-average common shares outstanding (in shares)	237,480	236,533	237,242	236,352
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 dilutive earnings per common share (in shares)	237,480	236,533	237,242	236,352
Dilutive earnings (loss) per common share (in dollars per share)	$ 0.05	$ (0.50)	$ 0.30	$ (0.48)

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Goodwill [Line Items]
Goodwill gross	$ 672,878	$ 672,878
Accumulated impairment charges	(515,498)	(515,498)
Goodwill	157,380	157,380	$ 157,380
Uniti Fiber
Goodwill [Line Items]
Goodwill gross	672,878	672,878
Accumulated impairment charges	(515,498)	(515,498)
Goodwill	$ 157,380	$ 157,380

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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- Definition

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+ Details

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues		$ 292,247	$ 290,655	$ 873,612	$ 864,175
Adjusted EBITDA		235,324	233,010	700,611	692,378
Interest expense		131,007	120,691	381,693	389,243
Depreciation and amortization		79,325	77,337	234,862	231,379
Transaction related and other costs		14,404	1,441	31,068	9,805
Gain on sale of real estate	$ (19,000)	0	(1,424)	(18,999)	(1,424)
Goodwill impairment		0	203,998	0	203,998
Other, net		918	2,091	3,877	23,073
Stock-based compensation		3,375	3,148	10,120	9,408
Income tax benefit		(5,935)	(56,130)	(13,869)	(62,899)
Adjustments for equity in earnings from unconsolidated entities			754		2,264
Net income (loss)		12,230	(118,896)	71,859	(112,469)
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA		(5,421)	(5,408)	(16,593)	(16,413)
Depreciation and amortization		13	13	40	43
Uniti Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		222,922	214,588	658,829	637,849
Adjusted EBITDA		215,188	208,561	636,718	620,079
Depreciation and amortization		45,281	44,754	134,874	133,617
Uniti Fiber
Segment Reporting Information [Line Items]
Goodwill impairment			204,000
Uniti Fiber \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		69,325	76,067	214,783	226,326
Adjusted EBITDA		25,557	29,857	80,486	88,712
Depreciation and amortization		$ 34,031	$ 32,570	$ 99,948	$ 97,719

Notes and Other Debt - Exchange Notes (Narrative) (Details) - USD ($) $ in Thousands		9 Months Ended
	Jun. 15, 2024	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Repayment of debt		$ 122,942	$ 2,263,662
Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)
Debt Instrument [Line Items]
Repayment of debt	$ 122,900

- 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.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share - Narrative (Details) - shares	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Non-Participating Securities
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilution adjustments (in shares)	1,412,563	1,053,189	1,412,563	1,053,189
Convertible Debt Securities
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilution adjustments (in shares)	42,043,892	53,427,833	50,032,050	53,836,845

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (2,492,414)	$ (2,331,244)	$ (2,484,121)	$ (2,271,206)
Other comprehensive loss	(956)	0	(820)	0
Ending balance	(2,476,307)	(2,482,403)	(2,476,307)	(2,482,403)
Cash flow hedge changes in fair value \| Interest Rate Swap
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Unrealized loss on valuation of interest rate cap	(834)	0	(661)	0
Amounts reclassified from accumulated other comprehensive income	(122)	0	(159)	0
Other comprehensive loss	(820)	0	(820)	0
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	136	0	0	0
Other comprehensive loss	(956)		(820)
Ending balance	(820)	0	(820)	0
Interest rate swap termination, noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive loss	$ 0	$ 0	$ 0	$ 0

- Definition

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

+ References + Details

- Definition

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

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

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

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+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2024

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, which were repaid on June 15, 2024 (see Note 10), 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, 2024 and 2023, 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)	2024		2023		2024		2023
			(as restated)				(as restated)
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	12,229	$	(118,843)	$	71,836	$	(112,419)
Less: Income allocated to participating securities	(334)		(321)		(1,493)		(890)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Net income (loss) attributable to common shares	$	11,890	$	(119,169)	$	70,328	$	(113,324)
Denominator:
Basic weighted-average common shares outstanding	237,480		236,533		237,242		236,352
Basic income (loss) earnings per common share	$	0.05	$	(0.50)	$	0.30	$	(0.48)


	Three Months Ended September 30,				Nine Months Ended September 30,
(Thousands, except per share data)	2024		2023		2024		2023
			(as restated)				(as restated)
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	12,229	$	(118,843)	$	71,836	$	(112,419)
Less: Income allocated to participating securities	(334)		(321)		(1,493)		(890)
Dividends declared on convertible preferred stock	(5)		(5)		(15)		(15)
Impact on if-converted dilutive securities	—		—		—		—
Net income (loss) attributable to common shares	$	11,890	$	(119,169)	$	70,328	$	(113,324)
Denominator:
Basic weighted-average common shares outstanding	237,480		236,533		237,242		236,352
Effect of dilutive non-participating securities	—		—		—		—
Impact on if-converted dilutive securities	—		—		—		—
Weighted-average shares for dilutive earnings per common share	237,480		236,533		237,242		236,352
Dilutive earnings (loss) per common share	$	0.05	$	(0.50)	$	0.30	$	(0.48)

For the three and nine months ended September 30, 2024, 1,412,563 non-participating securities were excluded from the computation of earnings per share, as their performance conditions have not been met. For the three and nine months ended September 30, 2024, we excluded 42,043,892 and 50,032,050 potential common shares related to the Exchangeable Notes and the Convertible 2027 Notes, respectively, 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, 1,053,189 non-participating securities were excluded from the computation of earnings per share, as their performance conditions have not been met. 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 2027 Notes, respectively, from the computation of earnings per share, as their effect would have been anti-dilutive.

Revenues (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of 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)	2024		2023		2024		2023
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Uniti Fiber
Lit backhaul	$	17,938	$	18,246	$	58,305	$	57,221
Enterprise and wholesale	26,381		24,211		77,601		70,144
E-Rate and government	11,327		15,911		38,645		43,947
Other	917		786		2,644		2,264
Uniti Fiber	56,563		59,154		177,195		173,576
Uniti Leasing	1,799		1,868		5,073		5,142
Total revenue from contracts with customers	58,362		61,022		182,268		178,718
Revenue accounted for under leasing guidance
Uniti Leasing	221,123		212,720		653,756		632,707
Uniti Fiber	12,762		16,913		37,588		52,750
Total revenue accounted for under leasing guidance	233,885		229,633		691,344		685,457
Total revenue	$	292,247	$	290,655	$	873,612	$	864,175

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, 2023	$	26	$	11,109
Balance at September 30, 2024	$	—	$	10,613

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 12,230	$ (118,896)	$ 71,859	$ (112,469)
Other comprehensive loss:
Unrealized loss on valuation of interest rate cap	(834)	0	(661)	0
Reclassification of realized interest on interest rate cap	(122)	0	(159)	0
Other comprehensive loss	(956)	0	(820)	0
Comprehensive income (loss)	11,274	(118,896)	71,039	(112,469)
Comprehensive income (loss) attributable to noncontrolling interest	1	(53)	23	(50)
Comprehensive income (loss) attributable to shareholders	$ 11,273	$ (118,843)	$ 71,016	$ (112,419)

- Definition

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

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-Publisher FASB
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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-Topic 810
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

+ Details

Restatement of Previously Issued Financial Statements

9 Months Ended

Sep. 30, 2024

Prior Period Adjustment [Abstract]

Restatement of Previously Issued Financial Statements

During the third quarter of 2023, the Company recorded a goodwill impairment and related income tax benefits, which it reflected in its unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2023 (the “2023 Interim Financial Statements”) included in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC on November 2, 2023. As previously disclosed in the Company’s Annual Report on Form 10-K filed with the SEC on February 29, 2024, as amended by Amendment No. 1 and Amendment No. 2 thereto filed on Form 10-K/A with the SEC on March 26, 2024, and March 27, 2024, respectively (the “Annual Report”), during the fourth quarter of 2023, the Company identified certain errors with respect to the income tax benefit it recorded associated with the goodwill impairment. As a result, the goodwill impairment and income tax benefit were understated, netting to a $38.0 million increase in the net loss for the three and nine months ended September 30, 2023. As discussed in Note 2 to the Company’s consolidated financial statements included in the Annual Report, the Company had previously concluded that the error was immaterial, and the error was corrected as an immaterial correction to the 2023 Interim Financial Statements.

On October 30, 2024, the audit committee of the board of directors of the Company, in consultation with senior management of the Company, concluded that the error was material to the 2023 Interim Financial Statements and should have been reflected as a restatement of the 2023 Interim Financial Statements.


	As of September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill	$	208,378	$	(50,998)	$	157,380
Deferred income taxes, net	$	90,792	$	13,035	$	103,827
Total Assets	$	4,981,325	$	(37,963)	$	4,943,362
Distributions in excess of accumulated earnings	$	(3,665,569)	$	(37,946)	$	(3,703,515)
Total Uniti shareholders' deficit	$	(2,446,730)	$	(37,946)	$	(2,484,676)
Operating partnership units	$	2,040	$	(17)	$	2,023
Total shareholders' deficit	$	(2,444,440)	$	(37,963)	$	(2,482,403)
Total Liabilities and Shareholders' Deficit	$	4,981,325	$	(37,963)	$	4,943,362


	Three Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill impairment	$	153,000	$	50,998	$	203,998
Loss before income taxes and equity in earnings from unconsolidated entities	$	(124,698)	$	(50,998)	$	(175,696)
Income tax benefit	$	(43,095)	$	(13,035)	$	(56,130)
Net loss	$	(80,933)	$	(37,963)	$	(118,896)
Net loss attributable to noncontrolling interest	$	(36)	$	(17)	$	(53)
Net loss attributable to shareholders	$	(80,897)	$	(37,946)	$	(118,843)
Net loss attributable to common shareholders	$	(81,223)	$	(37,946)	$	(119,169)
Earnings per share - Basic	$	(0.34)	$	(0.16)	$	(0.50)
Earnings per share - Diluted	$	(0.34)	$	(0.16)	$	(0.50)

Comprehensive loss:
Net loss	$	(80,933)	$	(37,963)	$	(118,896)
Comprehensive loss	$	(80,933)	$	(37,963)	$	(118,896)
Comprehensive loss attributable to noncontrolling interest	$	(36)	$	(17)	$	(53)
Comprehensive loss attributable to shareholders	$	(80,897)	$	(37,946)	$	(118,843)


	Nine Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Goodwill impairment	$	153,000	$	50,998	$	203,998
Loss before income taxes and equity in earnings from unconsolidated entities	$	(126,360)	$	(50,998)	$	(177,358)
Income tax benefit	$	(49,864)	$	(13,035)	$	(62,899)
Net loss	$	(74,506)	$	(37,963)	$	(112,469)
Net loss attributable to noncontrolling interest	$	(33)	$	(17)	$	(50)
Net loss attributable to shareholders	$	(74,473)	$	(37,946)	$	(112,419)
Net loss attributable to common shareholders	$	(75,378)	$	(37,946)	$	(113,324)
Earnings per share - Basic	$	(0.32)	$	(0.16)	$	(0.48)
Earnings per share - Diluted	$	(0.32)	$	(0.16)	$	(0.48)

Comprehensive loss:
Net loss	$	(74,506)	$	(37,963)	$	(112,469)
Comprehensive loss	$	(74,506)	$	(37,963)	$	(112,469)
Comprehensive loss attributable to noncontrolling interest	$	(33)	$	(17)	$	(50)
Comprehensive loss attributable to shareholders	$	(74,473)	$	(37,946)	$	(112,419)


	Nine Months Ended September 30, 2023
(Thousands)	As Reported		Adjustments		As Restated
Cash Flows from Operating Activities
Net Loss	$	(74,506)	$	(37,963)	$	(112,469)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income taxes	$	(50,161)	$	(13,035)	$	(63,196)
Goodwill impairment	$	153,000	$	50,998	$	203,998
Net cash provided by operating activities	$	190,575	$	—	$	190,575

Goodwill and Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets and Liabilities

Changes in the carrying amount of goodwill occurring during the nine months ended September 30, 2024 are as follows:


(Thousands)	Uniti Fiber		Total
Goodwill at December 31, 2023	$	672,878	$	672,878
Accumulated impairment charges as of December 31, 2023	(515,498)		(515,498)
Balance at December 31, 2023	$	157,380	$	157,380

Goodwill at September 30, 2024	$	672,878	$	672,878
Accumulated impairment charges as of September 30, 2024	(515,498)		(515,498)
Balance at September 30, 2024	$	157,380	$	157,380

In accordance with ASC 350-20, Intangibles-Goodwill and Other ("ASC 350-20"), 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”). During the three 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 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, was less than its carrying amount. Accordingly, we recorded a $204.0 million ($151.9 million net of tax) goodwill impairment charge in the Uniti Fiber segment during the three months ended September 30, 2023 (as restated).

Carrying value of intangible assets and liabilities at September 30, 2024 and December 31, 2023 are as follows:


(Thousands)	September 30, 2024				December 31, 2023
	Original Cost		Accumulated Amortization		Original Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(168,630)	$	416,104	$	(151,542)
Contracts	52,536		(26,268)		52,536		(21,343)
Underlying Rights	10,497		(1,400)		10,497		(1,137)

Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(196,298)				(174,022)
Total intangible assets, net	$	282,839			$	305,115

Finite life intangible liabilities:
Below-market leases	$	191,154	$	(42,777)	$	191,154	$	(34,757)

Finite life intangible liabilities:
Below-market leases	$	191,154			$	191,154
Less: accumulated amortization	(42,777)				(34,757)
Total intangible liabilities, net	$	148,377			$	156,397

As of September 30, 2024, the remaining weighted average amortization period of the Company’s intangible assets was 13.4 years, 4 years, and 26 years for customer lists, contracts, and underlying rights, respectively. As of September 30, 2024, the total remaining weighted average amortization period for total intangible assets was 13 years.

Amortization expense for the three and nine months ended September 30, 2024 was $7.4 million and $22.3 million, respectively. Amortization expense for the three and nine months ended September 30, 2023 was $7.4 million and $22.3 million, respectively. Amortization expense is estimated to be $29.7 million for the full year of 2024, $29.7 million in 2025, $29.7 million in 2026, $29.7 million in 2027, and $28.1 million for 2028.

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, 2024 was $2.7 million and $8.0 million, respectively. 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, respectively. As of September 30, 2024, the remaining weighted average amortization period of the Company’s intangible liabilities was 15.4 years. Revenue due to the amortization of the below-market leases is estimated to be $10.7 million for the full year of 2024, $10.7 million in 2025, $10.7 million in 2026, $10.7 million in 2027, and $10.2 million in 2028.

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

The accompanying Condensed Consolidated Financial Statements include all accounts of the Company and its wholly-owned and/or controlled subsidiaries, including the Operating Partnership. Under the Accounting Standards Codification 810, Consolidation (“ASC 810”), the Operating Partnership is considered a variable interest entity and is consolidated in the Condensed Consolidated Financial Statements of Uniti Group Inc. because the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated.

ASC 810 provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. 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.

Restricted Cash and Cash Equivalents—Restricted cash and cash equivalents represent funds that are restricted for an obligation under the ABS Loan Facility (as defined in Note 10) to maintain three months of interest and other expenses.


(Thousands)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	34,077	$	62,264
Restricted cash and cash equivalents	19,311		—
Cash, restricted cash and cash equivalents at end of period	$	53,388	$	62,264

Concentration of Credit Risks—Prior to September 2020, we were party to a long-term exclusive triple-net lease (the “Master Lease”) with 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 68.2% and 66.9% of our revenue for the nine months ended September 30, 2024 and 2023, 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

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.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires incremental disclosures related to reportable segments. Specifically, the ASU requires disclosure of significant segment expense categories and amounts for each reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating this guidance to determine the impact it will have on our financial statements.