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Schedule I - Condensed Financial Information of The Registrant (Parent Company) - Condensed Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Costs and Expenses:
Interest expense, net	$ 511,364	$ 512,349	$ 376,832
General and administrative expense	105,019	102,732	100,992
Total costs and expenses	1,091,050	1,302,716	1,156,705
Earnings (loss) from consolidated subsidiaries	0	2,662	2,371
Income tax expense (benefit)	(17,555)	(68,474)	(17,365)
Net income (loss) attributable to shareholders	93,406	(81,713)	(8,275)
Comprehensive income (loss) attributable to shareholders	92,772	(81,713)	889
Uniti Group Inc.
Costs and Expenses:
Interest expense, net	24,807	24,625	0
General and administrative expense	44	56	(17)
Transaction related costs	38	9	57
Total costs and expenses	24,889	24,690	40
Operating loss	(24,889)	(24,690)	(40)
Earnings (loss) from consolidated subsidiaries	118,518	(57,816)	2,178
Income (loss) before income taxes	93,629	(82,506)	2,138
Income tax expense (benefit)	223	(793)	10,413
Net income (loss) attributable to shareholders	93,406	(81,713)	(8,275)
Comprehensive income (loss) attributable to shareholders	$ 92,772	$ (81,713)	$ 889

Revenues - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition [Line Items]
Accounts receivable, net	$ 51,418	$ 46,358
Contract with customer, receivable, after allowance for credit loss	19,100	18,800
Revenue recognized that was included in the contract liability	3,600	4,100	$ 6,400
Future revenues under contract	613,400
Billed Revenues \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Recognition [Line Items]
Future revenues under contract	$ 543,800
Average remaining contract term for contracts currently billing	3 years
Unbilled Revenues \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Recognition [Line Items]
Future revenues under contract	$ 69,600
Average remaining contract term for contracts currently billing	5 years 3 months 18 days
Operating Lease Receivable
Revenue Recognition [Line Items]
Accounts receivable, net	$ 28,800	$ 22,000

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 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(1)	December 31, 2024		December 31, 2023
Land	Indefinite	$	30,577	$	30,099
Building and improvements	3 - 40 years	374,668		366,490
Poles	30 years	341,548		314,489
Fiber	30 years	5,253,959		4,835,623
Equipment	5 - 7 years	499,678		460,463
Copper	20 years	3,972,806		3,974,410
Conduit	30 years	90,193		90,087
Tower assets	20 years	1,221		1,221
Finance lease assets	See Note 3	52,789		52,589
Other assets	15 - 20 years	10,450		10,436
Construction in progress	See Note 3	36,774		49,771
Corporate assets	3 - 7 years	16,499		15,731
		10,681,162		10,201,409
Less accumulated depreciation		(6,471,415)		(6,219,340)
Property, plant and equipment, net		$	4,209,747	$	3,982,069

(1)Certain property acquired from Windstream is depreciated using Windstream's estimated useful lives. Specifically, certain Fiber assets are depreciated using an average 20 year life.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024 and 2023:


(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, 2024
Assets
Derivative asset	$	77	$	—	$	77	$	—
Total	$	77	$	—	$	77	$	—

At December 31, 2024
Liabilities
Senior secured notes - 10.50%, due February 15, 2028	$	3,098,766	$	—	$	3,098,766	$	—
Senior secured notes - 4.75%, due April 15, 2028	534,518		—		534,518		—
Senior unsecured notes - 6.50%, due February 15, 2029	1,007,399		—		1,007,399		—
Senior unsecured notes - 6.00%, due January 15, 2030	616,217		—		616,217		—
Convertible senior notes - 7.50% due December 1, 2027	348,613		—		348,613		—
ABS Loan Facility, variable rate, due September 1, 2025	273,625		—		273,625		—
Settlement payable	71,723		—		71,723		—
Total	$	5,950,861	$	—	$	5,950,861	$	—


(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 unsecured 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	$	—

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates—The preparation of financial statements, in accordance with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. The estimates and assumptions used in the accompanying financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from the estimates and assumptions used in preparing the accompanying financial statements, and such differences could be material.

Liquidity—We anticipate continuing to invest in our network infrastructure across our Uniti Leasing and Uniti Fiber portfolios. We also expect to fund the $425 million (less certain transaction expenses) cash consideration in the Merger, as well as obligations to Windstream, including (i) $490.1 million of settlement payments payable over time (of which $73.5 million remains to be paid as of December 31, 2024) and (ii) an aggregate of up to $1.75 billion for certain Growth Capital Improvements (as defined below) (of which $725.0 million remains to be paid as of December 31, 2024). We anticipate these expenditures will be met, as well as operating expenses (including our debt service obligations), in the near term from our cash on hand, borrowings under our Revolving Credit Facility (as defined in Note 11), a portion of the net proceeds from the issuance and sale of the ABS Notes (as defined in Note 11), and cash flows provided by operating activities.

Our 2024 capital expenditures of $354.8 million and dividend payments of $108.5 million exceeded our 2024 cash flow from operating activities of $366.7 million, which led us to seek additional external sources of capital. We will closely monitor the equity and debt markets and may seek to access those markets when we deem conditions are appropriate. The amount, nature and timing of any capital markets transactions will depend on our operating performance, capital requirements, and the availability of those capital markets, all of which are subject to uncertainties.

Property, Plant and Equipment—Property, plant and equipment is stated at original cost, net of accumulated depreciation. The Company capitalizes costs incurred in bringing property, plant and equipment to an operational state, including all activities directly associated with the acquisition, construction, and installation of the related assets it owns. The Company capitalizes a portion of the interest costs it incurs for assets that require a period of time to get them ready for their intended use. The amount of interest that is capitalized is based on the average accumulated expenditures made during the period involved in bringing the assets comprising a network to an operational state at the Company’s weighted average interest rate during the respective accounting period.

The Company also enters into leasing arrangements providing for the long‑term use of constructed fiber that is then integrated into the Company’s network infrastructure. For each lease that qualifies as a finance lease, the present value of the lease payments, which may include both periodic lease payments over the term of the lease as well as upfront payments to the lessor, is capitalized at the inception of the lease and included in property and equipment. As of December 31, 2024 and 2023, the accumulated amortization of our finance lease assets was $23.3 million and $20.4 million, respectively.

On April 24, 2015, we were separated and spun-off (the “Spin-Off”) from Windstream pursuant to which Windstream contributed certain telecommunications network assets, including fiber and copper networks and other real estate (the “Distribution Systems”) to Uniti. Certain property, plant and equipment acquired as part of our Spin-Off is depreciated using a group composite depreciation method. Under this method, when property is retired, the original cost, net of salvage value, is charged against accumulated depreciation and no immediate gain or loss is recognized on the disposition of the property. For all other property, which includes amortization of finance lease assets, depreciation is computed using the straight-line method over the estimated useful life of the respective property. When the property is retired or otherwise disposed of, the related cost and accumulated depreciation are written-off, with the corresponding gain or loss reflected in operating results. Construction in progress includes direct materials and labor related to fixed assets during the construction period. Depreciation begins once the construction period has ceased and the related asset is placed into service, and the asset will be depreciated over its useful life.

Costs of maintenance and repairs to property, plant and equipment subject to triple-net leasing arrangements are the responsibility of our tenant. Costs of maintenance and repairs to property, plant and equipment not subject to triple-net leasing arrangements are expensed as incurred.

Tenant Capital Improvements—The leases with Windstream (as discussed below) provide that tenant funded capital improvements (“TCIs”), defined as maintenance, repair, overbuild, upgrade or replacements to the leased network, including, without limitation, the replacement of copper distribution systems with fiber distribution systems, automatically become property of Uniti upon their construction by Windstream. We receive non-monetary consideration related to the TCIs as they automatically become our property, and we recognize the cost basis of TCIs that are capital in nature as property, plant and equipment and deferred revenue. We depreciate the property, plant and equipment over their estimated useful lives and amortize the deferred revenue as additional leasing revenues over the same depreciable life of the TCI assets. At December 31, 2024 and 2023, the net book value of TCIs recorded as a component of property, plant and equipment on our Consolidated Balance Sheets was $1.1 billion and $970.1 million, respectively. For the years ended December 31, 2024, 2023 and 2022, we recognized $50.9 million, $47.0 million, and $43.2 million, respectively, of revenue and depreciation expense related to TCIs.

Impairment of Long-Lived Assets—We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable from future undiscounted net cash flows we expect the asset group to generate. If the asset group is not fully recoverable, an impairment loss would be recognized for the difference between the carrying value of the asset group and its estimated fair value based on discounted net future cash flows. Assets held for sale, if any, are reported at the lower of the carrying amount or fair value less cost to sell. Assets held for sale are no longer depreciated once held for sale criteria are met. During the years ended December 31, 2024, 2023 and 2022, there were no events or changes in circumstances indicating that the carrying amount of any of our asset groups was not recoverable from future undiscounted net cash flows we expect the asset groups to generate, and no impairment losses were recognized.

Asset Retirement Obligations—The Company records obligations to perform asset retirement activities, primarily including requirements to remove equipment from leased space or customer sites as required under the terms of the related lease and customer agreements. The fair value of the liability for asset retirement obligations, which represents the net present value of the estimated expected future cash outlay, is recognized in the period in which it is incurred and the fair value of the liability can reasonably be estimated. The liability accretes as a result of the passage of time and related accretion expense is recognized in the Consolidated Statements of Income (Loss). The associated asset retirement costs are capitalized as an additional carrying amount of the related long‑lived asset and depreciated on a straight-line basis over the asset’s useful life. As of December 31, 2024 and 2023, our aggregate carrying amount of asset retirement obligations totaled $16.7 million and $16.8 million, respectively. During the years ended December 31, 2024 and December 31, 2023, we incurred $0.1 million and $6.5 million in liabilities related to asset retirement obligations, respectively. During the years ended December 31, 2024, 2023, and 2022, we recognized $1.0 million, $2.8 million, and $1.7 million of accretion expense related to asset retirement obligations, respectively, included in depreciation and amortization expense in our Consolidated Statements of Income (Loss).

Cash and Cash Equivalents—Cash and cash equivalents include all non-restricted cash held at financial institutions and other non-restricted highly liquid short-term investments with original maturities of three months or less.

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 11) to maintain three months of interest and other expenses.

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


(Thousands)	December 31, 2024		December 31, 2023
Cash and cash equivalents	$	155,593	$	62,264
Restricted cash and cash equivalents	28,254		—
Cash, restricted cash and cash equivalents at end of period	$	183,847	$	62,264

Derivative Instruments and Hedging Activities—We account for our derivatives in accordance with FASB ASC 815, Derivatives and Hedging, in which we reflect all derivative instruments at fair value as either assets or liabilities on our Consolidated Balance Sheets. For derivative instruments that are designated and qualify as hedging instruments, we record the effective portion of the gain or loss on the hedged instruments as a component of accumulated other comprehensive income or loss. Any ineffective portion of a derivative’s change in fair value is immediately recognized within net income. For derivatives that do not meet the criteria for hedge accounting, changes in fair value are immediately recognized within net income.

Intangible Assets—Intangible assets are presented in the financial statements at cost less accumulated amortization and are amortized using the straight-line method over their estimated useful lives.

Transaction Related and Other Costs—The Company expenses non-capitalizable transaction related and other costs in the period in which they are incurred and services are received. Transaction related costs include acquisition pursuit, transaction and integration costs, including unsuccessful acquisition pursuit costs. Pursuit and transaction costs include professional services (legal, accounting, advisory, regulatory, etc.), finder’s fees, travel expenses, and other direct expenses associated with a business acquisition. Integration costs include direct costs necessary to integrate an acquired business, including professional services, systems and data conversion, severance and retention bonuses payable to employees of an acquired business. In addition, other costs, such as costs incurred as a result of Windstream’s bankruptcy filing, costs

associated with Windstream’s claims against us, and costs associated with the implementation of our enterprise resource planning system are included within this line item on the Consolidated Statements of Income (Loss).

Settlement Payable—On July 25, 2019, in connection with Windstream’s bankruptcy, Windstream filed a complaint with the Bankruptcy Court against Uniti and certain of its affiliates, alleging, among other things, that the Master Lease (as defined in Note 5) should be recharacterized as a financing arrangement, that certain rent payments and TCIs made by Windstream under the Master Lease constitute constructive fraudulent transfers, that the Master Lease is a lease of personal property and that Uniti breached certain of its obligations under the Master Lease. On March 2, 2020, Uniti and Windstream jointly announced that they agreed to the Settlement (as defined below) to resolve any and all claims and causes of action that have been or may be asserted against Uniti by Windstream, including all litigation brought by Windstream and certain of its creditors in the context of Windstream’s bankruptcy, and on May 12, 2020, the Bankruptcy Court entered an order approving Windstream’s assumption of the Master Lease as part of the Settlement (as defined below).

In connection with Windstream’s emergence from bankruptcy on September 21, 2020, Uniti entered into several agreements and consummated several transactions, including a stock transaction closed on September 18, 2020 in which we issued 38,633,470 shares of Uniti common stock to certain first lien creditors of Windstream and transferred the proceeds to Windstream and an asset transaction closed on September 18, 2020, in which we paid to Windstream approximately $284.6 million in exchange for certain fiber assets and dark fiber dark fiber indefeasible rights of use related thereto, to implement its settlement (the “Settlement”) with Windstream pursuant to the settlement agreement dated as of May 12, 2020 between Uniti and Windstream. Pursuant to the Settlement, Uniti and Windstream agreed to mutual releases with respect to any and all liability related to any claims and causes of action between them, including those brought by Windstream and certain of its creditors relating to Windstream’s Chapter 11 proceedings and the Master Lease. On January 8, 2021, Windstream filed in the bankruptcy court a stipulation and order dismissing the adversary proceeding against Uniti with prejudice subject to the terms set forth in the settlement agreement. The stipulation and order was entered by the bankruptcy court on January 25, 2021.

In accordance with the Settlement, we also have a number of ongoing obligations including the following:

i.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 we may prepay any installments due on or after the first anniversary of the settlement agreement (discounted at a 9% rate). As of December 31, 2024, the Company has made payments totaling $411.4 million; and

ii.we are obligated to reimburse Windstream for Growth Capital Improvements as described in Note 5.

Debt Issuance Costs—The Company recognizes debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The costs, which include underwriting, legal, and other direct costs related to the issuance of debt, are amortized over the contractual term of the debt using the effective interest method.

Revenue Recognition— The following is a description of principal activities, separated by reportable segments (see Note 14), from which the Company generates its revenues. We exclude from the transaction price any amounts collected from customers for sales taxes and therefore, they are not included in revenue.

Uniti Leasing

Uniti Leasing revenue represents the results from our Uniti Leasing segment, 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. See discussion in “Leases” in this Note 3 and Note 5.

The Windstream Leases (as defined in Note 5) are long-term exclusive triple-net leases, whereby Windstream is responsible for the costs related to operating the Distribution Systems, including property taxes, insurance and maintenance and repair costs. As a result, we do not record an obligation related to the payment of property taxes or insurance, as Windstream makes direct payments to the taxing authorities and insurance carriers, respectively.

Uniti Fiber

The Uniti Fiber segment represents the operations of our fiber business, Uniti Fiber, which provides:

i.Consumer, enterprise, wholesale, and backhaul lit fiber revenue is recognized over the life of the contracts in a pattern that reflects the satisfaction of Uniti’s stand-ready obligation to provide lit fiber services. The transaction price is equal to the monthly-recurring charge multiplied by the contract term, plus any non-recurring or variable charges. For each contract, the customer is invoiced monthly.

ii.E-Rate contracts involve providing lit fiber services to schools and libraries, and revenue is recognized over the life of the contract in a pattern that reflects the satisfaction of Uniti’s stand-ready obligation to provide lit fiber services. The transaction price is equal to the monthly-recurring charge multiplied by the contract term, plus any non-recurring or variable charges. For each contract, the customer is invoiced monthly.

iii.Construction revenue is generated from contracts to provide various construction services such as equipment installation or the laying of fiber. Construction revenue is recognized over time as construction activities occur as we are either enhancing a customer’s owned asset or constructing an asset with no alternative use to us and we would be entitled to our costs plus a reasonable profit margin if the contract was terminated early by the customer. We are utilizing our costs incurred as the measure of progress of satisfying our performance obligation.

iv.Dark fiber and small cell arrangements represent operating leases and revenue is recognized under the leasing guidance. When (i) a customer makes an advance payment or (ii) a customer is contractually obligated to pay any amounts in advance, which is not deemed a separate performance obligation, deferred leasing revenue is recorded. This leasing revenue is recognized ratably over the expected term of the contract, unless the pattern of service suggests otherwise.

v.The Company generates revenues from other services, such as consultation services and equipment sales. Revenue from the sale of customer premise equipment and modems that are not provided as an essential part of the telecommunications services, including broadband, long distance, and enhanced services is recognized when products are delivered to and accepted by the customer. Revenue from customer premise equipment and modems provided as an essential part of the telecommunications services, including broadband, long distance, and enhanced services are recognized over time in a pattern that reflects the satisfaction of the service performance obligation.

Commissions – Under Topic 606 and Topic 340, Other Assets and Deferred Costs, we capitalize commission fees as costs of obtaining a contract when those commissions are incremental and expected to be recovered from the revenue contract and we amortize those capitalized costs consistent with the pattern of transfer of the product or service to which the capitalized costs relate. At December 31, 2024 and 2023, our net deferred contract costs were $15.2 million and $14.5 million, respectively. The amortization of these costs is included in general and administrative expense on the Consolidated Statements of Income (Loss) and for the years ended December 31, 2024, 2023 and 2022 was $5.2 million, $4.4 million and $3.7 million, respectively.

We are exposed to credit losses primarily through our trade receivables. We assess ability to pay for certain customers by considering a variety of factors, such as the customer’s established credit rating, if available, and our assessment of creditworthiness. We determine the allowance for credit losses on accounts receivable using a combination of specific reserves for accounts that are deemed to exhibit credit loss indicators and general reserves that are determined using loss rates based on historical experience and economic expectations. We update our estimate of credit loss reserves quarterly, considering recent write-offs, collections information and underlying economic expectations. The allowance for credit losses is recorded in accounts receivable, net on our Consolidated Balance Sheets. At December 31, 2024 and 2023, our allowance for credit losses was $2.5 million and $3.2 million, respectively. Credit losses for the years ended December 31, 2024, 2023 and 2022 were $1.1 million, $1.2 million and $0.6 million, respectively.

Straight-Line Revenue Receivable—We evaluate the collectability of our straight-line revenue receivables in accordance with the provisions of Topic 842, Leases ("ASC 842"), where if the collectability of lease payments is not probable at the

commencement date, or at any time during the lease term, then we limit the lease revenue to the lesser of the revenue recognized on a straight-line basis or cash basis. If our assessment of collectability changes after the commencement date, we record the difference between the lease revenue that would have been recognized on a straight-line basis and cash basis as a current period adjustment to lease revenue.

Leases—We determine if an arrangement is a lease at contract inception. A lease exists when a contract conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration.

As a lessee, we enter into lease contracts including ground, tower, equipment, building, automobile, colocation and fiber lease arrangements, and service contracts that may include embedded leases.

When we are the lessee, we classify leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. This classification will determine whether lease expense is comprised of amortization on the right-of-use (“ROU”) asset and interest expense recognized based on an effective interest method (a finance lease) or as a single lease cost recognized on a straight-line basis over the term of the lease (an operating lease). We recognize an ROU asset and a lease liability for all leases with a term of greater than 12 months regardless of classification. We recognize the lease payments associated with our short-term leases, which have lease terms less than 12 months, as an expense on a straight-line basis over the lease term.

ROU assets and lease liabilities related to operating leases where we are the lessee are separately stated on our Consolidated Balance Sheets. The ROU asset is initially measured as the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less, any lease incentives received. The ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

ROU assets and lease liabilities related to finance leases where we are the lessee are included in property, plant and equipment, net and finance lease obligations, respectively, on our Consolidated Balance Sheets. The ROU asset is initially measured as the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less, any lease incentives received. The ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to us, or we are reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. The lease liabilities are initially measured in the same manner as operating leases and are subsequently measured at amortized cost using the effective interest method. Amortization of the finance lease assets is recognized and presented separately from interest expense on the lease liability, as part of depreciation and amortization expense on the Consolidated Statements of Income (Loss).

We have lease agreements which include lease and nonlease components. For leases where we are a lessee, we have elected to combine lease and nonlease components for all lease contracts. For leases where we are the lessor, we combine the lease and non-lease components when the components qualify to be combined and we account for the combined arrangement based on whether the lease or non-lease component is predominant. Maintenance services are the primary nonlease components and the combined components typically are treated as leases for revenue recognition purposes. We have elected to exclude sales taxes from lease payments in arrangements where we are a lessor.

Operating leases where we are the lessor are included in Uniti Leasing and Unit Fiber revenues on our Consolidated Statements of Income (Loss).

For operating leases where we are the lessor, we continue recognizing the underlying asset and depreciating it over its estimated useful life. Lease income is recognized on a straight-line basis over the lease term. Leasing revenue is not recognized when collection of all contractual rents over the term of the agreement is not probable. When collection is not probable, we limit the lease revenue to the lesser of the revenue recognized on a straight-line basis or cash basis.

From time to time we may enter into sales-type lease arrangements as a lessor that may include (i) a lessee obligation to purchase the leased equipment at the end of the lease term, (ii) a bargain purchase option, (iii) a lease term having a duration that is for the major part of the remaining economic life of the leased equipment or (iv) provides for minimum

lease payments with a present value amounting to substantially all of the fair value of the leased asset at the date of lease commencement.

Variable lease payments associated with our leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are presented within Uniti Leasing and Unit Fiber revenues and general and administrative expense and operating expense in our Consolidated Statements of Income (Loss) in the same line item as revenue arising from fixed lease payments (operating leases where we are the lessor) and expense arising from fixed lease payments (operating leases where we are the lessee) or amortization of the ROU asset (finance leases), respectively.

We monitor for events or changes in circumstances that require a reassessment of a lease. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in general and administrative and operating expense in our Consolidated Statements of Income (Loss).

Key lease estimates and judgments include how we determined (i) the discount rate we use to discount the unpaid lease payments to present value, (ii) lease term and (iii) lease payments.

i.ASC 842 requires a lessor to discount its unpaid lease payments using the interest rate implicit in the lease and a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As we generally do not know the implicit rate for our leases where we are the lessee, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms.

ii.The lease term for all of our leases includes the noncancellable period of the lease plus any additional periods covered by either a lessee option to extend (or not to terminate) the lease that the lessee is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor.

iii.Lease payments included in the measurement of the lease asset or liability comprise the following: (i) fixed payments (including in-substance fixed payments), (ii) variable payments that depend on index or rate based on the index or rate at lease commencement, and (iii) the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise.

Stock-Based Compensation—We account for stock-based compensation using the fair value method of accounting. We have determined that our stock-based payment awards granted in exchange for employee services qualify as equity classified awards, which are measured based on the fair value of the award on the date of the grant. The fair value of restricted stock-based payments is based on the market value of our common stock on the date of grant. The fair value of performance-based awards, which have performance conditions, is based on a Monte Carlo simulation. The fair value of all stock-based compensation is recognized over the period during which an employee is required to provide services in exchange for the award. The expense recognized includes the impact of forfeitures as they occur. See Note 12.

Income Taxes—We elected on our initial U.S. federal income tax return to be treated as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, we must distribute at least 90% of our annual REIT taxable income, determined without regard to the dividends paid deduction and excluding any capital gains, to shareholders, and meet certain organizational and operational requirements, including asset holding requirements. As a REIT, we will generally not be subject to U.S. federal income tax on income that we distribute as dividends to our shareholders. If we fail to qualify as a REIT in any taxable year, prior to the completion of our Merger with Windstream (or if our Merger with Windstream is not consummated, if we fail to qualify as a REIT in future taxable years), we will be subject to U.S. federal income tax on our taxable income at regular corporate income tax rates, and we could not deduct dividends paid to our shareholders in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect our net income and net cash available for distribution to shareholders. Unless we were entitled to relief

under certain Code provisions, we also would be disqualified from reelecting to be taxed as a REIT for the four taxable years following the year in which we failed to qualify or cease to qualify as a REIT.

We may be required to record a provision in our Consolidated Financial Statements for U.S. federal income taxes related to the activities of the REIT and its passthrough subsidiaries for any undistributed income. We are subject to the statutory requirements of the locations in which we conduct business, and state and local income taxes are accrued as deemed required in the best judgment of management based on analysis and interpretation of respective tax laws.

We have elected to treat the subsidiaries through which we operate Uniti Fiber and certain subsidiaries of Uniti Leasing as taxable REIT subsidiaries (“TRSs”). TRSs enable us to engage in activities that result in income that does not constitute qualifying income for a REIT. Our TRSs are subject to U.S. federal, state and local corporate income taxes.

Deferred tax assets and liabilities are recognized under the asset and liability method for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period of the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized.

We recognize the benefit of tax positions that are "more likely than not" to be sustained upon examination based on their technical merit. The benefit of a tax position is measured at the largest amount that has a greater than 50 percent likelihood of being realized upon ultimate settlement. If applicable, we will report tax-related penalties and interest expense as a component of income tax expense. We currently have unrecognized tax benefits of $1.7 million recorded in deferred income taxes on our Consolidated Balance Sheet.

The Company may be subject to state corporate level tax in a certain limited number of states on any built-in gain recognized from a sale of assets occurring within a ten-year recognition period after the Spin-Off. The five-year recognition period applicable for federal corporate level tax on any built-in gain recognized from a sale of assets occurring within five years after the Spin-Off expired in 2020.

Business Combinations and Asset Acquisitions—In accordance with ASC 805, Business Combinations, we apply the acquisition method of accounting for acquisitions meeting the definition of a business combination or asset acquisition, where assets acquired and liabilities assumed are recorded at fair value at the date of each acquisition, and the results of operations are included with those of the Company from the dates of the respective acquisitions. The fair value of the acquired assets and liabilities are estimated using the income, market and/or cost approach. The income approach utilizes the present value of estimated future cash flows that a business or asset can be expected to generate, while under the market approach, the fair value of an asset or business reflects the price at which comparable assets are purchased under similar circumstances. Inherent in our preparation of cash flow projections are significant assumptions and estimates derived from a review of operating results, business plans, expected growth rates, capital expenditure plans, cost of capital and tax rates. We also make certain forecasts about future economic conditions, interest rates and other market data. Many of the factors used in assessing fair value are outside the control of management. Small changes in these assumptions or estimates could materially affect the cash flow projections, and therefore could affect the estimated fair value. Impacts of these assumptions or estimates include customer retention, execution of our business plans, which impact growth, cost escalation impacting margin, the level of capital expenditures required to sustain our growth and market factors, including interest rate and stock price fluctuations, impacting our cost of capital.

For acquisitions meeting the definition of a business combination, any excess of the purchase price paid by the Company over the amounts recognized for assets acquired and liabilities assumed is recorded as goodwill. ASC 805 also requires acquirers to, among other things, estimate the acquisition date fair value of any contingent consideration and recognize any subsequent changes in the fair value of contingent consideration in earnings. When provisional amounts are initially recorded, the Company continues to evaluate acquisitions for a period not to exceed one year after the applicable acquisition date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed.

For acquisitions meeting the definition of an asset acquisition, the fair value of the consideration transferred, including transaction costs, is allocated to the assets acquired and liabilities assumed based on their relative fair values. There are significant judgments and estimates used in determining the fair values of the assets acquired and liabilities assumed, which

include assumptions with respect to items such as replacement cost, land value, assemblage factor, discount rate, lease-up period, implied rents per strand mile, and useful life. No goodwill is recognized in an asset acquisition.

Noncontrolling Interest—The limited partner equity interests in our Operating Partnership are exchangeable on a one-for-one basis for shares of our common stock or, at our election, cash of equivalent value. All of the limited partner equity interests in our Operating Partnership not held by the Company are reflected as noncontrolling interests. In the Consolidated Statements of Income (Loss), we allocate net income (loss) attributable to noncontrolling interests to arrive at net income (loss) attributable to shareholders based on their proportionate share.

For transactions that result in changes to the Company's ownership interest in our Operating Partnership, the carrying amount of noncontrolling interests is adjusted to reflect such changes. The difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted is reflected as an adjustment to additional paid-in capital on the Consolidated Balance Sheets.

Investments in Unconsolidated Entities—We report our investments in unconsolidated entities under the equity method of accounting. We adjust our investments in unconsolidated entities for additional contributions made, distributions received as well as our share of the investees’ earnings or losses, which are reported on a 30-day lag for the investment in BB Fiber Holdings LLC (“Fiber Holdings”) and on a 90-day lag for the investment in Harmoni Towers LP (“Harmoni”), and are included in equity in earnings from unconsolidated entities in our Consolidated Statements of Income (Loss).

On December 21, 2023, the Company completed the sale of its investment in Fiber Holdings to MIP IV MidWest Fiber Parent LLC, our partner in the investment, for total cash consideration of $40.0 million, which was received in January of 2024. The receivable was included within Other Assets on the Consolidated Balance Sheet as of December 31, 2023. As a result of the transaction, during the fourth quarter of 2023 we recorded a pre-tax gain of $2.6 million within other expense (income), net and $0.2 million of income tax expense within our Consolidated Statements of Income (Loss).

On June 21, 2022, the Company completed the sale of its investment in Harmoni to Palistar Communications Infrastructure GP LLC, our partner in the investment, for total cash consideration of $32.5 million. As a result of the transaction, during the second quarter of 2022 we recorded a pre-tax gain of $7.9 million within other expense (income), net and $6.7 million of income tax expense within our Consolidated Statements of Income (Loss).

Goodwill—As of December 31, 2024, and 2023, all of our goodwill is included in our Uniti Fiber segment. Goodwill is recognized for the excess of purchase price over the fair value of net assets of businesses acquired. Goodwill is reviewed for impairment on an annual basis. Our annual impairment test is performed with a valuation date of October 1. 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”). On the occurrence of a Triggering Event, an entity has the option to first assess qualitative factors to determine whether a quantitative impairment test is necessary. If it is more likely than not that goodwill is impaired, the fair value of the reporting unit must be compared with its carrying value. Unless circumstances otherwise dictate, the annual impairment test is performed in the fourth quarter. Application of the goodwill impairment test requires significant judgment, including: the identification of reporting units; assignment of assets and liabilities to reporting units; assignment of goodwill to reporting units; and the estimation of the fair value of a reporting unit.

During the year ended December 31, 2024, no impairment losses were recognized.

During the third quarter of 2023, the Company identified a Triggering Event under ASC 350-20 and, therefore, performed a qualitative and quantitative goodwill impairment test with a valuation date of September 30, 2023. The Triggering Event was a result of macroeconomic and financial market factors, specifically increased interest rates impacting our discount rate. As a result, we concluded that the fair value of the Uniti Fiber reporting unit, estimated using a combination of the income approach and market approach, was less than its carrying amount. Accordingly, we recorded a $204.0 million goodwill impairment charge in the Uniti Fiber reporting unit.

During the third quarter of 2022, the Company identified a Triggering Event under ASC 350-20 and, therefore, performed a qualitative and quantitative goodwill impairment test with a valuation date of September 30, 2022. The Triggering Event was a result of macroeconomic and financial market factors, specifically increased interest rates impacting our discount rate. As a result, we concluded that the fair value of the Uniti Fiber reporting unit, estimated using a combination of the income approach and market approach, was less than its carrying amount. Accordingly, we recorded a $216.0 million

goodwill impairment charge in the Uniti Fiber reporting unit. During the fourth quarter of 2022, we performed an additional quantitative and qualitative impairment test, and concluded that as a result of the continuing macroeconomic and financial market factors, specifically increased interest rates impacting our discount rate, the fair value of the Uniti Fiber reporting unit was less than its carrying amount. As a result, we recorded an additional $24.5 million goodwill impairment charge in the Uniti Fiber reporting unit.

We estimate the fair value of our reporting units (which are our segments) using a combination of an income approach based on the present value of estimated future cash flows and a market approach based on market data of comparable businesses and acquisition multiples paid in recent transactions. We evaluate the appropriateness of each valuation methodology in determining the weighting applied to each methodology in the determination of the concluded fair value. If the carrying amount of a reporting unit's net assets is less than its fair value, no impairment exists. If the carrying amount of the reporting unit is greater than the fair value of the reporting unit, an impairment loss must be recognized for the excess and recorded in the Consolidated Statements of Income (Loss) not to exceed the carrying amount of goodwill.

Inherent in our preparation of cash flow projections are significant assumptions and estimates derived from a review of our operating results and business plans, which includes expected revenue and expense growth rates, capital expenditure plans and cost of capital. In determining these assumptions, we consider our ability to execute on our plans, future economic conditions, interest rates and other market data. Many of the factors used in assessing fair value are outside the control of management, and these assumptions and estimates may change in future periods. Small changes in these assumptions or estimates could materially affect our cash flow projections, and therefore could affect the likelihood and amount of potential impairment in future periods. Potential events that could negatively impact these assumptions or estimates may include customer losses or poor execution of our business plans, which impact revenue growth, cost escalation impacting margin, the level of capital expenditures required to sustain our growth and market factors, including stock price fluctuations and increased rates, impacting our cost of capital. For example, if we were to experience a significant delay in our permitting process in the construction of our fiber networks, the timing of effected cash flows could impact long term growth rates and negatively impact the income approach, leading to potential impairment. As a result, should our expectations of average projected revenue growth percentage, average projected EBITDA margin percentage and/or average projected capital expenditures as a percentage of revenue change, we may experience future impairment to goodwill (while other assumptions remain constant). Furthermore, a deterioration in market factors such as stock prices or increased interest rates and/or declines in acquisition multiples utilized in the market approach could affect the likelihood and amount of potential impairment.

Earnings per Share—Outstanding restricted stock awards that contain rights to non-forfeitable dividends are deemed to be participating securities, requiring the application of the two-class method of computing basic and dilutive earnings per share.

Basic earnings per share includes only the weighted average number of common shares outstanding during the period. Dilutive earnings per share includes the weighted average number of common shares and the dilutive effect of restricted stock, performance-based awards outstanding during the period, the Convertible 2027 Notes and the Exchangeable Notes, when such awards are dilutive. See Note 13.

Concentration of Credit Risks—Revenue under the Windstream Leases provided 68.3% of our revenue for the year ended December 31, 2024, 67.3% of our revenue for the year ended December 31, 2023, and 66.5% of our revenue for the year ended December 31, 2022. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Windstream Leases, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to pay dividends and service debt if Windstream were to default under the Windstream Leases or otherwise experiences operating or liquidity difficulties and becomes unable to generate sufficient cash to make payments to us.

Prior to its emergence from bankruptcy on September 21, 2020, Windstream was a publicly traded company subject to the periodic filing requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Windstream historic filings through their quarter ended June 30, 2020 can be found at www.sec.gov. On September 22, 2020, Windstream filed a Form 15 to terminate all filing obligations under Sections 12(g) and 15(d) under the Exchange Act. Windstream’s filings are not incorporated by reference in this Annual Report on Form 10-K.

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 new 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 Annual Report on Form 10-K, 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. These ratings were both upgrades from Windstream’s pre-bankruptcy ratings. 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 Adopted Accounting Pronouncements

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 adopted ASU 2023-07 on December 31, 2024, and the adoption had had no significant impact on the Company's consolidated financial statements. See Note 14.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires additional disclosure about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this guidance to determine the impact it will have on our financial statements.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Property, plant and equipment, net	$ 4,209,747	$ 3,982,069
Cash and cash equivalents	155,593	62,264
Restricted cash and cash equivalents	28,254	0
Accounts receivable, net	51,418	46,358
Goodwill	157,380	157,380
Intangible assets, net	275,414	305,115
Straight-line revenue receivable	108,870	90,988
Operating lease right-of-use assets, net	126,791	125,105
Other assets, net	40,556	118,117
Deferred income tax assets, net	128,045	109,128
Assets held for sale	0	28,605
Derivative asset	77	0
Total Assets	5,282,145	5,025,129
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	89,688	119,340
Settlement payable (Note 3)	71,785	163,583
Intangible liabilities, net	145,703	156,397
Accrued interest payable	143,901	133,683
Deferred revenue	1,400,952	1,273,661
Dividends payable	665	36,162
Operating lease liabilities	80,504	84,404
Finance lease obligations	17,190	18,110
Notes and other debt, net	5,783,597	5,523,579
Liabilities held for sale	0	331
Total liabilities	7,733,985	7,509,250
Commitments and contingencies (Note 15)
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: 237,513 shares at December 31, 2024 and 236,559 at December 31, 2023	24	24
Additional paid-in capital	1,236,045	1,221,824
Accumulated other comprehensive loss	(634)	0
Distributions in excess of accumulated earnings	(3,687,808)	(3,708,240)
Total Uniti shareholders' deficit	(2,452,373)	(2,486,392)
Noncontrolling interests:
Operating partnership units	283	2,021
Cumulative non-voting convertible preferred stock, $0.01 par value, 6 shares authorized, 3 issued and outstanding	250	250
Total shareholders' deficit	(2,451,840)	(2,484,121)
Total Liabilities and Shareholders' Deficit	$ 5,282,145	$ 5,025,129

Consolidated Statements of Shareholders’ Deficit - 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, 2021		0
Beginning balance (in shares) at Dec. 31, 2021			234,779,247
Beginning balance at Dec. 31, 2021	$ (2,113,774)	$ 0	$ 23	$ 1,214,830	$ (9,164)	$ (3,333,481)	$ 13,893	$ 125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(8,122)					(8,275)	153
Other comprehensive income (loss)	9,243				9,164		79
Common stock dividends declared	(141,753)					(141,753)
Distributions to noncontrolling interest	(127)						(127)
Issuance of non-voting convertible preferred stock	0					(125)		125
Exchange of noncontrolling interest (in shares)			244,682
Exchange of noncontrolling interest	(4,620)			7,257			(11,877)
Payments related to tax withholding for stock-based compensation	(4,913)			(4,913)
Stock-based compensation (in shares)			735,702
Stock-based compensation	12,751		$ 0	12,751
Issuance of common stock - employee stock purchase plan (in shares)			69,854
Issuance of common stock - employee stock purchase plan	589			589
Payments to settle capped call option	(21,149)			(21,149)
Payment for settlement of common stock warrant	(522)			(522)
Termination of bond hedge option	1,190			1,190
Ending balance (in shares) at Dec. 31, 2022		0
Ending balance (in shares) at Dec. 31, 2022			235,829,485
Ending 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)	(81,749)					(81,713)	(36)
Other comprehensive income (loss)	0
Common stock dividends declared	(142,893)					(142,893)
Distributions to noncontrolling interest	(64)						(64)
Payments related to tax withholding for stock-based compensation	(1,433)			(1,433)
Stock-based compensation (in shares)			556,475
Stock-based compensation	12,491		$ 0	12,491
Issuance of common stock - employee stock purchase plan (in shares)			172,641
Issuance of common stock - employee stock purchase plan	730			730
Payment for settlement of common stock warrant	(56)			(56)
Termination of bond hedge option	$ 59			59
Ending balance (in shares) at Dec. 31, 2023	0	0
Ending balance (in shares) at Dec. 31, 2023	236,559,000		236,558,601
Ending balance at Dec. 31, 2023	$ (2,484,121)	$ 0	$ 24	1,221,824	0	(3,708,240)	2,021	250
Beginning balance (in shares) at Dec. 31, 2023	0	0
Beginning balance (in shares) at Dec. 31, 2023	236,559,000		236,558,601
Beginning balance at Dec. 31, 2023	$ (2,484,121)	$ 0	$ 24	1,221,824	0	(3,708,240)	2,021	250
Beginning balance (in shares) at Dec. 31, 2023	0	0
Beginning balance (in shares) at Dec. 31, 2023	236,559,000		236,558,601
Beginning balance at Dec. 31, 2023	$ (2,484,121)	$ 0	$ 24	1,221,824	0	(3,708,240)	2,021	250
Beginning balance (in shares) at Dec. 31, 2023	0	0
Beginning balance (in shares) at Dec. 31, 2023	236,559,000		236,558,601
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)	93,432					93,406	26
Other comprehensive income (loss)	(634)				(634)		0
Common stock dividends declared	(72,974)					(72,974)
Distributions to noncontrolling interest	(21)						(21)
Exchange of noncontrolling interest (in shares)			76,466
Exchange of noncontrolling interest	(92)			1,651			(1,743)
Payments related to tax withholding for stock-based compensation	(1,595)			(1,595)
Stock-based compensation (in shares)			662,245
Stock-based compensation	13,508			13,508
Issuance of common stock - employee stock purchase plan (in shares)			216,183
Issuance of common stock - employee stock purchase plan	$ 657			657
Ending balance (in shares) at Dec. 31, 2024	0	0
Ending balance (in shares) at Dec. 31, 2024	237,513,495		237,513,495
Ending balance at Dec. 31, 2024	$ (2,451,840)	$ 0	$ 24	$ 1,236,045	$ (634)	$ (3,687,808)	$ 283	$ 250

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan We sponsor a defined contribution plan under section 401(k) of the Internal Revenue Code, which covers employees who are 21 years of age and over. Under this plan, we match voluntary employee contributions at a rate of 100% for the first 3% of an employee’s annual compensation and at a rate of 50% for the next 2% of an employee’s annual compensation. Employees vest in our contribution immediately. Our expense related to the plan recognized for the years ended December 31, 2024, 2023 and 2022 was $2.2 million, $2.3 million and $2.2 million, respectively. We sponsor a deferred compensation plan. The plan is established and maintained by the Company primarily to permit certain management or highly compensated employees of the Company and its subsidiaries, within the meaning of Section 301(a) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), to defer a percentage of their compensation. The plan is an unfunded deferred compensation plan intended to qualify for the exemptions provided in, and shall be administered in a manner consistent with Section 201, 301 and 401 of ERISA and Section 409A of the Internal Revenue Code of 1986, as amended.

Leases - Schedule of Depreciation Expense for Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Depreciation expense for underlying assets under operating leases	$ 186,447	$ 182,906

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Employee minimum age eligible to participate in the employee benefit plan (in years)	21 years
Expense recognized under defined contribution plan	$ 2.2	$ 2.3	$ 2.2
Defined Contribution Plan First 3% of Employee's Compensation
Defined Contribution Plan Disclosure [Line Items]
Percentage of employer matching compensation contributed	100.00%
Percentage of employee's compensation contributed	3.00%
Defined Contribution Plan Next 2% of Employee's Compensation
Defined Contribution Plan Disclosure [Line Items]
Percentage of employer matching compensation contributed	50.00%
Percentage of employee's compensation contributed	2.00%

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Changes in the carrying amount of goodwill occurring during the year ended December 31, 2024 and 2023, are as follows:


(Thousands)	Uniti Fiber		Total
Goodwill at December 31, 2022	$	672,878	$	672,878
Accumulated impairment charges as of December 31, 2022	(311,500)		(311,500)
Balance at December 31, 2022	361,378		361,378
Impairment charges	(203,998)		(203,998)
Balance as of December 31, 2023	157,380		157,380
Impairment charges (Note 3)	—		—
Balance at December 31, 2024	$	157,380	$	157,380

Goodwill at December 31, 2024	$	672,878	$	672,878
Accumulated impairment charges as of December 31, 2024	(515,498)		(515,498)
Balance at December 31, 2024	$	157,380	$	157,380

The carrying value of our other intangible assets is as follows:


(Thousands)	December 31, 2024				December 31, 2023
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(174,326)	$	416,104	$	(151,542)
Contracts	52,536		(27,910)		52,536		(21,343)
Underlying rights	10,497		(1,487)		10,497		(1,137)

Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(203,723)				(174,022)
Total intangible assets, net	$	275,414			$	305,115

Finite life intangible liabilities:
Acquired below-market leases	$	191,154	$	(45,451)	$	191,154	$	(34,757)

Total intangible liabilities	191,154				191,154
Less: accumulated amortization	(45,451)				(34,757)
Total intangible liabilities, net	$	145,703			$	156,397

As of December 31, 2024, the remaining weighted average amortization period of the Company’s intangible assets was 13.2 years, 25.8 years, and 3.8 years for customer lists, contracts and underlying rights, respectively. As of December 31, 2024 the total remaining weighted average amortization period for total intangible assets was 12.8 years.

Amortization expense for the years ended December 31, 2024, 2023 and 2022 was $29.7 million, $29.7 million and $29.8 million, respectively. Amortization expense is estimated to be $29.7 million in 2025, $29.7 million in 2026, $29.7 million in 2027, $28.1 million in 2028 and $23.1 million in 2029.

We recognize the amortization of below-market leases in revenue in arrangements where we are the lessor. Revenue related to the amortization of the below-market leases for the years ended December 31, 2024, 2023 and 2022 was $10.7 million, $10.7 million, and $10.7 million respectively. As of December 31, 2024, the remaining weighted average amortization period of the Company’s intangible liabilities was 15.2 years. Revenue due to the amortization of the below-market leases is estimated to be $10.7 million in 2025, $10.7 million in 2026, $10.7 million in 2027, $10.2 million in 2028, and $8.8 million in 2029.

Schedule III - Carrying Cost and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Carrying cost:
Gross amount at beginning	$ 8,395,630	$ 8,066,830
Additions during period:
Tenant capital improvements	158,523	132,622
Growth capital improvements	230,815	250,000
Acquisitions	11,128	28,244
Other	0	0
Total additions	400,466	410,866
Deductions during period:
Cost of real estate sold or disposed	24,405	25,004
Other	0	57,062
Total deductions	24,405	82,066
Balance at end	8,771,691	8,395,630	$ 8,066,830
Tenant capital improvements total	263,087	167,763	119,685
Reimbursement of growth capital improvements	104,600
Growth capital improvements	230,815	250,000
Accumulated depreciation:
Gross amount of accumulated depreciation at beginning	5,649,568	5,509,904
Additions during period:
Depreciation	178,075	175,085
Other	0	0
Total additions	178,075	175,085
Deductions during period:
Amount of accumulated depreciation for assets sold or disposed	23,942	24,587
Other	0	10,834
Total deductions	23,942	35,421
Balance at end	$ 5,803,701	$ 5,649,568	$ 5,509,904

Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (2,484,121)	$ (2,271,206)	$ (2,113,774)
Net other comprehensive loss	(634)	0	9,243
Ending balance	(2,451,840)	(2,484,121)	(2,271,206)
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0	(9,164)
Net other comprehensive loss	(634)		9,164
Ending balance	(634)	0	0
Accumulated Other Comprehensive Income (Loss) \| Non-Terminated Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(30,353)	(30,353)
Other comprehensive loss before reclassifications	(656)	0	0
Amounts reclassified from accumulated other comprehensive income	22	0	0
Net other comprehensive loss	(634)	(30,353)	(30,353)
Ending balance		0	(30,353)
Accumulated Other Comprehensive Income (Loss) \| Terminated Interest Rate Swap
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	30,353	21,189
Amounts reclassified from accumulated other comprehensive income	0	0	9,243
Net other comprehensive loss	0	30,353	30,432
Ending balance		0	30,353
AOCI Attributable to Noncontrolling Interest \| Non-Terminated Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net other comprehensive loss	0	0	0
AOCI Attributable to Noncontrolling Interest \| Terminated Interest Rate Swap
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net other comprehensive loss	0	0	(79)
AOCI Including Portion Attributable to Noncontrolling Interest \| Non-Terminated Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net other comprehensive loss	(634)	(30,353)	(30,353)
AOCI Including Portion Attributable to Noncontrolling Interest \| Terminated Interest Rate Swap
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net other comprehensive loss	$ 0	$ 30,353	$ 30,353

Dividends (Distributions) (Tables)

12 Months Ended

Dec. 31, 2024

Payments of Dividends [Abstract]

Schedule of Dividends Declared

For the years ended December 31,

2024, 2023, and 2022, our common stock distribution per share was $0.45, $0.45 and $0.75, respectively, characterized as follows:


	Year Ended December 31,
	2024		2023		2022
Ordinary dividends	$	0.39	$	0.45	$	0.75
Capital gain distribution	$	0.04	$	—	$	—
Non-dividend distributions	$	0.02	$	—	$	—
Total	$	0.45	$	0.45	$	0.75

Notes and Other Debt - The Notes, Asset-Backed Securities Facility and Deferred Financing Cost (Narrative) (Details) $ / shares in Units, $ in Thousands						1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 14, 2025 USD ($)	Jun. 15, 2024 USD ($)	Mar. 21, 2023 USD ($)	Dec. 12, 2022 USD ($) $ / shares shares	Jun. 28, 2019 USD ($) shares	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 03, 2025 USD ($)	May 17, 2024 USD ($)	Feb. 23, 2024 USD ($)	Feb. 14, 2023 USD ($)	Dec. 07, 2022 USD ($) $ / shares $ / Unit	Oct. 13, 2021 USD ($)	Apr. 20, 2021 USD ($)	Feb. 02, 2021 USD ($)	Jun. 25, 2019 $ / shares shares
Debt Instrument [Line Items]
Principal amount								$ 5,861,500	$ 5,617,442
Gain (loss) on extinguishment of debt								0	(31,187)	$ 10,754
Interest expense, net								511,364	512,349	376,832
Proceeds from termination of bond hedge option								0	59	1,190
Repayments of debt								122,942	2,263,662	194,043
Payments for capped call option								0	0	21,149
Derivative cap price (in dollars per share) \| $ / Unit															10.63
Premium over the last reported common stock sales price, percentage															75.00%
Sale of stock (in dollars per share) \| $ / shares															$ 6.08
amortization of debt issuance costs								$ 23,800	$ 18,100	17,500
Counterparties 2019
Debt Instrument [Line Items]
Proceeds from termination of bond hedge option										500
Common Stock Warrants
Debt Instrument [Line Items]
Common stock aggregate at an exercise price (in dollars per share) \| $ / shares																			$ 16.42
Maximum \| Common Stock Warrants
Debt Instrument [Line Items]
Warrants (in shares) \| shares																			27,800,000
Maximum number of shares issued pursuant to warrants (in shares) \| shares																			55,500,000
Convertible Debt
Debt Instrument [Line Items]
Proceeds from debt, net of issuance costs										198,100
Payments for capped call option						$ 21,100
4.75% Senior Secured Notes
Debt Instrument [Line Items]
Issuance of senior notes, principal amount																	$ 570,000
Senior secured notes - 4.75%, due April 15, 2028
Debt Instrument [Line Items]
Issuance senior notes, stated percentage								4.75%	4.75%								4.75%
Principal amount								$ 570,000	$ 570,000
Senior secured notes - 10.50%, due February 15, 2028
Debt Instrument [Line Items]
Issuance senior notes, stated percentage								10.50%	10.50%
Principal amount								$ 2,900,000	$ 2,600,000					$ 2,600,000
Senior secured notes - 10.50%, due February 15, 2028 \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, redemption amount	$ 125,000
Debt instrument, redemption price, percentage	103.00%
Senior secured notes - 10.50%, due February 15, 2028 \| Secured Debt
Debt Instrument [Line Items]
Principal amount												$ 300,000
7.875%, due February 15, 2028 \| Uniti Group LP, Uniti Group Finance 2019 Inc. and CSL Capital, LLC
Debt Instrument [Line Items]
Principal amount														$ 2,250,000
Gain (loss) on extinguishment of debt							$ 32,300
Debt issuance cost							10,300
Interest expense, net							22,000
7.875%, due February 15, 2028 \| Operating Partnership, CSL Capital, LLC, Uniti Group Finance 2019 Inc. and Uniti Fiber
Debt Instrument [Line Items]
Issuance senior notes, stated percentage														7.875%
Senior Unsecured Notes - 6.50%, Due February 24, 2029
Debt Instrument [Line Items]
Issuance of senior notes, principal amount																		$ 1,110,000
Senior unsecured notes - 6.50%, due February 15, 2029
Debt Instrument [Line Items]
Issuance senior notes, stated percentage								6.50%	6.50%									6.50%
Principal amount								$ 1,110,000	$ 1,110,000
6.00% Senior Unsecured Notes due 2030
Debt Instrument [Line Items]
Issuance of senior notes, principal amount																$ 700,000
Issuance senior notes, stated percentage																6.00%
Exchangeable Notes
Debt Instrument [Line Items]
Issuance of senior notes, principal amount					$ 345,000
Issuance senior notes, stated percentage					4.00%
Principal amount			$ 15,000
Gain (loss) on extinguishment of debt				$ 10,800			1,100
Debt issuance cost							$ 100
Repayments of long-term debt			$ 13,700
Gain on extinguishment of debt, before write off of debt issuance cost				13,100
Write off of deferred debt issuance cost				2,300
Repayments of debt		$ 122,900
Debt instrument, indenture exchange rate shares per thousand dollars principal amount \| shares					0.0804602
Convertible Senior Notes 2027 \| Convertible Debt
Debt Instrument [Line Items]
Extinguishment of debt, amount				207,100
Repayments of long-term debt				$ 194,000
Debt instrument, indenture exchange rate shares per thousand dollars principal amount \| shares				0.1371742
Debt instrument, indenture exchange price per share \| $ / shares				$ 7.29
Proceeds from long-term debt				$ 298,100
Interest expense								24,800	24,700	1,300
Interest expense coupon								23,000	23,000	1,200
amortization of debt issuance costs								$ 1,800	$ 1,700	$ 100
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)
Debt Instrument [Line Items]
Issuance senior notes, stated percentage								7.50%	7.50%
Principal amount								$ 306,500	$ 306,500
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%) \| Convertible Debt
Debt Instrument [Line Items]
Issuance of senior notes, principal amount				$ 300,000
Convertible Senior Notes 2027, Over-Allotment Option \| Convertible Debt
Debt Instrument [Line Items]
Issuance of senior notes, principal amount															$ 6,500
ABS Loan Facility, variable rate, due September 1, 2025 \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity													$ 350,000
ABS Loan Facility
Debt Instrument [Line Items]
Principal amount								$ 275,000	$ 0
ABS Notes \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Issuance of senior notes, principal amount											$ 589,000
Series 2025-1, Class A-2 Term Notes \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Issuance of senior notes, principal amount											$ 426,000
Issuance senior notes, stated percentage											5.90%
Series 2025-1, Class B Term Notes \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Issuance of senior notes, principal amount											$ 65,000
Issuance senior notes, stated percentage											6.40%
Series 2025-1, Class C Term Notes \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Issuance of senior notes, principal amount											$ 98,000
Issuance senior notes, stated percentage											9.00%

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Interest, net of capitalized interest	$ 472,430	$ 460,734	$ 335,920
Income taxes, net of refunds	$ 2,573	$ 1,289	$ 9,437

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 285.1	$ 280.8	$ 263.0

Dividends (Distributions)

12 Months Ended

Dec. 31, 2024

Payments of Dividends [Abstract]

Dividends (Distributions)

Capital Stock

The limited partner equity interests in our Operating Partnership (commonly called “OP Units”), are exchangeable on a one-for-one basis for shares of our common stock or, at our election, cash of equivalent value.

During the year ended December 31, 2024, the Company exchanged 91,188 OP Units held by third parties, of which 76,466 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 86% of the OP Units held by third parties with a carrying value of $1.7 million as of the exchange dates. During the year ended December 31, 2023, the company exchanged no OP Units held by third parties. During the year ended December 31, 2022, the Company exchanged 591,349 OP Units held by third parties, of which 244,683 OP Units were exchanged for an equal number of common shares of the Company and 346,667 OP Units were exchanged for cash consideration of $4.6 million, representing approximately 85% of the OP Units held by third parties with a carrying value of $11.9 million as of the exchange dates.

We are authorized to issue up to 500,000,000 shares of voting common stock and 50,000,000 shares of preferred stock, of which 237,513,495 and 0 shares, respectively, were outstanding at December 31, 2024. We had 262,486,505 shares of voting common stock available for issuance at December 31, 2024.

Dividends (Distributions)

Distributions with respect to our common stock is characterized for federal income tax purposes as taxable ordinary dividends, capital gains dividends, non-dividend distribution or a combination thereof. For the years ended December 31,

2024, 2023, and 2022, our common stock distribution per share was $0.45, $0.45 and $0.75, respectively, characterized as follows:


	Year Ended December 31,
	2024		2023		2022
Ordinary dividends	$	0.39	$	0.45	$	0.75
Capital gain distribution	$	0.04	$	—	$	—
Non-dividend distributions	$	0.02	$	—	$	—
Total	$	0.45	$	0.45	$	0.75

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Supplementary Unrestricted Subsidiary Information - Schedule of Consolidating Statement of Operations Information Reflecting The Elimination of the Accounts of Unrestricted Subsidiaries (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2024	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenue					$ 1,166,927	$ 1,149,831	$ 1,128,847
Costs and Expenses:
Interest expense, net					511,364	512,349	376,832
Depreciation and amortization					314,810	310,528	292,788
General and administrative expense					105,019	102,732	100,992
Operating expense (exclusive of depreciation, accretion and amortization)					140,377	144,276	143,131
Transaction related and other costs					38,734	12,611	10,340
Gain on sale of real estate	$ (19,000)				(18,953)	(2,164)	(433)
Other (income) expense, net					(301)	18,386	(7,269)
Total costs and expenses					1,091,050	1,302,716	1,156,705
Income (loss) before income taxes and equity in earnings from unconsolidated entities					75,877	(152,885)	(27,858)
Income tax benefit					(17,555)	(68,474)	(17,365)
Net income (loss)					93,432	$ (81,749)	$ (8,122)
Eliminations
Revenues:
Total revenue		$ 0	$ (5,676)	$ (9,955)	(14,165)
Costs and Expenses:
Interest expense, net		0	0	0	0
Depreciation and amortization		0	0	0	0
General and administrative expense		0	(5,676)	(9,955)	(14,165)
Operating expense (exclusive of depreciation, accretion and amortization)		0	0	0	0
Transaction related and other costs		0	0	0	0
Gain on sale of real estate		0	0	0	0
Other (income) expense, net		0	0	0	0
Total costs and expenses		0	(5,676)	(9,955)	(14,165)
Income (loss) before income taxes and equity in earnings from unconsolidated entities		0	0	0	0
Income tax benefit		0	0	0	0
Net income (loss)		0	0	0	0
Consolidated
Revenues:
Total revenue		286,418	581,365	873,612	1,166,927
Costs and Expenses:
Interest expense, net		123,211	250,686	381,693	511,364
Depreciation and amortization		77,485	155,537	234,862	314,810
General and administrative expense		28,133	53,849	80,546	105,019
Operating expense (exclusive of depreciation, accretion and amortization)		35,198	72,234	106,753	140,377
Transaction related and other costs		5,687	16,664	31,068	38,734
Gain on sale of real estate		(18,999)	(18,999)	(18,999)	(18,953)
Other (income) expense, net		(282)	(301)	(301)	(301)
Total costs and expenses		250,433	529,670	815,622	1,091,050
Income (loss) before income taxes and equity in earnings from unconsolidated entities		35,985	51,695	57,990	75,877
Income tax benefit		(5,363)	(7,934)	(13,869)	(17,555)
Net income (loss)		41,348	59,629	71,859	93,432
Unrestricted Subsidiaries
Revenues:
Total revenue		5,581	24,249	46,785	71,494
Costs and Expenses:
Interest expense, net		2,295	9,786	16,950	24,068
Depreciation and amortization		0	6,895	12,067	17,238
General and administrative expense		72	13,257	23,594	32,889
Operating expense (exclusive of depreciation, accretion and amortization)		0	0	0	0
Transaction related and other costs		0	0	0	0
Gain on sale of real estate		0	0	0	0
Other (income) expense, net		0	0	0	0
Total costs and expenses		2,367	29,938	52,611	74,195
Income (loss) before income taxes and equity in earnings from unconsolidated entities		3,214	(5,689)	(5,826)	(2,701)
Income tax benefit		0	0	0	0
Net income (loss)		3,214	(5,689)	(5,826)	(2,701)
Restricted Subsidiaries
Revenues:
Total revenue		280,837	562,792	836,782	1,109,598
Costs and Expenses:
Interest expense, net		120,916	240,900	364,743	487,296
Depreciation and amortization		77,485	148,642	222,795	297,572
General and administrative expense		28,061	46,268	66,907	86,295
Operating expense (exclusive of depreciation, accretion and amortization)		35,198	72,234	106,753	140,377
Transaction related and other costs		5,687	16,664	31,068	38,734
Gain on sale of real estate		(18,999)	(18,999)	(18,999)	(18,953)
Other (income) expense, net		(282)	(301)	(301)	(301)
Total costs and expenses		248,066	505,408	772,966	1,031,020
Income (loss) before income taxes and equity in earnings from unconsolidated entities		32,771	57,384	63,816	78,578
Income tax benefit		(5,363)	(7,934)	(13,869)	(17,555)
Net income (loss)		$ 38,134	$ 65,318	$ 77,685	$ 96,133

Assets and Liabilities Held for Sale - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain on sale of real estate	$ 19,000	$ 18,953	$ 2,164	$ 433
Macquarie Asset Management \| Disposal Group, Held for Sale, Not qualified as Discontinued Operation \| CableSouth Transaction
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [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

Stock-Based Compensation - Schedule of Unvested Performance-based Restricted Stock Units Awards (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 21, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 30, 2024
Shares
Nonvested, beginning balance (in shares)		1,053,188
Granted (in shares)	537,939	537,939	449,614	425,010
Forfeited (in shares)		0
Vested (in shares)		(178,565)
Nonvested, ending balance (in shares)		1,412,562	1,053,188
Weighted Average Fair Value at Grant Date
Unvested balance (in dollars per share)		$ 12.06
Grant (in dollars per share)		8.40	$ 8.22	$ 14.42
Forfeited (in dollars per share)		0
Vested (in dollars per share)		16.08
Unvested balance (in dollars per share)		$ 10.15	$ 12.06
Aggregate Intrinsic Value
Unvested balance		$ 7,769
Aggregate intrinsic value (in dollars per share)					$ 5.50

Leases - Schedule of Amounts Reported in Consolidated Balance Sheets for Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating leases
Operating lease right-of-use assets, net	$ 126,791	$ 125,105
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating lease right-of-use assets, net	Operating lease right-of-use assets, net
Lease liability	$ 80,504	$ 84,404
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Lease liability	Lease liability
Finance leases
ROU asset, gross	$ 52,789	$ 52,589
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Lease liability	$ 17,190	$ 18,110
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Finance Lease Liability Excluding Finance Lease Obligations In Held For Sale	Finance Lease Liability Excluding Finance Lease Obligations In Held For Sale
Weighted-average remaining lease term
Operating leases	13 years 9 months 18 days	13 years 4 months 24 days
Finance leases	7 years 6 months	8 years 8 months 12 days
Weighted-average discount rate
Operating leases	10.40%	10.30%
Finance leases	10.00%	9.90%

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024 and December 31, 2023 respectively:


(Thousands)	Location on Condensed Consolidated Balance Sheets	December 31, 2024		December 31, 2023
Interest rate caps	Derivative asset	$	77	$	—

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)
Derivatives in Cash Flow Hedging Relationships (Interest Rate Caps)	Year Ended December 31, 2024		Year Ended December 31, 2023
Amount of loss recognized on derivative in Other Comprehensive Loss	$	(656)	$	—
Amounts reclassified from Accumulated Other Comprehensive Loss into Interest Expense	$	(22)	$	—
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Income (Loss)	$	511,364	$	512,349

- 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

Leases - Additional Information (Details)			12 Months Ended
Leases - Additional Information (Details)	Sep. 18, 2020 USD ($)	Sep. 18, 2018 USD ($) lease	Dec. 31, 2024 USD ($)
Leases [Line Items]
Short term lease commitments			$ 4,200,000
Number of master leases \| lease		2
Lessor, annual payment to be received		$ 663,000,000
New lease, aggregate reimbursements made for certain growth capital improvements			161,400,000
Reimbursement to fund growth capital improvements			1,200,000,000
Windstream
Leases [Line Items]
New lease, aggregate reimbursements made for certain growth capital improvements			1,750,000,000
Improvements will exclude maintenance or repair expenditures except for costs incurred for fiber replacements	$ 70,000,000
Future annual commitment payments for agreements due year one	125,000,000
Future annual commitment payments for agreements due year two through five	225,000,000
Future annual commitment payments for agreements due year six	175,000,000
Future annual commitment payments for agreements due year seven	175,000,000
Future annual commitment payments for agreements due year eight	125,000,000
Future annual commitment payments for agreements due year nine	125,000,000
Future annual commitment payments for agreements due year ten	125,000,000
Cumulative growth capital improvements annual reimbursement commitment amount limit in subsequent period	$ 250,000,000
Annual rent adjustment	8.00%
Rate used for rent percentage	100.50%
Maximum funding rights allocated per year upon transfer of interests	$ 20,000,000
New leases agreement to fund growth capital improvements, maximum annual amount			$ 25,000,000
Accrued interest rate for borrowing			8.00%
Reimbursement to fund growth capital improvements			$ 230,800,000
Amount allowed for under the settlement represented the reimbursement of capital improvements			104,600,000
Windstream \| Equipment Loan Agreement
Leases [Line Items]
Windstream lease, aggregate reimbursements made for certain growth capital improvements, loan amount			$ 0
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, lease option to terminate, description			1 month
Minimum \| Windstream
Leases [Line Items]
Total leverage ratio			300.00%
Minimum \| Windstream \| Pro Forma
Leases [Line Items]
Total leverage ratio			350.00%
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, lease option to terminate, description			6 months
Maximum \| Windstream
Leases [Line Items]
New lease, aggregate reimbursements made for certain growth capital improvements	$ 1,750,000,000		$ 125,000,000
Maximum \| Windstream \| Senior secured revolving credit facility, variable rate, due September 24, 2027
Leases [Line Items]
Issuance senior notes, stated percentage			$ 750,000,000

Summary of Significant Accounting Policies - Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Aggregate carrying amount of asset retirement obligations	$ 16.7	$ 16.8
Asset retirement obligations liabilities Incurred	0.1	6.5
Asset retirement obligations accretion expense recognized	$ 1.0	$ 2.8	$ 1.7

Segment Information - Schedule of Operating Segment Reporting Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 1,166,927	$ 1,149,831	$ 1,128,847
Employee-related (excluding stock-based compensation):
Operating Expense	140,377	144,276	143,131
General and Administrative Expense	105,019	102,732	100,992
Adjusted EBITDA	940,066	923,502	905,896
Operating Segments \| Uniti Fiber
Segment Reporting Information [Line Items]
Revenues	286,437	297,059	301,390
Employee-related (excluding stock-based compensation):
Operating Expense	24,606	23,899	25,331
General and Administrative Expense	35,051	33,859	30,226
Network	74,221	77,783	71,609
Installation, Equipment, & Other Non-recurring Charges	12,030	13,820	20,800
Insurance	4,691	3,727	2,463
Professional Fees	4,325	4,560	4,318
Other	19,956	23,688	21,282
Adjusted EBITDA	111,557	115,723	125,361
Operating Segments \| Uniti Leasing
Segment Reporting Information [Line Items]
Revenues	880,490	852,772	827,457
Employee-related (excluding stock-based compensation):
Operating Expense	644	359	1,117
General and Administrative Expense	5,751	5,385	7,661
Network	20,513	18,751	14,803
Other	2,404	(1,280)	(2,151)
Adjusted EBITDA	$ 851,178	$ 829,557	$ 806,027

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 as reported in the accompanying Consolidated Statements of Income (Loss) was comprised of the following:


	Year Ended December 31,
(Thousands)	2024		2023		2022
Current
Federal	$	(311)	$	(753)	$	8,782
State	1,673		776		2,762
Total current expense	1,362		23		11,544

Deferred
Federal	(14,852)		(53,188)		(22,804)
State	(4,065)		(15,309)		(6,105)
Total deferred benefit	(18,917)		(68,497)		(28,909)
Total income tax benefit	$	(17,555)	$	(68,474)	$	(17,365)

Schedule of Income Tax Expense Reconciliation Between U.S. Statutory Tax Rate and Effective Tax Rate

An income tax expense reconciliation between the U.S. statutory tax rate and the effective tax rate is as follows:


	Year Ended December 31,
(Thousands)	2024		2023		2022
Income (loss) from continuing operations, before tax	$	75,877	$	(150,223)	$	(25,487)
Income tax expense (benefit) at U.S. statutory federal rate	15,976		(31,547)		(5,352)
Increases (decreases) resulting from:
State taxes, net of federal benefit	(1,715)		(11,219)		(2,255)
Benefit of REIT status	(31,925)		(24,796)		(46,604)
Impairment of nondeductible goodwill	—		—		36,895
Return to accrual	(121)		(1,298)		(44)
Permanent differences	230		386		(5)
Income tax benefit	$	(17,555)	$	(68,474)	$	(17,365)

Schedule of Components of Deferred Tax Assets and Liabilities

The components of the Company's deferred tax assets and liabilities are as follows:


(Thousands)	December 31, 2024		December 31, 2023
Deferred tax assets:
Deferred revenue	$	35,907	$	31,123
Stock-based compensation	776		629
Asset retirement obligation	1,742		1,511
Inventory reserve	132		133
Excess business interest expense	35,104		24,090
Lease asset liability	12,050		12,715
Settlement obligation	509		605
Debt discount and interest expense	122		841
Other intangible amortization	20,874		27,494
Other	3,762		4,560
Net operating loss carryforwards	169,488		156,482
Deferred tax assets	$	280,466	$	260,183

Deferred tax liabilities:
Property, plant and equipment	$	(100,285)	$	(97,459)
Customer list intangible	(34,578)		(37,159)

Right of use asset	(13,531)		(12,489)
Deferred or prepaid costs	(3,834)		(3,792)
Other	(193)		(156)
Deferred tax liabilities	$	(152,421)	$	(151,055)

Deferred tax asset, net	$	128,045	$	109,128

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the Company’s beginning and ending liability for unrecognized tax benefits is as follows:


(Thousands)	2024		2023
Balance at January 1	$	1,734	$	1,734
Balance at December 31	$	1,734	$	1,734

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended					12 Months Ended
	May 03, 2024	Jun. 21, 2022	Oct. 01, 2020	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Capital expenditures									$ 354,834	$ 417,002	$ 427,567
Dividends paid									108,455	107,405	142,950
Net cash provided by (used in) operating activities									366,695	353,129	460,115
Income tax benefit									(17,555)	(68,474)	(17,365)
Proceeds from sale of unconsolidated entity									40,000	0	32,527
Goodwill impairment					$ 204,000				0	203,998	$ 240,500
Windstream Merger
Summary Of Significant Accounting Policies [Line Items]
Business combination, consideration transferred	$ 425,000
Windstream
Summary Of Significant Accounting Policies [Line Items]
Litigation settlement, amount awarded to other party			$ 490,100
Harmoni
Summary Of Significant Accounting Policies [Line Items]
Income tax benefit								$ 6,700
Proceeds from sale of unconsolidated entity		$ 32,500
Harmoni \| Variable Interest Entity, Not Primary Beneficiary
Summary Of Significant Accounting Policies [Line Items]
Gain on sale of investments								$ 7,900
BB Fiber Holdings LLC
Summary Of Significant Accounting Policies [Line Items]
Current investment and maximum exposure to loss result of involvement				$ 2,600						2,600
Income tax benefit				$ 200
Proceeds from sale of unconsolidated entity										$ 40,000
Windstream Commitment
Summary Of Significant Accounting Policies [Line Items]
Other commitment			490,100						73,500
Windstream Commitment, Growth Capital Improvements
Summary Of Significant Accounting Policies [Line Items]
Other commitment			$ 1,750,000						$ 725,000
Windstream \| Revenue \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Windstream leases revenue percentage									68.30%	67.30%	66.50%
Uniti Fiber
Summary Of Significant Accounting Policies [Line Items]
Investment report period lag									30 days
Goodwill impairment						$ 24,500	$ 216,000
Harmoni
Summary Of Significant Accounting Policies [Line Items]
Investment report period lag									90 days

Income Taxes - Schedule of Income Tax Expense Reconciliation Between U.S. Statutory Tax Rate and Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations, before tax	$ 75,877	$ (150,223)	$ (25,487)
Income tax expense (benefit) at U.S. statutory federal rate	15,976	(31,547)	(5,352)
Increases (decreases) resulting from:
State taxes, net of federal benefit	(1,715)	(11,219)	(2,255)
Benefit of REIT status	(31,925)	(24,796)	(46,604)
Impairment of nondeductible goodwill	0	0	36,895
Return to accrual	(121)	(1,298)	(44)
Permanent differences	230	386	(5)
Income tax benefit	$ (17,555)	$ (68,474)	$ (17,365)

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 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 December 31, 2024, we are the sole general partner of the Operating Partnership and own approximately 99.99% 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, by and between the Company and Windstream Holdings, Inc. (“Windstream Holdings” and together with Windstream Holdings II, LLC, its successor in interest, and its subsidiaries, “Windstream”), as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated July 17, 2024 (as it may be further amended and/or restated from time to time, the "Merger Agreement"). Upon the terms and subject to the conditions set forth in the Merger Agreement and following a pre-closing reorganization of Windstream, an affiliate of Windstream identified as "Merger Sub" in the Merger Agreement will merge with and into Uniti (the "Merger"), with Uniti surviving the Merger, with the result that both of Uniti and Windstream's successor by merger will be indirect wholly owned subsidiaries of Windstream Parent, Inc., a Delaware corporation that is currently an indirect wholly owned subsidiary 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 Global Market. 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 the second hald of 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 (as defined below) and the settlement agreement with Windstream, which requires Uniti to fund periodic settlement payments and reimburse Windstream for certain Growth Capital Improvements (as defined below), 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. For a description of the Windstream Leases and the settlement agreement with Windstream, refer to Note 5. 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, as defined below) 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 and New Uniti would not qualify as a REIT.

Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 155,593	$ 62,264
Restricted cash and cash equivalents	28,254	0
Cash, restricted cash and cash equivalents at end of period	$ 183,847	$ 62,264	$ 43,803	$ 58,903

Notes and Other Debt

12 Months Ended

Dec. 31, 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 certain of its subsidiaries as discussed below. The Company is, however, a guarantor of such debt.

Notes and other debt is as follows:


(Thousands)	December 31, 2024		December 31, 2023
Principal amount	$	5,861,500	$	5,617,442
Less unamortized discount, premium and debt issuance costs	(77,903)		(93,863)
Notes and other debt less unamortized discount and debt issuance costs	$	5,783,597	$	5,523,579

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


	December 31, 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		(37,522)		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		(4,998)		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		(13,101)		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		(8,000)		700,000		(9,307)
Exchangeable senior unsecured 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		(6,273)		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		(3,671)		—		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	—		(4,338)		208,000		(5,625)
Total	$	5,861,500	$	(77,903)	$	5,617,442	$	(93,863)

At December 31, 2024, notes and other debt included the following: (i) no 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 (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 the 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) $1.11 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 Unsecured Notes due January 15, 2030 (the “2030 Notes”); and (vii) $306.5 million aggregate principal amount of 7.50% Convertible Senior Notes due December 1, 2027 (the "Convertible 2027 Notes" and collectively with the February 2028 Secured Notes, April 2028 Secured Notes, 2029 Notes, and the 2030 Notes, the “Notes”).

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 swing line 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 Merger is consummated or, (ii) at the end of the last taxable year before the year in which the Merger is consummated, 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 December 31, 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 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.

The Notes

Secured Notes

On April 20, 2021, the Borrowers issued $570.0 million aggregate principal amount of the April 2028 Secured Notes. The April 2028 Secured Notes mature on April 15, 2028 and bear interest at a rate of 4.750% per year. Interest is payable on April 15 and October 15 of each year.

On February 14, 2023, the Operating Partnership, CSL Capital, LLC, Uniti Group Finance 2019 Inc. and Uniti Fiber Holdings Inc. (collectively, the “Issuers”) issued $2.6 billion aggregate principal amount of the February 2028 Secured Notes. The Issuers used the net proceeds from the offering to fund the redemption in full of the Issuers’ outstanding 7.875% senior secured notes due 2025 (the "2025 Secured Notes, and together with the April 2028 Secured Notes, the “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. The February 2028 Secured Notes mature on February 15, 2028 and bear interest at a rate of 10.50% per year. Interest is payable on March 15 and September 15 of each year, beginning on September 15, 2023.

On May 17, 2024, in connection with the issuance of the February 2028 Secured Notes, 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 Secured 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.

On February 3, 2025, Uniti issued a notice of redemption to redeem $125.0 million aggregate principal amount of our February 2028 Secured Notes. Uniti redeemed the February 2028 Secured Notes called for redemption on February 14, 2025, at a redemption price of 103% of the redeemed principal amount plus accrued interest to, but excluding, the redemption date.

The Secured Notes and the related guarantees are secured by liens on substantially all of the assets of the issuers and guarantors thereto, which assets also ratably secure obligations under the senior secured credit facilities, in each case, subject to certain exceptions and permitted liens. The collateral does not include real property (below a specified threshold of value) but includes certain fixtures and other equipment as well as cash that we receive pursuant to the Windstream Leases.

The indentures governing the Secured Notes contain customary high yield covenants limiting the ability of the Operating Partnership and its restricted subsidiaries to: incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of their assets; and create restrictions on the ability to pay dividends or other amounts to the Borrowers or Issuers, as applicable. These covenants are subject to a number of limitations, qualifications and exceptions. The indentures governing the Secured Notes also contain customary events of default. As of December 31, 2024, the Company was in compliance with all of the covenants under the indentures governing the Secured Notes.

Senior Unsecured Notes

On February 2, 2021, the Borrowers issued $1.11 billion aggregate principal of the 2029 Notes. The 2029 Notes mature on February 15, 2029 and bear interest at a rate of 6.50% per year. Interest on the 2029 Notes is payable on February 15 and August 15 of each year.

On October 13, 2021, the Issuers issued $700.0 million aggregate principal amount of the 2030 Notes (together with the 2029 Notes, the “Senior Unsecured Notes”). The 2030 Notes mature on January 15, 2030 and bear interest at a rate of 6.000% per year. Interest on the 2030 Notes is payable on January 15 and July 15 of each year, beginning on July 15, 2022.

The indentures governing the Senior Unsecured Notes contain customary high yield covenants limiting the ability of the Operating Partnership and its restricted subsidiaries to: incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of their assets; and create restrictions on the ability to pay dividends or other amounts to the Issuers or Borrowers, as applicable. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. The indentures governing the Senior Unsecured Notes also contain customary events of default. As of December 31, 2024, the Company was in compliance with all of the covenants under the indentures governing the Senior Unsecured Notes.

The Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company and by each of the Operating Partnership’s existing and future domestic restricted subsidiaries (other than the Borrowers or Issuers, as applicable) that guarantees indebtedness under the Company’s senior secured credit facilities. The guarantees are subject to release under specified circumstances, including certain circumstances in which such guarantees may be automatically released without the consent of the holders of the Senior Unsecured Notes.

The Exchangeable Notes

On June 28, 2019, Uniti Fiber Holdings Inc., a subsidiary of the Company, issued $345 million aggregate principal amount of the 4.00% Exchangeable Notes due June 15, 2024 (the "Exchangeable Notes"). The Exchangeable Notes were senior

unsecured notes and were guaranteed by the Company and each of the Company’s subsidiaries (other than Uniti Fiber Holdings Inc.) that was an issuer, obligor or guarantor under the Company’s Notes. Interest on the Exchangeable Notes was payable semiannually in arrears on June 15 and December 15 of each year. The Exchangeable Notes were exchangeable into cash, shares of the Company’s common stock, or a combination thereof, at Uniti Fiber Holdings Inc.’s election, subject to limitations under the Company's Credit Agreement.

On June 25, 2019, concurrently with the pricing 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.

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.

On December 12, 2022, in connection with the issuance of the Convertible 2027 Notes (as discussed below), approximately $207.1 million aggregate principal amount of the Exchangeable Notes was repurchased for $194.0 million. As a result, we recognized a gain on extinguishment of $10.8 million, which is comprised of a $13.1 million gain on the repurchase of the Exchangeable Notes and a $2.3 million write off of the related unamortized deferred financing costs, within interest expense, net on the Consolidated Statements of Income (Loss).

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

On March 21, 2023, the Company repurchased approximately $15.0 million of the Exchangeable Notes for total cash consideration of $13.7 million. During the first quarter of 2023, we recorded $1.1 million of gain on extinguishment of debt, net within interest expense on our Condensed Consolidated Statements of Income (Loss), which included $0.1 million of non-cash interest expense for the write off of the unamortized discount and deferred financing costs.

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

The Note Hedge Transactions expired on June 15, 2024, upon the maturity and repayment of the Exchangeable Notes. The Warrants also terminated in June 2024 and are no longer outstanding.

Convertible 2027 Notes

On December 12, 2022, the Company issued $300 million aggregate principal amount of the Convertible 2027 Notes and on December 23, 2022, the Company issued an additional $6.5 million aggregate principal amount of the Convertible 2027 Notes pursuant to an over-allotment option. The Convertible 2027 Notes are guaranteed by each of the Company’s subsidiaries that is an issuer, obligor or guarantor under the Company’s existing senior notes (except initially those subsidiaries that require regulatory approval prior to guaranteeing the Convertible 2027 Notes). Interest on the Convertible

2027 Notes is payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2023. The Convertible 2027 Notes are convertible into cash, shares of the Company’s common stock, or a combination thereof, at the Company’s election at an initial conversion rate of 137.1742 shares of the Company’s common stock per $1,000 principal amount (equal to an initial conversion price of approximately $7.29 per share) subject to adjustment. The Convertible 2027 Notes will mature on December 1, 2027, unless earlier converted, redeemed or repurchased.

The net proceeds from the sale of the Convertible 2027 Notes were approximately $298.1 million, after deducting discounts and commissions to the initial purchasers and other estimated fees and expenses. The Company contributed approximately $198.1 million of the net proceeds of the offering to Uniti Fiber Holdings Inc., a wholly owned subsidiary of the Company, to fund the repurchase of, and to pay accrued and unpaid interest with respect to, approximately $207.1 million aggregate principal amount of the Exchangeable Notes issued by Uniti Fiber Holdings Inc. The Company also 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 discussed below.

On December 7, 2022, in connection with the pricing of 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 $6.08 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 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.

For the years ended December 31, 2024, 2023 and 2022, total interest expense related to the Convertible 2027 Notes was $24.8 million, $24.7 million, and $1.3 million with coupon interest expense of $23.0 million, $23.0 million, and $1.2 million and the amortization of debt issuance costs of $1.8 million, $1.7 million, and $0.1 million, respectively.

Asset-Backed Notes & Bridge Loan Facility

On February 23, 2024, the ABS Bridge Loan Parties, each an indirect, bankruptcy-remote subsidiary of the Company, entered into the ABS Loan Agreement, dated as of February 23, 2024.

The ABS Loan Agreement provided for a secured, multi-draw term loan facility of up to $350.0 million (the “ABS Loan Facility”). As of December 31, 2024, an aggregate of $275.0 million principal amount of loans under the ABS Loan Facility had been drawn.

The ABS Loan Facility was 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 was non-recourse to the Company. Each of the ABS Bridge Loan Parties and Uniti Fiber ABS Parent LLC ("ABS Parent") was designated as an unrestricted subsidiary under the Credit Agreement and the applicable indentures governing the Company’s outstanding senior notes.

On February 3, 2025, Uniti Fiber ABS Issuer LLC and Uniti Fiber TRS Issuer LLC (collectively, the “ABS Notes Issuers”), each an indirect, bankruptcy-remote subsidiary of the Company, issued $589.0 million aggregate principal amount of secured fiber network revenue term notes, consisting of $426.0 million 5.9% Series 2025-1, Class A-2 term notes, $65.0 million 6.4% Series 2025-1, Class B term notes and $98.0 million 9.0% Series 2025-1, Class C term notes (collectively, the “ABS Notes”), each with an anticipated repayment date in April 2030. The ABS Notes were issued as part of a securitization transaction, pursuant to which certain of the Company’s fiber network assets and related customer contracts in the State of Florida and the Gulf Coast region of Louisiana, Mississippi and Alabama, including the assets of the ABS Bridge Loan Parties that secured the ABS Loan Facility, were contributed to the ABS Notes Issuers, Uniti Fiber GulfCo LLC and Uniti Fiber TRS AssetCo LLC (collectively, the “ABS Notes Obligors”). The cash flow from these contributed assets will be used to service the obligations under the ABS Notes.

The ABS Notes were issued pursuant to an indenture, dated as of February 3, 2025 (the “ABS Notes Base Indenture”), as supplemented by a Series 2025-1 Supplement thereto, dated as of February 3, 2025 (the “Series 2025-1 Supplement” and, together with the ABS Notes Base Indenture, the "ABS Notes Indenture"), in each case by and among the ABS Notes Obligors and Wilmington Trust, National Association, as indenture trustee.

The ABS Notes are secured by a security interest in substantially all of the assets (subject to customary limited exceptions) of the ABS Notes Obligors and are guaranteed by each ABS Notes Issuer’s respective parent entity (each an “ABS

Guarantor” and, together with the ABS Notes Obligors, the "ABS Notes Parties"). The guarantee of each ABS Guarantor is secured by a security interest in the equity interests of the applicable ABS Notes Issuer. Neither the Company nor any subsidiary of the Company, other than the ABS Notes Parties, will guarantee or in any way be liable for the obligations under the ABS Notes. Each ABS Notes Party is a special purpose, bankruptcy remote subsidiary of the Company and is an unrestricted subsidiary under the Credit Agreement and the applicable indentures governing the Company’s outstanding senior notes.

The ABS Notes are subject to a series of customary covenants and restrictions. These covenants and restrictions include (i) that the ABS Notes Issuers maintain a liquidity reserve account to be used to make required payments in respect of the ABS Notes, (ii) provisions relating to optional and mandatory prepayments, including specified make-whole payments in the case of certain optional prepayments of the ABS Notes prior to the quarterly payment date in April 2030, and (iii) covenants relating to recordkeeping, access to information and similar matters. As provided in the base indenture governing the ABS Notes, the ABS Notes are also subject to rapid amortization in the event of a failure to maintain a stated debt service coverage ratio. A rapid amortization may be cured if the debt service coverage ratio exceeds a certain threshold for a certain period of time, upon which cure, regular amortization, if any, will resume. The ABS Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal or other amounts due on or with respect to the ABS Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective and certain judgments.

Uniti used a portion of the net proceeds from the offering of the ABS Notes to repay and terminate the ABS Loan Facility and to fund the partial redemption of the February 2028 Secured Notes, and it intends to use the remainder of the net proceeds for general corporate purposes, which may include success-based capital investments. See Note 23.

Deferred Financing Cost

Deferred financing costs were incurred in connection with the issuance of the Notes and the credit facilities. These costs are amortized using the effective interest method over the term of the related indebtedness, and are included in interest expense in our Consolidated Statements of Income (Loss). For the year ended December 31, 2024, 2023 and 2022, we recognized $23.8 million, $18.1 million and $17.5 million of non-cash interest expense, respectively, related to the amortization of deferred financing costs.

Aggregate annual maturities of our long-term obligations at December 31, 2024 are as follows:


(Thousands)
2025	$	275,000
2026	—
2027	306,500
2028	3,470,000
2029	1,110,000
Thereafter	700,000
Total	$	5,861,500

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 93,432	$ (81,749)	$ (8,122)
Other comprehensive income (loss):
Unrealized loss on valuation of interest rate cap	(656)	0	0
Reclassification of realized interest on interest rate cap / Interest rate swap termination	22	0	9,243
Other comprehensive income (loss)	(634)	0	9,243
Comprehensive income (loss)	92,798	(81,749)	1,121
Comprehensive income (loss) attributable to noncontrolling interest	26	(36)	232
Comprehensive income (loss) attributable to shareholders	$ 92,772	$ (81,713)	$ 889

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

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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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+ Details

Assets and Liabilities Held for Sale - Schedule of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Total Assets	$ 0	$ 28,605
Total Liabilities	$ 0	331
Disposal Group, Held for Sale, Not qualified as Discontinued Operation \| CableSouth Transaction
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Property, plant and equipment, net		25,842
Straight-line revenue receivable		2,763
Total Assets		28,605
Accounts payable, accrued expenses and other liabilities, net		67
Deferred revenue		264
Total Liabilities		$ 331

Capital Stock (Details) $ in Millions	12 Months Ended
Capital Stock (Details) $ in Millions	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 shares	Dec. 31, 2022 USD ($) shares
Schedule Of Capitalization Equity [Line Items]
Conversion of stock, ratio	1
Exchange of noncontrolling interest (in shares)	91,188	0	591,349
Percentage of units exchanged held by third parties	86.00%		85.00%
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares outstanding (in shares)	237,513,495	236,559,000
Preferred stock, shares outstanding (in shares)	0	0
Shares available for future issuance (in shares)	262,486,505
Noncontrolling Interest - OP Units
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest \| $	$ 1.7		$ 11.9
Common Share Exchange
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest (in shares)	76,466		244,683
Cash Share Exchange
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest (in shares)	14,722		346,667
Cash Share Purchase
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest \| $	$ 0.1		$ 4.6

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation 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.

Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenue from rentals	$ 929,208	$ 911,828	$ 892,414
Total service revenues	237,719	238,003	236,433
Total revenues	1,166,927	1,149,831	1,128,847
Costs and Expenses:
Interest expense, net	511,364	512,349	376,832
Depreciation and amortization	314,810	310,528	292,788
General and administrative expense	105,019	102,732	100,992
Operating expense (exclusive of depreciation, accretion and amortization)	140,377	144,276	143,131
Goodwill impairment (Note 3)	0	203,998	240,500
Transaction related and other costs	38,734	12,611	10,340
Gain on sale of real estate	(18,953)	(2,164)	(433)
Gain on sale of operations	0	0	(176)
Other (income) expense, net	(301)	18,386	(7,269)
Total costs and expenses	1,091,050	1,302,716	1,156,705
Income (loss) before income taxes and equity in earnings from unconsolidated entities	75,877	(152,885)	(27,858)
Income tax benefit	(17,555)	(68,474)	(17,365)
Equity in earnings from unconsolidated entities	0	(2,662)	(2,371)
Net income (loss)	93,432	(81,749)	(8,122)
Net income (loss) attributable to noncontrolling interests	26	(36)	153
Net income (loss) attributable to shareholders	93,406	(81,713)	(8,275)
Participating securities' share in earnings	(2,080)	(1,207)	(1,135)
Dividends declared on convertible preferred stock	(20)	(20)	(20)
Net income (loss) attributable to common shareholders	$ 91,306	$ (82,940)	$ (9,430)
Income (loss) earnings per common share (Note 13)
Basic (in dollars per share)	$ 0.38	$ (0.35)	$ (0.04)
Diluted (in dollars per share)	$ 0.38	$ (0.35)	$ (0.04)
Weighted-average number of common shares outstanding
Basic (in shares)	237,306	236,401	235,567
Diluted (in shares)	237,306	236,401	235,567
Uniti Leasing
Revenues:
Total revenue from rentals	$ 873,964	$ 845,925	$ 822,867
Total service revenues	6,526	6,847	4,590
Uniti Fiber
Revenues:
Total revenue from rentals	55,244	65,903	69,547
Total service revenues	$ 231,193	$ 231,156	$ 231,843

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Feb. 14, 2025	Feb. 03, 2025
ABS Notes \| Secured Debt
Subsequent Event [Line Items]
Issuance of senior notes, principal amount		$ 589.0
Senior secured notes - 10.50%, due February 15, 2028
Subsequent Event [Line Items]
Debt instrument, redemption amount	$ 125.0
Debt instrument, redemption price, percentage	103.00%

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 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, derivative instruments, our outstanding notes and other debt, settlement payable, interest and dividends payable.

The following table summarizes the fair value of our financial instruments at December 31, 2024 and 2023:


(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, 2024
Assets
Derivative asset	$	77	$	—	$	77	$	—
Total	$	77	$	—	$	77	$	—

At December 31, 2024
Liabilities
Senior secured notes - 10.50%, due February 15, 2028	$	3,098,766	$	—	$	3,098,766	$	—
Senior secured notes - 4.75%, due April 15, 2028	534,518		—		534,518		—
Senior unsecured notes - 6.50%, due February 15, 2029	1,007,399		—		1,007,399		—
Senior unsecured notes - 6.00%, due January 15, 2030	616,217		—		616,217		—
Convertible senior notes - 7.50% due December 1, 2027	348,613		—		348,613		—
ABS Loan Facility, variable rate, due September 1, 2025	273,625		—		273,625		—
Settlement payable	71,723		—		71,723		—
Total	$	5,950,861	$	—	$	5,950,861	$	—


(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 unsecured 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, interest and dividends payable approximate fair values due to the short-term nature of these financial instruments.

The total principal balance of our Notes and other debt was $5.86 billion at December 31, 2024, with a fair value of $5.88 billion. The estimated fair value of the Notes and other debt was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as Level 2 inputs within the fair value hierarchy. Derivative instruments are carried at fair value. See Note 9.

Given the limited trade activity of the Exchangeable Notes, the fair value of the Exchangeable Notes (see Note 11) is determined based on inputs that are observable in the market and have been classified as Level 2 in the fair value hierarchy. Specifically, we estimated the fair value of the Exchangeable Notes based on readily available external pricing information, quoted market prices, and current market rates for similar convertible debt instruments.

Uniti is required to make $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning October 2020 (the “Settlement Payable”) (see Note 3). The Settlement Payable was recorded at fair value, using the present value of future cash flows. The future cash flows are discounted using discount rate input based on observable market data. Accordingly, we classify inputs used as Level 2 in the fair value hierarchy. The remaining Settlement Payable is $71.8 million and is reported as settlement payable on our Consolidated Balance Sheets at December 31, 2024. 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.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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+ Details

Supplementary Unrestricted Subsidiary Information (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule of Consolidated Balance Sheet Information Reflecting the Elimination of the Accounts of Unrestricted Subsidiaries

Below are the Consolidated Balance Sheets as of December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, and the Consolidated Statements of Income (Loss) for the year ended December 31, 2024, the nine months ended September 30, 2024, the six months ended June 30, 2024, and the three months ended March 31, 2024, respectively, of such unrestricted subsidiaries (in thousands):


UNAUDITED SUPPLEMENTAL INFORMATION

	Year Ended December 31, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	446,498	$	3,763,249	$	—	$	4,209,747
Cash and cash equivalents	1,743		153,850		—		155,593
Restricted cash and cash equivalents	28,149		105		—		28,254
Accounts receivable, net	9,032		46,309		(3,923)		51,418
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		275,414		—		275,414
Straight-line revenue receivable	798		108,072		—		108,870
Operating lease right-of-use assets, net	—		126,791		—		126,791
Other assets, net	—		211,031		(170,475)		40,556
Deferred income tax assets, net	—		128,045		—		128,045
Derivative asset	77		—		—		77
Total Assets	$	486,297	$	4,970,246	$	(174,398)	$	5,282,145

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	3,386	$	90,225	$	(3,923)	$	89,688
Settlement payable (Note 3)	—		71,785		—		71,785
Intangible liabilities, net	—		145,703		—		145,703
Accrued interest payable	921		142,980		—		143,901
Deferred revenue	43,521		1,357,431		—		1,400,952
Dividends payable	—		665		—		665
Operating lease liabilities	—		80,504		—		80,504
Finance lease obligations	—		17,190		—		17,190
Notes and other debt, net	271,329		5,512,268		—		5,783,597
Total liabilities	319,157		7,418,751		(3,923)		7,733,985

Shareholders' Deficit:
Total shareholders' deficit	167,140		(2,448,505)		(170,475)		(2,451,840)
Total Liabilities and Shareholders' Deficit	$	486,297	$	4,970,246	$	(174,398)	$	5,282,145


	As of September 30, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	451,670	$	3,704,872	$	—	$	4,156,542
Cash and cash equivalents	303		33,774		—		34,077
Restricted cash and cash equivalents	19,206		105		—		19,311
Accounts receivable, net	7,362		48,013		(3,771)		51,604
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		282,839		—		282,839
Straight-line revenue receivable	706		105,117		—		105,823
Operating lease right-of-use assets, net	—		126,791		—		126,791
Other assets, net	—		242,652		(202,656)		39,996
Deferred income tax assets, net	—		124,077		—		124,077
Derivative asset	231		—		—		231
Total Assets	$	479,478	$	4,825,620	$	(206,427)	$	5,098,671

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	3,825	$	95,790	$	(3,771)	$	95,844
Settlement payable	—		95,147		—		95,147
Intangible liabilities, net	—		148,377		—		148,377
Accrued interest payable	(374)		56,936		—		56,562
Deferred revenue	10,000		1,289,759		—		1,299,759
Dividends payable	—		2		—		2
Operating lease liabilities	—		78,785		—		78,785
Finance lease obligations	—		17,869		—		17,869
Notes and other debt, net	270,017		5,512,616		—		5,782,633
Total liabilities	283,468		7,295,281		(3,771)		7,574,978

Shareholders' Deficit:
Total shareholders' deficit	196,010		(2,469,661)		(202,656)		(2,476,307)
Total Liabilities and Shareholders' Deficit	$	479,478	$	4,825,620	$	(206,427)	$	5,098,671


	As of June 30, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	456,842	$	3,635,957	$	—	$	4,092,799
Cash and cash equivalents	14		118,749		—		118,763
Restricted cash and cash equivalents	12,624		104		—		12,728
Accounts receivable, net	6,182		55,888		(5,416)		56,654
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		290,264		—		290,264
Straight-line revenue receivable	597		101,113		—		101,710
Operating lease right-of-use assets, net	—		128,837		—		128,837
Other assets, net	—		241,769		(201,070)		40,699
Deferred income tax assets, net	—		117,780		—		117,780
Derivative asset	1,616		—		—		1,616
Total Assets	$	477,875	$	4,847,841	$	(206,486)	$	5,119,230

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	3,560	$	88,961	$	(5,416)	$	87,105
Settlement payable	—		118,232		—		118,232
Intangible liabilities, net	—		151,050		—		151,050
Accrued interest payable	199		142,028		—		142,227
Deferred revenue	9,862		1,232,303		—		1,242,165
Dividends payable	—		1,134		—		1,134
Operating lease liabilities	—		79,812		—		79,812
Finance lease obligations	—		18,110		—		18,110
Notes and other debt, net	268,737		5,503,072		—		5,771,809
Total liabilities	282,358		7,334,702		(5,416)		7,611,644

Shareholders' Deficit:
Total shareholders' deficit	195,517		(2,486,861)		(201,070)		(2,492,414)
Total Liabilities and Shareholders' Deficit	$	477,875	$	4,847,841	$	(206,486)	$	5,119,230


	As of March 31, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	463,736	$	3,578,749	$	—	$	4,042,485
Cash and cash equivalents	—		43,058		—		43,058
Restricted cash and cash equivalents	7,580		104		—		7,684
Accounts receivable, net	9,301		45,094		(5,811)		48,584
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		297,689		—		297,689
Straight-line revenue receivable	525		96,134		—		96,659
Operating lease right-of-use assets, net	—		131,810		—		131,810
Other assets, net	—		243,510		(201,039)		42,471
Deferred income tax assets, net	—		114,904		—		114,904
Derivative asset	1,845		—		—		1,845
Total Assets	$	482,987	$	4,708,432	$	(206,850)	$	4,984,569

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	—	$	95,850	$	(5,811)	$	90,039
Settlement payable	—		141,043		—		141,043
Intangible liabilities, net	—		153,724		—		153,724
Accrued interest payable	1,698		50,099		—		51,797
Deferred revenue	9,713		1,217,741		—		1,227,454
Dividends payable	—		37,048		—		37,048
Operating lease liabilities	—		81,778		—		81,778
Finance lease obligations	—		18,473		—		18,473
Notes and other debt, net	267,490		5,393,206		—		5,660,696
Total liabilities	278,901		7,188,962		(5,811)		7,462,052

Shareholders' Deficit:
Total shareholders' deficit	204,086		(2,480,530)		(201,039)		(2,477,483)
Total Liabilities and Shareholders' Deficit	$	482,987	$	4,708,432	$	(206,850)	$	4,984,569

Schedule of Consolidating Statement of Operations Information Reflecting The Elimination of the Accounts of Unrestricted Subsidiaries


	Year Ended December 31, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	71,494	$	1,109,598	$	(14,165)	$	1,166,927

Costs and Expenses:
Interest expense, net	24,068		487,296		—		511,364
Depreciation and amortization	17,238		297,572		—		314,810
General and administrative expense	32,889		86,295		(14,165)		105,019
Operating expense (exclusive of depreciation, accretion and amortization)	—		140,377		—		140,377
Transaction related and other costs	—		38,734		—		38,734
Gain on sale of real estate	—		(18,953)		—		(18,953)
Other (income) expense, net	—		(301)		—		(301)
Total costs and expenses	74,195		1,031,020		(14,165)		1,091,050

Income (loss) before income taxes and equity in earnings from unconsolidated entities	(2,701)		78,578		—		75,877
Income tax benefit	—		(17,555)		—		(17,555)
Net income (loss)	$	(2,701)	$	96,133	$	—	$	93,432


	Nine Months Ended September 30, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	46,785	$	836,782	$	(9,955)	$	873,612

Costs and Expenses:
Interest expense, net	16,950		364,743		—		381,693
Depreciation and amortization	12,067		222,795		—		234,862
General and administrative expense	23,594		66,907		(9,955)		80,546
Operating expense (exclusive of depreciation, accretion and amortization)	—		106,753		—		106,753
Transaction related and other costs	—		31,068		—		31,068
Gain on sale of real estate	—		(18,999)		—		(18,999)
Other (income) expense, net	—		(301)		—		(301)
Total costs and expenses	52,611		772,966		(9,955)		815,622

Income (loss) before income taxes and equity in earnings from unconsolidated entities	(5,826)		63,816		—		57,990
Income tax benefit	—		(13,869)		—		(13,869)
Net income (loss)	$	(5,826)	$	77,685	$	—	$	71,859


	Six Months Ended June 30, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	24,249	$	562,792	$	(5,676)	$	581,365

Costs and Expenses:
Interest expense, net	9,786		240,900		—		250,686
Depreciation and amortization	6,895		148,642		—		155,537
General and administrative expense	13,257		46,268		(5,676)		53,849
Operating expense (exclusive of depreciation, accretion and amortization)	—		72,234		—		72,234
Transaction related and other costs	—		16,664		—		16,664
Gain on sale of real estate	—		(18,999)		—		(18,999)
Other (income) expense, net	—		(301)		—		(301)
Total costs and expenses	29,938		505,408		(5,676)		529,670

Income (loss) before income taxes and equity in earnings from unconsolidated entities	(5,689)		57,384		—		51,695
Income tax benefit	—		(7,934)		—		(7,934)
Net income (loss)	(5,689)		65,318		—		59,629


	Three Months Ended March 31, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	5,581	$	280,837	$	—	$	286,418

Costs and Expenses:
Interest expense, net	2,295		120,916		—		123,211
Depreciation and amortization	—		77,485		—		77,485
General and administrative expense	72		28,061		—		28,133
Operating expense (exclusive of depreciation, accretion and amortization)	—		35,198		—		35,198
Transaction related and other costs	—		5,687		—		5,687
Gain on sale of real estate	—		(18,999)		—		(18,999)
Other (income) expense, net	—		(282)		—		(282)
Total costs and expenses	2,367		248,066		—		250,433

Income (loss) before income taxes and equity in earnings from unconsolidated entities	3,214		32,771		—		35,985
Income tax benefit	—		(5,363)		—		(5,363)
Net income (loss)	$	3,214	$	38,134	$	—	$	41,348

Summary of Significant Accounting Policies - Settlement Payable (Details) $ in Millions			12 Months Ended
	Oct. 01, 2020 USD ($) installment	Sep. 18, 2020 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 shares
Summary Of Significant Accounting Policies [Line Items]
Common stock, shares issued (in shares) \| shares			237,513,000	236,559,000
Windstream Creditors \| Stock Purchase Agreements
Summary Of Significant Accounting Policies [Line Items]
Common stock, shares issued (in shares) \| shares		38,633,470
Windstream
Summary Of Significant Accounting Policies [Line Items]
Settlement payments \| $		$ 284.6	$ 411.4
Litigation settlement, amount awarded to other party \| $	$ 490.1
Litigation settlement, number of payment installments \| installment	20
Litigation settlement, prepayment discount rate	9.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Components of Lease Income

The components of lease income for the years ended December 31, 2024 and 2023 are as follows:


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Lease income - operating leases	$	929,208	$	911,828

Schedule of 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 December 31, 2024 are as follows:


(Thousands)	December 31, 2024 (1)
2025	$	838,612
2026	845,192
2027	845,712
2028	845,687
2029	845,050
Thereafter	782,772
Total lease receivables	$	5,003,025
(1) Total future minimum lease payments to be received include $4.1 billion relating to the Windstream Leases.

Future sublease rentals as of December 31, 2024 are as follows:


(Thousands)	Sublease Rentals
2025	$	16,350
2026	16,601
2027	16,833
2028	16,826
2029	15,137
Thereafter	140,322
Total	$	222,069

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

The underlying assets under operating leases where we are the lessor as of December 31, 2024 and 2023 are summarized as follows:


(Thousands)	December 31, 2024		December 31, 2023
Land	$	26,711	$	26,533
Building and improvements	350,829		347,700
Poles	341,548		314,488
Fiber	4,222,895		3,862,635
Equipment	437		436
Copper	3,972,806		3,974,410
Conduit	90,193		90,087
Tower assets	58		58
Finance lease assets	1,889		1,890
Other assets	10,432		10,434
	9,017,798		8,628,671
Less: accumulated depreciation	(5,852,579)		(5,690,066)
Underlying assets under operating leases, net	$	3,165,219	$	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 years ended December 31, 2024 and 2023 is summarized as follows:


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Depreciation expense for underlying assets under operating leases	$	186,447	$	182,906

Schedule of Components of Lease Cost

The components of lease cost are presented within general and administrative expense and operating expense, while sublease income is presented within revenues in our Consolidated Statements of Income (Loss) for the years ended December 31, 2024 and 2023 are as follows:


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Finance lease cost
Amortization of ROU assets	$	4,190	$	4,066
Interest on lease liabilities	1,732		1,575
Total finance lease cost	5,922		5,641
Operating lease cost	24,916		22,999
Short-term lease cost	4,223		3,525
Variable lease cost	630		938
Less sublease income	(17,856)		(14,590)
Total lease cost	$	17,835	$	18,513

Other information related to leases as of December 31, 2024 and 2023 are as follows:


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	$	1,732	$	1,575
Operating cash flows for operating leases	31,311		22,326
Financing cash flows for finance leases	2,652		2,262

Non-cash items:
New operating leases and remeasurements, net	$	18,961	$	32,490
New finance leases and remeasurements, net	1,792		5,687

Schedule of Amounts Reported in Consolidated Balance Sheets for Leases

Amounts reported in the Consolidated Balance Sheets for leases where we are the lessee as of December 31, 2024 and 2023 were as follows:


(Thousands)	Location on Consolidated Balance Sheets	December 31, 2024			December 31, 2023
Operating leases
ROU asset, net	Operating lease right-of-use assets, net	$	126,791		$	125,105
Lease liability	Operating lease liabilities	80,504			84,404

Finance leases
ROU asset, gross	Property, plant and equipment, net	$	52,789		$	52,589
Lease liability	Finance lease obligations	17,190			18,110

Weighted-average remaining lease term
Operating leases		13.8 years			13.4 years
Finance leases		7.5 years			8.7 years

Weighted-average discount rate
Operating leases		10.4		%	10.3		%
Finance leases		10.0		%	9.9		%

Schedule of Lessee, Operating Lease, Liability, Maturity

Future lease payments under non-cancellable leases as of December 31, 2024 are as follows:


(Thousands)	Operating Leases		Finance Leases
2025	$	17,962	$	4,232
2026	14,404		4,106
2027	11,568		3,399
2028	9,870		2,572
2029	8,352		1,877
Thereafter	97,856		7,395
Total undiscounted lease payments	$	160,012	$	23,581
Less: imputed interest	(79,508)		(6,391)
Total lease liabilities	$	80,504	$	17,190

Schedule of Finance Lease, Liability, Fiscal Year Maturity

Future lease payments under non-cancellable leases as of December 31, 2024 are as follows:


(Thousands)	Operating Leases		Finance Leases
2025	$	17,962	$	4,232
2026	14,404		4,106
2027	11,568		3,399
2028	9,870		2,572
2029	8,352		1,877
Thereafter	97,856		7,395
Total undiscounted lease payments	$	160,012	$	23,581
Less: imputed interest	(79,508)		(6,391)
Total lease liabilities	$	80,504	$	17,190

Stock-Based Compensation - Additional Information (Details)		12 Months Ended
	Feb. 21, 2024 USD ($) shares	Dec. 31, 2024 USD ($) plan $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future issuance (in shares)		262,486,505
Compensation expense recognized during the period \| $		$ 13,500,000	$ 12,500,000	$ 12,800,000
Restricted Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted (in shares)		5,614,904	1,505,876	925,059
Fair value of shares granted \| $		$ 24,300,000
Awards vesting period		3 years
Shares available for future issuance (in shares)		3,442,584
Weighted-average fair value \| $ / shares		$ 4.32	$ 5.78	$ 9.52
Total fair value of shares vesting \| $		$ 5,200,000	$ 3,800,000	$ 8,700,000
Unrecognized compensation expense \| $		$ 9,900,000
Weighted average vesting period		10 months 24 days
Number of shares forfeited (in shares)		133,616
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted (in shares)	537,939	537,939	449,614	425,010
Weighted-average fair value \| $ / shares		$ 8.40	$ 8.22	$ 14.42
Unrecognized compensation expense \| $		$ 6,800,000
Weighted average vesting period		1 year 2 months 12 days
Performance period		3 years
Percentage of target amount	100.00%
Aggregate value \| $	$ 4,500,000
Number of shares forfeited (in shares)		0
Dividend yield		0.00%	0.00%	0.00%
Performance Shares \| Termination of Service
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares forfeited (in shares)		0
Performance Shares \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of target shares		0.00%
Performance Shares \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of target shares		200.00%
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future issuance (in shares)		1,286,297
Dividend yield		18.70%	12.20%	6.10%
Number of shares authorized (in shares)		2,000,000
Number of employee stock purchase plans periods per year \| plan		2
Employee stock purchase plan period		6 months
Maximum employee subscription rate based on annual earnings, percentage		15.00%
Maximum amount withheld by employee to purchase common stock \| $		$ 25,000
Purchase price of common stock, percentage		85.00%
Number of shares sold to employees (in shares)		216,183	172,641	69,854

Notes and Other Debt - Credit Agreement (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) day	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 5,861,500	$ 5,617,442
Debt instrument, covenant, lease default period threshold \| day	90
Maximum
Debt Instrument [Line Items]
Debt instrument, covenant, secured leverage Ratio	500.00%
Leverage ratio	6.50%
Maximum \| Pro Forma
Debt Instrument [Line Items]
Debt instrument, covenant, secured leverage Ratio	4.00%
CSL Capital, LLC
Debt Instrument [Line Items]
Debt Instrument, debt default, amount	$ 75,000
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	$ 0	$ 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%

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Unrecognized tax benefit	$ 1,734	$ 1,734	$ 1,734
State Corporate Level Tax
Summary Of Significant Accounting Policies [Line Items]
Gain recognized from sale of assets after spinoff recognition period (in years)	10 years
Federal Corporate Level Tax
Summary Of Significant Accounting Policies [Line Items]
Gain recognized from sale of assets after spinoff recognition period (in years)	5 years
Deferred Income Taxes
Summary Of Significant Accounting Policies [Line Items]
Unrecognized tax benefit	$ 1,700

Assets and Liabilities Held for Sale (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets and Liabilities Held for Sale

The following table presents the assets and liabilities, associated with the Transaction, which were classified as held for sale as of December 31, 2023:


(Thousands)	December 31, 2023
Assets:
Property, plant and equipment, net	$	25,842
Straight-line revenue receivable	2,763
Total Assets	$	28,605

Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	67
Deferred revenue	264
Total Liabilities	$	331

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
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+ Details

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 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
Entity Address, Address Line Two	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 each class	Common Stock, $0.0001 Par Value
Trading Symbol	UNIT
Name of each exchange on which registered	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 694,529,639
Entity Common Stock, Shares Outstanding		244,229,237
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement relating to the 2025 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001620280
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

Our management, including our chief executive officer, managed our operations as two reportable segments, Uniti Leasing and Uniti Fiber, in addition to our corporate operations, as described below.

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

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

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

Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense and the impact, which may be recurring in nature, of transaction and integration 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.

The Company’s chief executive officer, who is our chief operating decision maker, reviews Adjusted EBITDA for the purpose of making operating decisions, assessing financial performance, and deciding how to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances monthly when making decisions about allocating capital and personnel to the segments.

Selected financial data related to our segments is presented below for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Total of Reportable Segments
Revenues	$	880,490	$	286,437	$	—	$	1,166,927

Adjusted EBITDA	$	851,178	$	111,557	$	(22,669)	$	940,066
Less:
Interest expense, net	(1,266)		39,150		473,480		511,364
Depreciation and amortization	182,363		132,391		56		314,810
Other, net							4,726
Transaction related and other costs							38,734
Gain on sale of real estate							(18,953)

Stock-based compensation							13,508
Income tax expense (benefit)	1,199		(18,977)		223		(17,555)

Net Income							$	93,432

Capital expenditures	$	247,392	$	107,319	$	123	$	354,834


	Year Ended December 31, 2023
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Total of Reportable Segments
Revenues	$	852,772	$	297,059	$	—	$	1,149,831

Adjusted EBITDA	$	829,557	$	115,723	$	(21,778)	$	923,502
Less:
Interest expense, net	—		17,724		494,625		512,349
Depreciation and amortization	178,872		131,600		56		310,528
Other, net							20,893
Transaction related and other costs							12,611

Gain on sale of real estate							(2,164)
Goodwill impairment	—		203,998		—		203,998
Stock-based compensation							12,491
Income tax expense (benefit)	990		(68,671)		(793)		(68,474)
Adjustments for equity in earnings from unconsolidated entities	3,019		—		—		3,019
Net loss							$	(81,749)

Capital expenditures	$	277,235	$	139,767	$	—	$	417,002


	Year Ended December 31, 2022
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Total of Reportable Segments
Revenues	$	827,457	$	301,390	$	—	$	1,128,847

Adjusted EBITDA	$	806,027	$	125,361	$	(25,492)	$	905,896
Less:
Interest expense, net	—		18,851		357,981		376,832
Depreciation and amortization	172,007		120,666		115		292,788
Other, net							(4,790)


Transaction related and other costs							10,340
Gain on sale of operations							(176)
Gain on sale of real estate							(433)
Goodwill impairment	—		240,500		—		240,500
Stock-based compensation							12,751
Income tax expense (benefit)	1,253		(29,031)		10,413		(17,365)
Adjustments for equity in earnings from unconsolidated entities	3,571		—		—		3,571
Net loss							$	(8,122)

Capital expenditures	$	263,269	$	163,962	$	336	$	427,567

Significant segment expenses for our reportable segments are presented below for the periods indicated:


	Uniti Fiber
	Year Ended December 31,
(Thousands)	2024		2023		2022
Revenues	$	286,437	$	297,059	$	301,390

Less:
Employee-related (excluding stock-based compensation):
Operating Expense	24,606		23,899		25,331
General and Administrative Expense	35,051		33,859		30,226
Network (a)	74,221		77,783		71,609
Installation, Equipment, & Other Non-recurring Charges (a)	12,030		13,820		20,800
Insurance (b)	4,691		3,727		2,463
Professional Fees (b)	4,325		4,560		4,318
Other	19,956		23,688		21,282
Adjusted EBITDA	$	111,557	$	115,723	$	125,361

(a) Included within the Operating Expense (exclusive of depreciation, accretion and amortization) line item in our Consolidated Statements of Income (Loss).

(b) Included within the General and Administration Expense line item in our Consolidated Statements of Income (Loss).

Employee-related expenses include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses. Other includes office rent, IT costs, taxes and fees, advertising, other overhead expenses, and EBITDA adjustments.


	Uniti Leasing
	Year Ended December 31,
(Thousands)	2024		2023		2022
Revenues	$	880,490	$	852,772	$	827,457

Less:
Employee-related (excluding stock-based compensation):
Operating Expense	644		359		1,117
General and Administrative Expense	5,751		5,385		7,661
Network (a)	20,513		18,751		14,803
Other	2,404		(1,280)		(2,151)
Adjusted EBITDA	$	851,178	$	829,557	$	806,027

(a) Included within the Operating Expense (exclusive of depreciation, accretion and amortization) line item in our Consolidated Statements of Income (Loss).

Employee-related expenses include employee salaries, related taxes and benefits, short-term cash incentive compensation and travel and entertainment expenses. Other includes insurance, professional fees, taxes and fees, other overhead expenses, and EBITDA adjustments.

Total assets by business segment as of December 31, 2024 and December 31, 2023 are as follows:


	December 31,
(Thousands)	2024		2023
Uniti Leasing	$	3,158,309	$	2,936,972
Uniti Fiber	1,985,828		1,956,381
Corporate	138,008		131,776
Total of reportable segments	$	5,282,145	$	5,025,129

- Definition

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

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+ Details

Insider Trading Policies and Procedures	3 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Organization and Description of Business (Details) $ / shares in Units, $ in Millions		12 Months Ended
	May 03, 2024 USD ($) member director $ / shares	Dec. 31, 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		99.99%

Notes and Other Debt (Tables)

12 Months Ended

Dec. 31, 2024

Long-Term Debt, Unclassified [Abstract]

Schedule of Notes and Other Debt

Notes and other debt is as follows:


(Thousands)	December 31, 2024		December 31, 2023
Principal amount	$	5,861,500	$	5,617,442
Less unamortized discount, premium and debt issuance costs	(77,903)		(93,863)
Notes and other debt less unamortized discount and debt issuance costs	$	5,783,597	$	5,523,579

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


	December 31, 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		(37,522)		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		(4,998)		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		(13,101)		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		(8,000)		700,000		(9,307)
Exchangeable senior unsecured 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		(6,273)		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		(3,671)		—		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	—		(4,338)		208,000		(5,625)
Total	$	5,861,500	$	(77,903)	$	5,617,442	$	(93,863)

Schedule of Aggregate Annual Maturities of Long-Term Obligations

Aggregate annual maturities of our long-term obligations at December 31, 2024 are as follows:


(Thousands)
2025	$	275,000
2026	—
2027	306,500
2028	3,470,000
2029	1,110,000
Thereafter	700,000
Total	$	5,861,500

- Definition

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

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-Topic 835
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-Name Accounting Standards Codification
-Topic 505
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+ Details

Capital Stock

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Capital Stock

Dividends (Distributions)

2024, 2023, and 2022, our common stock distribution per share was $0.45, $0.45 and $0.75, respectively, characterized as follows:


	Year Ended December 31,
	2024		2023		2022
Ordinary dividends	$	0.39	$	0.45	$	0.75
Capital gain distribution	$	0.04	$	—	$	—
Non-dividend distributions	$	0.02	$	—	$	—
Total	$	0.45	$	0.45	$	0.75

- Definition

The entire disclosure for equity.

+ References

+ Details

Stock-Based Compensation - Schedule of Assumptions used to Value Purchase Rights Granted Under ESPP (Details) - Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 months	6 months	6 months
Expected volatility	59.00%	58.00%	12.00%
Expected annual dividend	18.70%	12.20%	6.10%
Risk free rate	5.30%	5.40%	2.50%

- 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

Notes and Other Debt - Notes and Other Debt (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Feb. 14, 2023	Apr. 20, 2021	Feb. 02, 2021
Debt Instrument [Line Items]
Principal amount	$ 5,861,500	$ 5,617,442
Senior secured revolving credit facility, variable rate, due September 24, 2027
Debt Instrument [Line Items]
Principal amount	0	208,000
Senior secured revolving credit facility, variable rate, due September 24, 2027 \| Uniti Group LP, Uniti Group Finance 2019 Inc. and CSL Capital, LLC
Debt Instrument [Line Items]
Principal amount	0
ABS Loan Facility
Debt Instrument [Line Items]
Principal amount	275,000	0
Senior secured notes - 10.50%, due February 15, 2028
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
Debt Instrument [Line Items]
Principal amount	$ 570,000	$ 570,000
Issuance senior notes, stated percentage	4.75%	4.75%		4.75%
Senior unsecured notes - 6.50%, due February 15, 2029
Debt Instrument [Line Items]
Principal amount	$ 1,110,000	$ 1,110,000
Issuance senior notes, stated percentage	6.50%	6.50%			6.50%
Senior unsecured notes - 6.00%, due January 15, 2030
Debt Instrument [Line Items]
Principal amount	$ 700,000
Issuance senior notes, stated percentage	6.00%	6.00%
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)
Debt Instrument [Line Items]
Principal amount	$ 306,500	$ 306,500
Issuance senior notes, stated percentage	7.50%	7.50%

Schedule II - Valuation and Qualifying Account

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Account

Uniti Group Inc.

Schedule II – Valuation and Qualifying Accounts

(dollars in thousands)


Column A	Column B		Column C				Column D		Column E
			Additions
Description	Balance at Beginning of Period		Charged to Cost and Expenses		Charged to Other Accounts		Deductions		Balance at End of Period
Allowance for Doubtful Accounts
Year Ended December 31, 2024	$	3,243	$	1,126	$	—	$	(1,884)	$	2,485
Year Ended December 31, 2023	$	2,876	$	1,302	$	—	$	(935)	$	3,243
Year Ended December 31, 2022	$	2,717	$	571	$	17	$	(429)	$	2,876

Schedule I - Condensed Financial Information of The Registrant (Parent Company) - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 155,593	$ 62,264
Total Assets	5,282,145	5,025,129
Liabilities:
Dividends payable	665	36,162
Notes and other debt, net	5,783,597	5,523,579
Total liabilities	7,733,985	7,509,250
Shareholders' Deficit:
Preferred stock, $0.0001 par value, 50,000 shares authorized, no shares issued and outstanding	0	0
Common Stock, Value, Issued	24	24
Additional paid-in capital	1,236,045	1,221,824
Accumulated other comprehensive loss	(634)	0
Distributions in excess of accumulated earnings	(3,687,808)	(3,708,240)
Total Uniti shareholders' deficit	(2,452,373)	(2,486,392)
Total Liabilities and Shareholders' Deficit	$ 5,282,145	$ 5,025,129
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)	237,513,000	236,559,000
Common stock, shares outstanding (in shares)	237,513,495	236,559,000
Uniti Group Inc.
Assets:
Cash and cash equivalents	$ 946	$ 627
Total Assets	946	627
Liabilities:
Accrued other liabilities	6,545	6,441
Dividends payable	663	36,144
Notes and other debt, net	300,227	298,408
Cash distributions and losses in excess of investments in consolidated subsidiaries	2,145,884	2,146,026
Total liabilities	2,453,319	2,487,019
Shareholders' Deficit:
Preferred stock, $0.0001 par value, 50,000 shares authorized, no shares issued and outstanding	0	0
Common Stock, Value, Issued	24	24
Additional paid-in capital	1,236,045	1,221,824
Accumulated other comprehensive loss	(634)	0
Distributions in excess of accumulated earnings	(3,687,808)	(3,708,240)
Total Uniti shareholders' deficit	(2,452,373)	(2,486,392)
Total Liabilities and Shareholders' Deficit	$ 946	$ 627
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

Derivative Instruments and Hedging Activities - Schedule of Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 77	$ 0
Interest Rate Cap \| Designated as Hedging Instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest rate caps	$ 77,000	$ 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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-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
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-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 22
-Publisher FASB
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Consolidated Statements of Shareholders’ Deficit (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared per share (in dollars per share)	$ 0.30	$ 0.60	$ 0.60

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ (311)	$ (753)	$ 8,782
State	1,673	776	2,762
Total current expense	1,362	23	11,544
Deferred
Federal	(14,852)	(53,188)	(22,804)
State	(4,065)	(15,309)	(6,105)
Total deferred benefit	(18,917)	(68,497)	(28,909)
Income tax benefit	$ (17,555)	$ (68,474)	$ (17,365)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Property, Plant and Equipment - Schedule of Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 10,681,162	$ 10,201,409
Less accumulated depreciation	(6,471,415)	(6,219,340)
Property, plant and equipment, net	4,209,747	3,982,069
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	30,577	30,099
Building and improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 374,668	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	$ 341,548	314,489
Fiber
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 5,253,959	4,835,623
Fiber \| Windstream
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 499,678	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	$ 3,972,806	3,974,410
Conduit
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 90,193	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	52,789	52,589
Other assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 10,450	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	$ 36,774	49,771
Corporate assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 16,499	$ 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

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 3, 2025, the ABS Notes Issuers, each an indirect, bankruptcy-remote subsidiary of the Company, issued $589.0 million aggregate principal amount of the ABS Notes, each with an anticipated repayment date in April 2030. The ABS Notes were issued as part of a securitization transaction, pursuant to which certain of the Company’s fiber network assets and related customer contracts in the State of Florida and the Gulf Coast region of Louisiana, Mississippi and Alabama, including the assets of the ABS Bridge Loan Parties that secured the ABS Loan Facility, were contributed to the ABS Notes Obligors. The cash flow from these contributed assets will be used to service the obligations under the ABS Notes. On February 3, 2025, Uniti used a portion of the net proceeds from the offering of the ABS Notes to repay and terminate the ABS Loan Facility and issued a notice of redemption to redeem $125.0 million aggregate principal amount of our February 2028 Secured Notes. Uniti redeemed the February 2028 Secured Notes called for redemption on February 14, 2025, at a redemption price of 103% of the redeemed principal amount plus accrued interest to, but excluding, the redemption date. See Note 11 for additional information.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


(Thousands)	Depreciable Lives(1)	December 31, 2024		December 31, 2023
Land	Indefinite	$	30,577	$	30,099
Building and improvements	3 - 40 years	374,668		366,490
Poles	30 years	341,548		314,489
Fiber	30 years	5,253,959		4,835,623
Equipment	5 - 7 years	499,678		460,463
Copper	20 years	3,972,806		3,974,410
Conduit	30 years	90,193		90,087
Tower assets	20 years	1,221		1,221
Finance lease assets	See Note 3	52,789		52,589
Other assets	15 - 20 years	10,450		10,436
Construction in progress	See Note 3	36,774		49,771
Corporate assets	3 - 7 years	16,499		15,731
		10,681,162		10,201,409
Less accumulated depreciation		(6,471,415)		(6,219,340)
Property, plant and equipment, net		$	4,209,747	$	3,982,069

(1)Certain property acquired from Windstream is depreciated using Windstream's estimated useful lives. Specifically, certain Fiber assets are depreciated using an average 20 year life.

Finance lease assets above predominantly represent fiber leases, where we have the exclusive, unrestricted, and indefeasible right to use one, a pair, or more strands of fiber of a fiber cable.

Depreciation expense for the years ended December 31, 2024, 2023, and 2022 was $285.1 million, $280.8 million and $263.0 million, respectively.

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 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 11). 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 December 31, 2024 and December 31, 2023 respectively:


(Thousands)	Location on Condensed Consolidated Balance Sheets	December 31, 2024		December 31, 2023
Interest rate caps	Derivative asset	$	77	$	—

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)
Derivatives in Cash Flow Hedging Relationships (Interest Rate Caps)	Year Ended December 31, 2024		Year Ended December 31, 2023
Amount of loss recognized on derivative in Other Comprehensive Loss	$	(656)	$	—
Amounts reclassified from Accumulated Other Comprehensive Loss into Interest Expense	$	(22)	$	—
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Income (Loss)	$	511,364	$	512,349

The company estimates that an additional $0.7 million will be reclassified from accumulated other comprehensive income (loss) as a decrease to interest expense over the next twelve months.

Leases - Schedule of Lease Payments to be Received under Non-Cancellable Operating Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Lessee Lease Description [Line Items]
2025	$ 838,612
2026	845,192
2027	845,712
2028	845,687
2029	845,050
Thereafter	782,772
Total lease receivables	5,003,025
Total future minimum lease payments to be received	5,003,025
Windstream
Lessee Lease Description [Line Items]
Total lease receivables	4,100,000
Total future minimum lease payments to be received	$ 4,100,000

Revenues - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract Assets	$ 0	$ 26
Contract Liabilities	$ 10,014	$ 11,109

Dividends (Distributions) (Details) - $ / shares	12 Months Ended
Dividends (Distributions) (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividends Payable [Line Items]
Dividends paid (in dollars per share)	$ 0.45	$ 0.45	$ 0.75
Non-dividend distributions (in dollars per share)	0.02	0	0
Total (in dollars per share)	0.45	0.45	0.75
O 2024 A Dividends
Dividends Payable [Line Items]
Dividends paid (in dollars per share)	0.39
O 2023 A Dividends
Dividends Payable [Line Items]
Dividends paid (in dollars per share)		0.45
O 2022 A Dividends
Dividends Payable [Line Items]
Dividends paid (in dollars per share)			0.75
S 2024 A Dividends
Dividends Payable [Line Items]
Dividends paid (in dollars per share)	$ 0.04
S 2023 A Dividends
Dividends Payable [Line Items]
Dividends paid (in dollars per share)		$ 0
S 2022 A Dividends
Dividends Payable [Line Items]
Dividends paid (in dollars per share)			$ 0

Leases - Schedule of Components of Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Lease income - operating leases	$ 929,208	$ 911,828	$ 892,414
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenue	Total revenue

Schedule I - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Uniti Group Inc.
Condensed Financial Statements Captions [Line Items]
Cash dividends received from subsidiaries	$ 106.7	$ 106.4	$ 141.4
Uniti Group LP
Condensed Financial Statements Captions [Line Items]
Percentage of partnership interests owned	99.99%

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands		3 Months Ended			12 Months Ended
	Jan. 31, 2024	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues					$ 1,166,927	$ 1,149,831	$ 1,128,847
Adjusted EBITDA					940,066	923,502	905,896
Less:
Interest expense, net					511,364	512,349	376,832
Depreciation and amortization					314,810	310,528	292,788
Other, net					4,726	20,893	(4,790)
Transaction related and other costs					38,734	12,611	10,340
Gain on sale of operations					0	0	(176)
Gain on sale of real estate	$ (19,000)				(18,953)	(2,164)	(433)
Goodwill impairment		$ 204,000			0	203,998	240,500
Stock-based compensation					13,508	12,491	12,751
Income tax expense (benefit)					(17,555)	(68,474)	(17,365)
Adjustments for equity in earnings from unconsolidated entities						3,019	3,571
Net income (loss)					93,432	(81,749)	(8,122)
Capital expenditures					354,834	417,002	427,567
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA					(22,669)	(21,778)	(25,492)
Less:
Interest expense, net					473,480	494,625	357,981
Depreciation and amortization					56	56	115
Goodwill impairment						0	0
Income tax expense (benefit)					223	(793)	10,413
Adjustments for equity in earnings from unconsolidated entities						0	0
Capital expenditures					123	0	336
Uniti Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Revenues					880,490	852,772	827,457
Adjusted EBITDA					851,178	829,557	806,027
Less:
Interest expense, net					(1,266)	0	0
Depreciation and amortization					182,363	178,872	172,007
Goodwill impairment						0	0
Income tax expense (benefit)					1,199	990	1,253
Adjustments for equity in earnings from unconsolidated entities						3,019	3,571
Capital expenditures					247,392	277,235	263,269
Uniti Fiber
Less:
Goodwill impairment			$ 24,500	$ 216,000
Uniti Fiber \| Operating Segments
Segment Reporting Information [Line Items]
Revenues					286,437	297,059	301,390
Adjusted EBITDA					111,557	115,723	125,361
Less:
Interest expense, net					39,150	17,724	18,851
Depreciation and amortization					132,391	131,600	120,666
Goodwill impairment						203,998	240,500
Income tax expense (benefit)					(18,977)	(68,671)	(29,031)
Adjustments for equity in earnings from unconsolidated entities						0	0
Capital expenditures					$ 107,319	$ 139,767	$ 163,962

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The Company’s Board of Directors adopted the Uniti Group Inc. 2015 Equity Incentive Plan (the “Equity Plan”), which is administered by the Compensation Committee of the Board of Directors. Awards issuable under the Equity Plan include incentive stock options, “non-qualified” stock options, stock appreciation rights, performance units and performance shares, restricted shares, and restricted stock units.

Restricted Awards

During the year ended December 31, 2024, the Company granted 5,614,904 shares of restricted stock to employees, which had a fair value of $24.3 million as of the date of grant. We calculate the grant date fair value of non-vested shares of restricted stock awards using the closing sale prices on the trading day on the grant date. The restricted stock awards are amortized on a straight-line basis to expense over the vesting period, which is generally three years. As of December 31,

2024, there were 3,442,584 shares available for future issuance under the Equity Plan. The following table sets forth the number of unvested restricted stock awards and the weighted-average fair value of these awards at the date of grant:


	Restricted Awards	Weighted Average Fair Value at Grant Date		Aggregate Intrinsic Value(1)($000s)
Unvested balance December 31, 2023	2,096,993	$	7.41
Granted	5,614,904	$	4.32
Forfeited	(133,616)	$	6.45
Vested	(934,900)	$	8.08
Unvested balance, December 31, 2024	6,643,381	$	4.69	$	36,539


(1)			The aggregate intrinsic value is calculated using the market value of our common stock as of December 31, 2024. The market value as of December 31, 2024 was $5.50 per share, which was the closing price of our common stock reported for transactions effected on the NASDAQ Global Select Market on December 31, 2024, the final trading day of 2024.

During the year ended December 31, 2023, there were 1,505,876 shares of restricted stock granted with a weighted-average fair value of $5.78 per share. During the year ended December 31, 2022, there were 925,059 shares of restricted stock granted with a weighted-average fair value of $9.52 per share.

The total fair value of shares vested for the years ended December 31, 2024, 2023 and 2022 was $5.2 million, $3.8 million and $8.7 million, respectively.

As of December 31, 2024, total unrecognized compensation expense on restricted awards was approximately $9.9 million, and the expense is expected to be recognized over a weighted average vesting period of 0.9 years.

Performance Awards

The Company grants long-term incentives to members of management in the form of performance-based restricted stock units (“PSUs”) under the Equity Plan. The number of PSUs earned is based on the Company’s achievement of specified performance goals, over a specified performance period, and may range from 0% to 200% of the target shares. The PSUs have a service condition that will expire at the end of the three-year performance period provided that the holder continues to be employed by the Company at the end of the performance period. Holders of PSUs are entitled to dividend equivalents, which will be accrued and paid in cash upon the vesting of a PSU. Dividend equivalents are forfeited to the extent that the underlying PSU is forfeited.

On February 21, 2024, we issued 537,939 PSUs equal to 100% of the target amount, with an aggregate fair value of $4.5 million on the grant date. The PSUs, in addition to a service condition, are subject to the Company’s performance versus the total return of our peer group, as defined in the Compensation Committee, of other publicly traded REIT's and telecommunication companies. Upon evaluating the results of the market conditions, the final number of shares is determined, and such shares vest based on satisfaction of the service condition. The PSUs are amortized on a straight-line basis over the vesting period. During the year ended December 31, 2024, no PSUs were forfeited due to termination of service. The following table sets forth the number of unvested PSUs and the weighted-average fair value of these awards at the date of grant:


	Performance Awards	Weighted Average Fair Value at Grant Date		Aggregate Intrinsic Value(1)($000s)
Unvested balance December 31, 2023	1,053,188	$	12.06
Granted	537,939	$	8.40
Forfeited	—	$	—
Vested	(178,565)	$	16.08
Unvested balance, December 31, 2024	1,412,562	$	10.15	$	7,769


(1)			The aggregate intrinsic value is calculated using the market value of our common stock as of December 31, 2024. The market value as of December 31, 2024 was $5.50 per share, which was the closing price of our common stock reported for transactions effected on the NASDAQ Global Select Market on December 31, 2024, the final trading day of 2024.

During the year ended December 31, 2023, there were 449,614 PSUs granted with a weighted-average fair value of $8.22 per share. During the year ended December 31, 2022, there were 425,010 PSUs granted with a weighted-average fair value of $14.42 per share.

As of December 31, 2024, total unrecognized compensation expense related to PSUs was approximately $6.8 million, and the weighted-average vesting period was 1.2 years. The fair value of each PSU award is estimated at the date of grant using a Monte Carlo simulation. The simulation requires assumptions for expected volatility, risk-free return, and dividend yield. Our assumptions include a 0% dividend yield, which is the mathematical equivalent to reinvesting the dividends over the three-year performance period as is consistent with the terms of the PSUs. The following table summarizes the assumptions used to value the PSUs granted during the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Expected term (years)	3.0		3.0		3.0
Expected volatility	60.6	%	56.8	%	40.6	%
Expected annual dividend	0.0	%	0.0	%	0.0	%
Risk free rate	4.4	%	4.4	%	1.8	%

Employee Stock Purchase Plan

The Company's Board of Directors adopted the Uniti Group Inc. Employee Stock Purchase Plan (the “ESPP”). The ESPP authorizes us to issue up to 2,000,000 shares of our common stock to any of our employees so long as the employee is employed on the first day of the applicable offering period. Under the ESPP, there are two six-month plan periods during each calendar year, one beginning January 1 and ending on June 30, and one beginning on July 1 and ending on December 31. Under the terms of the ESPP, employees can choose each plan period to have up to 15% of their annual base earnings, limited to $25,000 withheld to purchase our common stock. The purchase price of the stock is 85% of the lower of its beginning-of-period or end-of-period market price. Under the ESPP the Company issued 216,183, 172,641 and 69,854 shares during the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, there were 1,286,297 shares available for future issuance under the ESPP. The following table summarizes the assumptions used to value the purchase rights granted under the ESPP during the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Expected term (years)	0.5		0.5		0.5
Expected volatility	59.0	%	58.0	%	12.0	%
Expected annual dividend	18.7	%	12.2	%	6.1	%
Risk free rate	5.3	%	5.4	%	2.5	%

For the years ended December 31, 2024, 2023 and 2022, we recognized $13.5 million, $12.5 million and $12.8 million, respectively, of compensation expense related to restricted stock awards, performance-based awards and the ESPP, which is recorded in general and administrative expense on our Consolidated Statements of Income (Loss).

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Lessor Accounting

We lease communications towers, ground, colocation, other communication equipment 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 years ended December 31, 2024 and 2023 are as follows:


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Lease income - operating leases	$	929,208	$	911,828

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of December 31, 2024 are as follows:


(Thousands)	December 31, 2024 (1)
2025	$	838,612
2026	845,192
2027	845,712
2028	845,687
2029	845,050
Thereafter	782,772
Total lease receivables	$	5,003,025
(1) Total future minimum lease payments to be received include $4.1 billion relating to the Windstream Leases.

The underlying assets under operating leases where we are the lessor as of December 31, 2024 and 2023 are summarized as follows:


(Thousands)	December 31, 2024		December 31, 2023
Land	$	26,711	$	26,533
Building and improvements	350,829		347,700
Poles	341,548		314,488
Fiber	4,222,895		3,862,635
Equipment	437		436
Copper	3,972,806		3,974,410
Conduit	90,193		90,087
Tower assets	58		58
Finance lease assets	1,889		1,890
Other assets	10,432		10,434
	9,017,798		8,628,671
Less: accumulated depreciation	(5,852,579)		(5,690,066)
Underlying assets under operating leases, net	$	3,165,219	$	2,938,605

Depreciation expense for the underlying assets under operating leases where we are the lessor for the years ended December 31, 2024 and 2023 is summarized as follows:


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Depreciation expense for underlying assets under operating leases	$	186,447	$	182,906

Lessee Accounting

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

As of December 31, 2024, we have short term lease commitments amounting to approximately $4.2 million.


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Finance lease cost
Amortization of ROU assets	$	4,190	$	4,066
Interest on lease liabilities	1,732		1,575
Total finance lease cost	5,922		5,641
Operating lease cost	24,916		22,999
Short-term lease cost	4,223		3,525
Variable lease cost	630		938
Less sublease income	(17,856)		(14,590)
Total lease cost	$	17,835	$	18,513

Amounts reported in the Consolidated Balance Sheets for leases where we are the lessee as of December 31, 2024 and 2023 were as follows:


(Thousands)	Location on Consolidated Balance Sheets	December 31, 2024			December 31, 2023
Operating leases
ROU asset, net	Operating lease right-of-use assets, net	$	126,791		$	125,105
Lease liability	Operating lease liabilities	80,504			84,404

Finance leases
ROU asset, gross	Property, plant and equipment, net	$	52,789		$	52,589
Lease liability	Finance lease obligations	17,190			18,110

Weighted-average remaining lease term
Operating leases		13.8 years			13.4 years
Finance leases		7.5 years			8.7 years

Weighted-average discount rate
Operating leases		10.4		%	10.3		%
Finance leases		10.0		%	9.9		%

Other information related to leases as of December 31, 2024 and 2023 are as follows:


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	$	1,732	$	1,575
Operating cash flows for operating leases	31,311		22,326
Financing cash flows for finance leases	2,652		2,262

Non-cash items:
New operating leases and remeasurements, net	$	18,961	$	32,490
New finance leases and remeasurements, net	1,792		5,687

Future lease payments under non-cancellable leases as of December 31, 2024 are as follows:


(Thousands)	Operating Leases		Finance Leases
2025	$	17,962	$	4,232
2026	14,404		4,106
2027	11,568		3,399
2028	9,870		2,572
2029	8,352		1,877
Thereafter	97,856		7,395
Total undiscounted lease payments	$	160,012	$	23,581
Less: imputed interest	(79,508)		(6,391)
Total lease liabilities	$	80,504	$	17,190

Future sublease rentals as of December 31, 2024 are as follows:


(Thousands)	Sublease Rentals
2025	$	16,350
2026	16,601
2027	16,833
2028	16,826
2029	15,137
Thereafter	140,322
Total	$	222,069

Windstream Leases

Pursuant to the Spin-Off, Uniti entered into a long-term exclusive triple-net lease (the “Master Lease”) with Windstream, pursuant to which a substantial portion of our real property is leased to Windstream and from which a substantial portion of our leasing revenues are currently derived. In connection with Windstream’s emergence from bankruptcy, Uniti and Windstream bifurcated the Master Lease and entered into two structurally similar master leases that each expire on April 30, 2030 (collectively, the “Windstream Leases”), which Windstream Leases amended and restated the Master Lease in its entirety. The Windstream Leases consist of two leases: (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 competitive local exchange carrier (“CLEC”) operations. The aggregate initial annual rent under the Windstream Leases is $663.0 million. The tenants under the ILEC MLA are Windstream Holdings II, LLC (“Windstream Holdings II,” successor in interest to Windstream Holdings, Inc.), Windstream Services II, LLC (“Windstream Services II,” successor in interest to Windstream Services LLC), and certain

subsidiaries and/or newly formed affiliated entities operating the ILECs, and the landlords under the ILEC MLA are the Uniti entities that own the applicable ILEC assets. Similarly, the tenants under the CLEC MLA are Windstream Holdings II, Windstream Services II, and certain subsidiaries and/or newly formed affiliated entities operating CLECs, and the landlords under the CLEC MLA are the Uniti entities that own the CLEC assets. The Windstream Leases contain cross-guarantees and cross-default provisions, which will remain effective as long as Windstream or an affiliate is the tenant under both of the Windstream Leases and unless and until the landlords under the ILEC MLA are different from the landlords under the CLEC MLA. The Windstream Leases permit Uniti to transfer its rights and obligations and otherwise monetize or encumber the Windstream Leases, together or separately, so long as Uniti does not transfer interests in either Windstream Lease to a Windstream competitor.

In addition, the Windstream Leases impose certain financial restrictions on Windstream if Windstream fails to maintain certain financial covenants. Windstream covenants not to incur certain indebtedness (other than certain refinancing in a principal amount that does not exceed the sum of the principal amount of the indebtedness refinanced, the accrued and unpaid interest on such indebtedness refinanced and any other amounts owing thereon and any customary costs incurred in connection with such refinancing or drawings under its third party syndicated revolving credit facility, in an amount not to exceed $750 million) if its total leverage ratio, pro forma for the incurrence of such indebtedness, would exceed 3.00:1.00. Further, Windstream covenants not to incur certain additional indebtedness, pay dividends, repurchase stock or prepay unsecured debt, or enter into a transaction with an entity controlled by a member of the board without Uniti’s consent if Windstream’s total leverage ratio exceeds 3.50:1.00. Notwithstanding the foregoing, the financial covenants described herein shall not apply at any time in which Windstream maintains a corporate family rating of not less than “B2” by Moody’s and either “B” by Standard & Poor’s or “B” by Fitch Ratings.

Pursuant to the Windstream Leases, Windstream (or any successor tenant under a Windstream Lease) has the right to cause Uniti to reimburse up to an aggregate $1.75 billion for certain growth capital improvements in long-term value accretive fiber and related assets made by Windstream (or the applicable tenant under the Windstream Lease) to certain ILEC and CLEC properties (the “Growth Capital Improvements”). 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 CLEC MLA leased property, up to $70 million during the term), and each such reimbursement is subject to underwriting standards. Uniti’s total annual reimbursement commitments for the Growth Capital Improvements under both Windstream Leases (and under separate equipment loan facilities) were limited to $125 million in 2020 and $225 million per year in 2021, 2022, 2023 and 2024; and are limited to $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, except that, during calendar year 2021, Uniti’s combined total obligation to fund Growth Capital Improvements may exceed $250 million to the extent of any unfunded excess amounts from calendar year 2020. 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 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 Improvement 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 such loans have been made to Windstream as of December 31, 2024.

The Windstream Leases provide that TCIs, defined as maintenance, repair, overbuild, upgrade or replacement to the Distribution Systems, including without limitation, the replacement of copper distribution systems with fiber distribution systems, automatically become property of Uniti upon their construction by Windstream. We receive non-monetary consideration related to TCIs as they automatically become our property, and we recognize the cost basis of TCIs that are capital in nature as real estate investments and deferred revenue. We depreciate the real estate investments over their estimated useful lives and amortize the deferred revenue as additional leasing revenues over the same depreciable life of the TCI assets. TCIs exclude Growth Capital Improvements as and when reimbursed by Uniti.

During the year ended December 31, 2024, Uniti reimbursed $230.8 million of Growth Capital Improvements, of which $104.6 million, as allowed for under the Settlement, represented the reimbursement of capital improvements completed in 2023 that were previously classified as TCIs. Subsequent to December 31, 2024, Windstream requested and we reimbursed $161.4 million of qualifying Growth Capital Improvements that were reported as TCIs as of December 31, 2024. As of the date of this Annual Report on Form 10-K, we have reimbursed a total of $1.2 billion of Growth Capital Improvements.

Leases

Lessor Accounting

The components of lease income for the years ended December 31, 2024 and 2023 are as follows:


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Lease income - operating leases	$	929,208	$	911,828

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of December 31, 2024 are as follows:


(Thousands)	December 31, 2024 (1)
2025	$	838,612
2026	845,192
2027	845,712
2028	845,687
2029	845,050
Thereafter	782,772
Total lease receivables	$	5,003,025
(1) Total future minimum lease payments to be received include $4.1 billion relating to the Windstream Leases.

The underlying assets under operating leases where we are the lessor as of December 31, 2024 and 2023 are summarized as follows:


(Thousands)	December 31, 2024		December 31, 2023
Land	$	26,711	$	26,533
Building and improvements	350,829		347,700
Poles	341,548		314,488
Fiber	4,222,895		3,862,635
Equipment	437		436
Copper	3,972,806		3,974,410
Conduit	90,193		90,087
Tower assets	58		58
Finance lease assets	1,889		1,890
Other assets	10,432		10,434
	9,017,798		8,628,671
Less: accumulated depreciation	(5,852,579)		(5,690,066)
Underlying assets under operating leases, net	$	3,165,219	$	2,938,605

Depreciation expense for the underlying assets under operating leases where we are the lessor for the years ended December 31, 2024 and 2023 is summarized as follows:


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Depreciation expense for underlying assets under operating leases	$	186,447	$	182,906

Lessee Accounting

As of December 31, 2024, we have short term lease commitments amounting to approximately $4.2 million.


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Finance lease cost
Amortization of ROU assets	$	4,190	$	4,066
Interest on lease liabilities	1,732		1,575
Total finance lease cost	5,922		5,641
Operating lease cost	24,916		22,999
Short-term lease cost	4,223		3,525
Variable lease cost	630		938
Less sublease income	(17,856)		(14,590)
Total lease cost	$	17,835	$	18,513

Amounts reported in the Consolidated Balance Sheets for leases where we are the lessee as of December 31, 2024 and 2023 were as follows:


(Thousands)	Location on Consolidated Balance Sheets	December 31, 2024			December 31, 2023
Operating leases
ROU asset, net	Operating lease right-of-use assets, net	$	126,791		$	125,105
Lease liability	Operating lease liabilities	80,504			84,404

Finance leases
ROU asset, gross	Property, plant and equipment, net	$	52,789		$	52,589
Lease liability	Finance lease obligations	17,190			18,110

Weighted-average remaining lease term
Operating leases		13.8 years			13.4 years
Finance leases		7.5 years			8.7 years

Weighted-average discount rate
Operating leases		10.4		%	10.3		%
Finance leases		10.0		%	9.9		%

Other information related to leases as of December 31, 2024 and 2023 are as follows:


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	$	1,732	$	1,575
Operating cash flows for operating leases	31,311		22,326
Financing cash flows for finance leases	2,652		2,262

Non-cash items:
New operating leases and remeasurements, net	$	18,961	$	32,490
New finance leases and remeasurements, net	1,792		5,687

Future lease payments under non-cancellable leases as of December 31, 2024 are as follows:


(Thousands)	Operating Leases		Finance Leases
2025	$	17,962	$	4,232
2026	14,404		4,106
2027	11,568		3,399
2028	9,870		2,572
2029	8,352		1,877
Thereafter	97,856		7,395
Total undiscounted lease payments	$	160,012	$	23,581
Less: imputed interest	(79,508)		(6,391)
Total lease liabilities	$	80,504	$	17,190

Future sublease rentals as of December 31, 2024 are as follows:


(Thousands)	Sublease Rentals
2025	$	16,350
2026	16,601
2027	16,833
2028	16,826
2029	15,137
Thereafter	140,322
Total	$	222,069

Windstream Leases

Leases

Lessor Accounting

The components of lease income for the years ended December 31, 2024 and 2023 are as follows:


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Lease income - operating leases	$	929,208	$	911,828

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of December 31, 2024 are as follows:


(Thousands)	December 31, 2024 (1)
2025	$	838,612
2026	845,192
2027	845,712
2028	845,687
2029	845,050
Thereafter	782,772
Total lease receivables	$	5,003,025
(1) Total future minimum lease payments to be received include $4.1 billion relating to the Windstream Leases.

The underlying assets under operating leases where we are the lessor as of December 31, 2024 and 2023 are summarized as follows:


(Thousands)	December 31, 2024		December 31, 2023
Land	$	26,711	$	26,533
Building and improvements	350,829		347,700
Poles	341,548		314,488
Fiber	4,222,895		3,862,635
Equipment	437		436
Copper	3,972,806		3,974,410
Conduit	90,193		90,087
Tower assets	58		58
Finance lease assets	1,889		1,890
Other assets	10,432		10,434
	9,017,798		8,628,671
Less: accumulated depreciation	(5,852,579)		(5,690,066)
Underlying assets under operating leases, net	$	3,165,219	$	2,938,605

Depreciation expense for the underlying assets under operating leases where we are the lessor for the years ended December 31, 2024 and 2023 is summarized as follows:


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Depreciation expense for underlying assets under operating leases	$	186,447	$	182,906

Lessee Accounting

As of December 31, 2024, we have short term lease commitments amounting to approximately $4.2 million.


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Finance lease cost
Amortization of ROU assets	$	4,190	$	4,066
Interest on lease liabilities	1,732		1,575
Total finance lease cost	5,922		5,641
Operating lease cost	24,916		22,999
Short-term lease cost	4,223		3,525
Variable lease cost	630		938
Less sublease income	(17,856)		(14,590)
Total lease cost	$	17,835	$	18,513

Amounts reported in the Consolidated Balance Sheets for leases where we are the lessee as of December 31, 2024 and 2023 were as follows:


(Thousands)	Location on Consolidated Balance Sheets	December 31, 2024			December 31, 2023
Operating leases
ROU asset, net	Operating lease right-of-use assets, net	$	126,791		$	125,105
Lease liability	Operating lease liabilities	80,504			84,404

Finance leases
ROU asset, gross	Property, plant and equipment, net	$	52,789		$	52,589
Lease liability	Finance lease obligations	17,190			18,110

Weighted-average remaining lease term
Operating leases		13.8 years			13.4 years
Finance leases		7.5 years			8.7 years

Weighted-average discount rate
Operating leases		10.4		%	10.3		%
Finance leases		10.0		%	9.9		%

Other information related to leases as of December 31, 2024 and 2023 are as follows:


(Thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	$	1,732	$	1,575
Operating cash flows for operating leases	31,311		22,326
Financing cash flows for finance leases	2,652		2,262

Non-cash items:
New operating leases and remeasurements, net	$	18,961	$	32,490
New finance leases and remeasurements, net	1,792		5,687

Future lease payments under non-cancellable leases as of December 31, 2024 are as follows:


(Thousands)	Operating Leases		Finance Leases
2025	$	17,962	$	4,232
2026	14,404		4,106
2027	11,568		3,399
2028	9,870		2,572
2029	8,352		1,877
Thereafter	97,856		7,395
Total undiscounted lease payments	$	160,012	$	23,581
Less: imputed interest	(79,508)		(6,391)
Total lease liabilities	$	80,504	$	17,190

Future sublease rentals as of December 31, 2024 are as follows:


(Thousands)	Sublease Rentals
2025	$	16,350
2026	16,601
2027	16,833
2028	16,826
2029	15,137
Thereafter	140,322
Total	$	222,069

Windstream Leases

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Apr. 20, 2021	Feb. 02, 2021
Assets
Derivative asset	$ 77	$ 0
Total	77
Liabilities
Settlement payable	71,723	160,550
Total	5,950,861	5,188,025
Senior secured notes - 10.50%, due February 15, 2028
Liabilities
Senior notes	$ 3,098,766	$ 2,624,596
Issuance senior notes, stated percentage	10.50%	10.50%
Senior secured notes - 4.75%, due April 15, 2028
Liabilities
Senior notes	$ 534,518	$ 488,205
Issuance senior notes, stated percentage	4.75%	4.75%	4.75%
Senior unsecured notes - 6.50%, due February 15, 2029
Liabilities
Senior notes	$ 1,007,399	$ 796,125
Issuance senior notes, stated percentage	6.50%	6.50%		6.50%
Senior unsecured notes - 6.00%, due January 15, 2030
Liabilities
Senior notes	$ 616,217	$ 486,675
Issuance senior notes, stated percentage	6.00%	6.00%
Exchangeable senior unsecured notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)
Liabilities
Senior notes		$ 122,140
Issuance senior notes, stated percentage	4.00%	4.00%
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)
Liabilities
Senior notes	$ 348,613	$ 301,755
Issuance senior notes, stated percentage	7.50%	7.50%
ABS Loan Facility, variable rate, due September 1, 2025
Liabilities
Senior secured loan	$ 273,625
Senior secured revolving credit facility, variable rate, due September 24, 2027
Liabilities
Senior secured loan		$ 207,979
Quoted Prices in Active Markets (Level 1)
Assets
Derivative asset	0
Total	0
Liabilities
Settlement payable	0	0
Total	0	0
Quoted Prices in Active Markets (Level 1) \| Senior secured notes - 10.50%, due February 15, 2028
Liabilities
Senior notes	0	0
Quoted Prices in Active Markets (Level 1) \| Senior secured notes - 4.75%, due April 15, 2028
Liabilities
Senior notes	0	0
Quoted Prices in Active Markets (Level 1) \| Senior unsecured notes - 6.50%, due February 15, 2029
Liabilities
Senior notes	0	0
Quoted Prices in Active Markets (Level 1) \| Senior unsecured notes - 6.00%, due January 15, 2030
Liabilities
Senior notes	0	0
Quoted Prices in Active Markets (Level 1) \| Exchangeable senior unsecured notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)
Liabilities
Senior notes		0
Quoted Prices in Active Markets (Level 1) \| Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)
Liabilities
Senior notes	0	0
Quoted Prices in Active Markets (Level 1) \| ABS Loan Facility, variable rate, due September 1, 2025
Liabilities
Senior secured loan	0
Quoted Prices in Active Markets (Level 1) \| Senior secured revolving credit facility, variable rate, due September 24, 2027
Liabilities
Senior secured loan		0
Prices with Other Observable Inputs (Level 2)
Assets
Derivative asset	77
Total	77
Liabilities
Settlement payable	71,723	160,550
Total	5,950,861	5,188,025
Prices with Other Observable Inputs (Level 2) \| Senior secured notes - 10.50%, due February 15, 2028
Liabilities
Senior notes	3,098,766	2,624,596
Prices with Other Observable Inputs (Level 2) \| Senior secured notes - 4.75%, due April 15, 2028
Liabilities
Senior notes	534,518	488,205
Prices with Other Observable Inputs (Level 2) \| Senior unsecured notes - 6.50%, due February 15, 2029
Liabilities
Senior notes	1,007,399	796,125
Prices with Other Observable Inputs (Level 2) \| Senior unsecured notes - 6.00%, due January 15, 2030
Liabilities
Senior notes	616,217	486,675
Prices with Other Observable Inputs (Level 2) \| Exchangeable senior unsecured notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)
Liabilities
Senior notes		122,140
Prices with Other Observable Inputs (Level 2) \| Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)
Liabilities
Senior notes	348,613	301,755
Prices with Other Observable Inputs (Level 2) \| ABS Loan Facility, variable rate, due September 1, 2025
Liabilities
Senior secured loan	273,625
Prices with Other Observable Inputs (Level 2) \| Senior secured revolving credit facility, variable rate, due September 24, 2027
Liabilities
Senior secured loan		207,979
Prices with Unobservable Inputs (Level 3)
Assets
Derivative asset	0
Total	0
Liabilities
Settlement payable	0	0
Total	0	0
Prices with Unobservable Inputs (Level 3) \| Senior secured notes - 10.50%, due February 15, 2028
Liabilities
Senior notes	0	0
Prices with Unobservable Inputs (Level 3) \| Senior secured notes - 4.75%, due April 15, 2028
Liabilities
Senior notes	0	0
Prices with Unobservable Inputs (Level 3) \| Senior unsecured notes - 6.50%, due February 15, 2029
Liabilities
Senior notes	0	0
Prices with Unobservable Inputs (Level 3) \| Senior unsecured notes - 6.00%, due January 15, 2030
Liabilities
Senior notes	0	0
Prices with Unobservable Inputs (Level 3) \| Exchangeable senior unsecured notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)
Liabilities
Senior notes		0
Prices with Unobservable Inputs (Level 3) \| Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)
Liabilities
Senior notes	0	0
Prices with Unobservable Inputs (Level 3) \| ABS Loan Facility, variable rate, due September 1, 2025
Liabilities
Senior secured loan	$ 0
Prices with Unobservable Inputs (Level 3) \| Senior secured revolving credit facility, variable rate, due September 24, 2027
Liabilities
Senior secured loan		$ 0

Schedule II - Valuation and Qualifying Account (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 3,243	$ 2,876	$ 2,717
Charged to Cost and Expenses	1,126	1,302	571
Charged to Other Accounts	0	0	17
Deductions	(1,884)	(935)	(429)
Balance at End of Period	$ 2,485	$ 3,243	$ 2,876

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Unvested Restricted Stock Awards

The following table sets forth the number of unvested restricted stock awards and the weighted-average fair value of these awards at the date of grant:


	Restricted Awards	Weighted Average Fair Value at Grant Date		Aggregate Intrinsic Value(1)($000s)
Unvested balance December 31, 2023	2,096,993	$	7.41
Granted	5,614,904	$	4.32
Forfeited	(133,616)	$	6.45
Vested	(934,900)	$	8.08
Unvested balance, December 31, 2024	6,643,381	$	4.69	$	36,539


(1)			The aggregate intrinsic value is calculated using the market value of our common stock as of December 31, 2024. The market value as of December 31, 2024 was $5.50 per share, which was the closing price of our common stock reported for transactions effected on the NASDAQ Global Select Market on December 31, 2024, the final trading day of 2024.

Schedule of Unvested Performance-based Restricted Stock Units Awards

The following table sets forth the number of unvested PSUs and the weighted-average fair value of these awards at the date of grant:


	Performance Awards	Weighted Average Fair Value at Grant Date		Aggregate Intrinsic Value(1)($000s)
Unvested balance December 31, 2023	1,053,188	$	12.06
Granted	537,939	$	8.40
Forfeited	—	$	—
Vested	(178,565)	$	16.08
Unvested balance, December 31, 2024	1,412,562	$	10.15	$	7,769


(1)			The aggregate intrinsic value is calculated using the market value of our common stock as of December 31, 2024. The market value as of December 31, 2024 was $5.50 per share, which was the closing price of our common stock reported for transactions effected on the NASDAQ Global Select Market on December 31, 2024, the final trading day of 2024.

Schedule of Assumptions used to Value PSUs Granted

The following table summarizes the assumptions used to value the PSUs granted during the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Expected term (years)	3.0		3.0		3.0
Expected volatility	60.6	%	56.8	%	40.6	%
Expected annual dividend	0.0	%	0.0	%	0.0	%
Risk free rate	4.4	%	4.4	%	1.8	%

Schedule of Assumptions used to Value Purchase Rights Granted Under ESPP

The following table summarizes the assumptions used to value the purchase rights granted under the ESPP during the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Expected term (years)	0.5		0.5		0.5
Expected volatility	59.0	%	58.0	%	12.0	%
Expected annual dividend	18.7	%	12.2	%	6.1	%
Risk free rate	5.3	%	5.4	%	2.5	%

Leases - Schedule of Future Lease Payments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 17,962
2026	14,404
2027	11,568
2028	9,870
2029	8,352
Thereafter	97,856
Total undiscounted lease payments	160,012
Less: imputed interest	(79,508)
Operating lease liabilities	80,504	$ 84,404
Finance Leases
2025	4,232
2026	4,106
2027	3,399
2028	2,572
2029	1,877
Thereafter	7,395
Total undiscounted lease payments	23,581
Less: imputed interest	(6,391)
Total lease liabilities	$ 17,190	$ 18,110

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2024

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

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

Changes in accumulated other comprehensive income (loss) by component is as follows for the years ended December 31, 2024, 2023 and 2022:


(Thousands)	2024		2023		2022
Cash flow hedge:
Balance at beginning of period attributable to shareholders	$	—	$	(30,353)	$	(30,353)
Change in fair value of derivative asset	(656)		—		—
Amounts reclassified from accumulated other comprehensive income	22		—		—
Net other comprehensive loss	(634)		(30,353)		(30,353)
Less: Other comprehensive loss attributable to noncontrolling interest	0		—		—
Balance at end of period	(634)		(30,353)		(30,353)
Interest rate swap termination:
Balance at beginning of period attributable to common shareholders	—		30,353		21,189
Amounts reclassified from accumulated other comprehensive income	—		—		9,243
Balance at end of period	—		30,353		30,432
Less: Other comprehensive income attributable to noncontrolling interest	—		—		79
Balance at end of period attributable to common shareholders	—		30,353		30,353
Accumulated other comprehensive loss at end of period	$	(634)	$	—	$	—

Revenues

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue stream.


	Year Ended December 31,
(Thousands)	2024		2023		2022
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Uniti Fiber
Lit backhaul	$	74,340	$	74,538	$	78,977
Enterprise and wholesale	105,174		97,834		85,820
E-Rate and government	48,438		55,682		64,219
Other	3,241		3,102		2,827
Uniti Fiber	231,193		231,156		231,843
Uniti Leasing	6,526		6,847		4,590
Total revenue from contracts with customers	237,719		238,003		236,433
Revenue accounted for under leasing guidance
Uniti Leasing	873,964		845,925		822,867
Uniti Fiber	55,244		65,903		69,547
Total revenue accounted for under leasing guidance	929,208		911,828		892,414
Total revenue	$	1,166,927	$	1,149,831	$	1,128,847

At December 31, 2024 and 2023, lease receivables were $28.8 million and $22.0 million, respectively, and receivables from contracts with customers were $19.1 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 receivables, net on our 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 years ended December 31, 2024, 2023, and 2022, we recognized revenues of $3.6 million, $4.1 million, and $6.4 million, respectively that was included in the December 31, 2023, December 31, 2022, and December 31, 2021 contract liabilities balance, respectively.

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


(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2023	$	26	$	11,109
Balance at December 31, 2024	$	—	$	10,014

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 December 31, 2024, our future revenues (i.e. transaction price related to remaining performance obligations) under contracts accounted for under ASC 606 totaled $613.4 million, of which $543.8 million is related to contracts that are currently being invoiced and have an average remaining contract term of 3.0 years, while $69.6 million represents our backlog for sales bookings which have yet to be installed and have an average remaining 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Summary of Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Deferred contract costs, net	$ 15.2	$ 14.5
Amortization cost	5.2	4.4	$ 3.7
Allowance for credit loss, excluding accrued interest	2.5	3.2
Credit loss expense (reversal), excluding accrued interest	$ 1.1	$ 1.2	$ 0.6

Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income (loss) attributable to shareholders	$ 93,406	$ (81,713)	$ (8,275)
Less: Income allocated to participating securities	(2,080)	(1,207)	(1,135)
Dividends declared on convertible preferred stock	(20)	(20)	(20)
Net income (loss) attributable to common shareholders	$ 91,306	$ (82,940)	$ (9,430)
Denominator:
Basic weighted-average common shares outstanding (in shares)	237,306	236,401	235,567
Basic (loss) earnings per common share (in dollars per share)	$ 0.38	$ (0.35)	$ (0.04)
Numerator:
Net income (loss) attributable to shareholders	$ 93,406	$ (81,713)	$ (8,275)
Less: Income allocated to participating securities	(2,080)	(1,207)	(1,135)
Dividends declared on convertible preferred stock	(20)	(20)	(20)
Impact on if-converted dilutive securities	0	0	0
Net income (loss) attributable to common shares	$ 91,306	$ (82,940)	$ (9,430)
Denominator:
Basic weighted-average common shares outstanding (in shares)	237,306	236,401	235,567
Impact on if-converted dilutive securities (in shares)	0	0	0
Effect of dilutive non-participating securities (in shares)	0	0	0
Weighted-average shares for dilutive earnings per common share (in shares)	237,306	236,401	235,567
Diluted (loss) earnings per common share (in dollars per share)	$ 0.38	$ (0.35)	$ (0.04)

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2024

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

Accumulated Other Comprehensive Loss

In 2015, we entered into fixed for floating interest rate swap agreements to mitigate the interest rate risk inherent in our variable rate senior secured term loan facility. As result of the repayment of the senior secured term loan facility in 2020, we entered into receive-fixed interest rate swaps to offset our existing pay-fixed interest rate swaps, which matured on October 24, 2022. The Company discontinued hedge accounting as the hedge accounting requirements were no longer met and amounts in accumulated other comprehensive income (loss) as of the date of de-designation, were reclassified to interest expense as the hedged transactions impacted earnings.

On March 1, 2024, the Company entered into the ABS Loan Interest Rate Cap related to the ABS Loan Facility (as defined in Note 11). 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 SOFR at 4.50%.

Changes in accumulated other comprehensive income (loss) by component is as follows for the years ended December 31, 2024, 2023 and 2022:


(Thousands)	2024		2023		2022
Cash flow hedge:
Balance at beginning of period attributable to shareholders	$	—	$	(30,353)	$	(30,353)
Change in fair value of derivative asset	(656)		—		—
Amounts reclassified from accumulated other comprehensive income	22		—		—
Net other comprehensive loss	(634)		(30,353)		(30,353)
Less: Other comprehensive loss attributable to noncontrolling interest	0		—		—
Balance at end of period	(634)		(30,353)		(30,353)
Interest rate swap termination:
Balance at beginning of period attributable to common shareholders	—		30,353		21,189
Amounts reclassified from accumulated other comprehensive income	—		—		9,243
Balance at end of period	—		30,353		30,432
Less: Other comprehensive income attributable to noncontrolling interest	—		—		79
Balance at end of period attributable to common shareholders	—		30,353		30,353
Accumulated other comprehensive loss at end of period	$	(634)	$	—	$	—

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Aug. 31, 2016
Income Taxes [Line Items]
Deferred tax asset, valuation allowance		$ 0
Net operating loss	$ 164,400,000
Interest and penalties net of tax recognized	0
Accrued interest and penalties on unrecognized tax benefits	1,300,000
Tower Cloud, Inc.
Income Taxes [Line Items]
Percentage of equity acquired			100.00%
Tax Without Expire Period
Income Taxes [Line Items]
Net operating loss	$ 441,400,000

Leases - Schedule of Future Sublease Rentals (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Lessor Lease Description [Line Items]
2025	$ 838,612
2026	845,192
2027	845,712
2028	845,687
2029	845,050
Thereafter	782,772
Total lease receivables	5,003,025
Sublease Rentals
Lessor Lease Description [Line Items]
2025	16,350
2026	16,601
2027	16,833
2028	16,826
2029	15,137
Thereafter	140,322
Total lease receivables	$ 222,069

Notes and Other Debt - Schedule of Notes and Other Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Feb. 14, 2023	Apr. 20, 2021	Feb. 02, 2021
Debt Instrument [Line Items]
Principal amount	$ 5,861,500	$ 5,617,442
Less unamortized discount, premium and debt issuance costs	(77,903)	(93,863)
Notes and other debt less unamortized discount and debt issuance costs	5,783,597	5,523,579
Senior secured notes - 10.50%, due February 15, 2028
Debt Instrument [Line Items]
Principal amount	2,900,000	2,600,000	$ 2,600,000
Less unamortized discount, premium and debt issuance costs	$ (37,522)	$ (48,290)
Issuance senior notes, stated percentage	10.50%	10.50%
Imputed interest rate	10.99%	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	$ (4,998)	$ (6,360)
Issuance senior notes, stated percentage	4.75%	4.75%		4.75%
Imputed interest rate	5.04%	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	$ (13,101)	$ (15,761)
Issuance senior notes, stated percentage	6.50%	6.50%			6.50%
Imputed interest rate	6.83%	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	$ (8,000)	$ (9,307)
Issuance senior notes, stated percentage	6.00%	6.00%
Imputed interest rate	6.27%	6.27%
Exchangeable senior unsecured 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%
Imputed interest rate	4.77%	4.77%
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)
Debt Instrument [Line Items]
Principal amount	$ 306,500	$ 306,500
Less unamortized discount, premium and debt issuance costs	$ (6,273)	$ (8,092)
Issuance senior notes, stated percentage	7.50%	7.50%
Imputed interest rate	8.29%	8.29%
ABS Loan Facility
Debt Instrument [Line Items]
Principal amount	$ 275,000	$ 0
Less unamortized discount, premium and debt issuance costs	$ (3,671)	0
Imputed interest rate	10.33%
Senior secured revolving credit facility, variable rate, due September 24, 2027
Debt Instrument [Line Items]
Principal amount	$ 0	208,000
Less unamortized discount, premium and debt issuance costs	$ (4,338)	$ (5,625)

Revenues - Schedule of Revenues Disaggregated by Revenue Stream (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 237,719	$ 238,003	$ 236,433
Total revenue accounted for under leasing guidance	929,208	911,828	892,414
Total revenue	1,166,927	1,149,831	1,128,847
Uniti Fiber
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	231,193	231,156	231,843
Total revenue accounted for under leasing guidance	55,244	65,903	69,547
Uniti Fiber \| Lit backhaul
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	74,340	74,538	78,977
Uniti Fiber \| Enterprise and wholesale
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	105,174	97,834	85,820
Uniti Fiber \| E-Rate and government
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	48,438	55,682	64,219
Uniti Fiber \| Other
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	3,241	3,102	2,827
Uniti Leasing
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	6,526	6,847	4,590
Total revenue accounted for under leasing guidance	$ 873,964	$ 845,925	$ 822,867

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

We elected on our initial U.S. federal income tax return to be treated as a REIT under the Code. To qualify as a REIT, we must distribute at least 90% of our annual REIT taxable income, determined without regard to the dividends paid deduction and excluding any capital gains, to shareholders, and meet certain organizational and operational requirements, including asset holding requirements. As a REIT, we will generally not be subject to U.S. federal income tax on income that we distribute as dividends to our shareholders. If we fail to qualify as a REIT in any taxable year unless certain relief provisions apply, prior to the completion of our Merger with Windstream (or if our Merger with Windstream is not

consummated, if we fail to qualify as a REIT in future taxable years), we will be subject to U.S. federal income tax on our taxable income at regular corporate income tax rates, and we could not deduct dividends paid to our shareholders in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect our net income and net cash available for distribution to shareholders. Unless we were entitled to relief under certain Code provisions, we also would be disqualified from reelecting to be taxed as a REIT for the four taxable years following the year in which we failed to qualify or cease to qualify as a REIT.

We are subject to the statutory requirements of the locations in which we conduct business, and state and local income taxes are accrued as deemed required in the best judgment of management based on analysis and interpretation of respective tax laws.

We have elected to treat the subsidiaries through which we operate Uniti Fiber and certain subsidiaries of Uniti Leasing as TRSs. TRSs enable us to engage in activities that result in income that does not constitute qualifying income for a REIT. Our TRSs are subject to U.S. federal, state and local corporate income taxes.

Income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 as reported in the accompanying Consolidated Statements of Income (Loss) was comprised of the following:


	Year Ended December 31,
(Thousands)	2024		2023		2022
Current
Federal	$	(311)	$	(753)	$	8,782
State	1,673		776		2,762
Total current expense	1,362		23		11,544

Deferred
Federal	(14,852)		(53,188)		(22,804)
State	(4,065)		(15,309)		(6,105)
Total deferred benefit	(18,917)		(68,497)		(28,909)
Total income tax benefit	$	(17,555)	$	(68,474)	$	(17,365)

An income tax expense reconciliation between the U.S. statutory tax rate and the effective tax rate is as follows:


	Year Ended December 31,
(Thousands)	2024		2023		2022
Income (loss) from continuing operations, before tax	$	75,877	$	(150,223)	$	(25,487)
Income tax expense (benefit) at U.S. statutory federal rate	15,976		(31,547)		(5,352)
Increases (decreases) resulting from:
State taxes, net of federal benefit	(1,715)		(11,219)		(2,255)
Benefit of REIT status	(31,925)		(24,796)		(46,604)
Impairment of nondeductible goodwill	—		—		36,895
Return to accrual	(121)		(1,298)		(44)
Permanent differences	230		386		(5)
Income tax benefit	$	(17,555)	$	(68,474)	$	(17,365)

The effective tax rate on income from continuing operations differs from tax at the statutory rate primarily due to our status as a REIT, and goodwill impairment in 2022 and 2023 which is not fully deductible for tax purposes.

Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

The components of the Company's deferred tax assets and liabilities are as follows:


(Thousands)	December 31, 2024		December 31, 2023
Deferred tax assets:
Deferred revenue	$	35,907	$	31,123
Stock-based compensation	776		629
Asset retirement obligation	1,742		1,511
Inventory reserve	132		133
Excess business interest expense	35,104		24,090
Lease asset liability	12,050		12,715
Settlement obligation	509		605
Debt discount and interest expense	122		841
Other intangible amortization	20,874		27,494
Other	3,762		4,560
Net operating loss carryforwards	169,488		156,482
Deferred tax assets	$	280,466	$	260,183

Deferred tax liabilities:
Property, plant and equipment	$	(100,285)	$	(97,459)
Customer list intangible	(34,578)		(37,159)

Right of use asset	(13,531)		(12,489)
Deferred or prepaid costs	(3,834)		(3,792)
Other	(193)		(156)
Deferred tax liabilities	$	(152,421)	$	(151,055)

Deferred tax asset, net	$	128,045	$	109,128

As of December 31, 2024, the Company’s deferred tax assets were primarily the result of U.S. federal and state net operating loss ("NOL") carryforwards.

As of each reporting date, the Company’s management considers new evidence, both positive and negative, that could impact management’s view with regard to future realization of deferred tax assets. Management has evaluated sources of future taxable income, including the Company’s significant deferred tax liabilities and available tax planning strategies, and determined that sufficient positive evidence exists as of December 31, 2024, to conclude that it is more likely than not that all of its deferred tax assets are realizable, and therefore, no valuation allowance has been recorded.

We have total federal NOL carryforwards as of December 31, 2024 of approximately $164.4 million which will expire between 2030 and 2037, and approximately $441.4 million which will not expire but the utilization of which will be limited to 80% of taxable income annually under provisions enacted in the Tax Cut and Jobs Act.

With the exception of Tower Cloud, Inc., whose outstanding equity we acquired 100% of in August 2016, and Uniti Fiber Holdings Inc., our 2021 returns remain open to examination. As Tower Cloud, Inc. and Uniti Fiber Holdings Inc. have NOLs available to carry forward, the applicable tax years will generally remain open to examination several years after the applicable loss carryforwards have been utilized or expire.

The Company or its subsidiaries file tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and certain foreign jurisdictions. A reconciliation of the Company’s beginning and ending liability for unrecognized tax benefits is as follows:


(Thousands)	2024		2023
Balance at January 1	$	1,734	$	1,734
Balance at December 31	$	1,734	$	1,734

The Company’s entire liability for unrecognized tax benefit is expected to be recognized as income within the next 12 months as the period for assessment of tax expires.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as additional tax expense. The Company recorded no interest expense and penalties for the period ending December 31, 2024. The Company’s balance of accrued interest and penalties related to unrecognized tax benefits as of December 31, 2024 was $1.3 million.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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+ Details

Revenues (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenues Disaggregated by Revenue Stream

The following table presents our revenues disaggregated by revenue stream.


	Year Ended December 31,
(Thousands)	2024		2023		2022
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Uniti Fiber
Lit backhaul	$	74,340	$	74,538	$	78,977
Enterprise and wholesale	105,174		97,834		85,820
E-Rate and government	48,438		55,682		64,219
Other	3,241		3,102		2,827
Uniti Fiber	231,193		231,156		231,843
Uniti Leasing	6,526		6,847		4,590
Total revenue from contracts with customers	237,719		238,003		236,433
Revenue accounted for under leasing guidance
Uniti Leasing	873,964		845,925		822,867
Uniti Fiber	55,244		65,903		69,547
Total revenue accounted for under leasing guidance	929,208		911,828		892,414
Total revenue	$	1,166,927	$	1,149,831	$	1,128,847

Schedule of Contract Assets and Contract Liabilities

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


(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2023	$	26	$	11,109
Balance at December 31, 2024	$	—	$	10,014

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


(Thousands)	December 31, 2024		December 31, 2023
Cash and cash equivalents	$	155,593	$	62,264
Restricted cash and cash equivalents	28,254		—
Cash, restricted cash and cash equivalents at end of period	$	183,847	$	62,264

Restrictions on Cash and Cash Equivalents


(Thousands)	December 31, 2024		December 31, 2023
Cash and cash equivalents	$	155,593	$	62,264
Restricted cash and cash equivalents	28,254		—
Cash, restricted cash and cash equivalents at end of period	$	183,847	$	62,264

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Dallas, Texas

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Information [Abstract]

Schedule Cash Paid For Interest Expense And Income Taxes

Cash paid for interest expense, net of capitalized interest and income taxes, net of refunds for the years ended December 31, 2024, 2023 and 2022 is as follows:


	Year Ended December 31,
(Thousands)	2024		2023		2022
Cash payments for:
Interest, net of capitalized interest	$	472,430	$	460,734	$	335,920
Income taxes, net of refunds	$	2,573	$	1,289	$	9,437

Goodwill and Intangible Assets - Schedule of Carrying Value of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible assets	$ 479,137	$ 479,137
Accumulated Amortization	(203,723)	(174,022)
Total intangible assets, net	275,414	305,115
Less: accumulated amortization	(45,451)	(34,757)
Total intangible liabilities, net	145,703	156,397
Customer lists
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Cost	416,104	416,104
Accumulated Amortization	(174,326)	(151,542)
Contracts
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Cost	52,536	52,536
Accumulated Amortization	(27,910)	(21,343)
Underlying rights
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Cost	10,497	10,497
Accumulated Amortization	(1,487)	(1,137)
Acquired 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	$ (45,451)	$ (34,757)

Earnings Per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Exchangeable Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares)	48,024,097	53,700,524
Performance Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares)	1,412,563	1,053,189	604,000

Segment Information - Schedule of Total Assets by Business Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total Assets	$ 5,282,145	$ 5,025,129
Corporate
Segment Reporting Information [Line Items]
Total Assets	138,008	131,776
Uniti Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Total Assets	3,158,309	2,936,972
Uniti Fiber \| Operating Segments
Segment Reporting Information [Line Items]
Total Assets	$ 1,985,828	$ 1,956,381

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Leases - Schedule of Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	$ 9,017,798	$ 8,628,671
Less: accumulated depreciation	(5,852,579)	(5,690,066)
Underlying assets under operating leases, net	3,165,219	2,938,605
Land
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	26,711	26,533
Building and improvements
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	350,829	347,700
Poles
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	341,548	314,488
Fiber
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	4,222,895	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	3,972,806	3,974,410
Conduit
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	90,193	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

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Cash paid for interest expense, net of capitalized interest and income taxes, net of refunds for the years ended December 31, 2024, 2023 and 2022 is as follows:


	Year Ended December 31,
(Thousands)	2024		2023		2022
Cash payments for:
Interest, net of capitalized interest	$	472,430	$	460,734	$	335,920
Income taxes, net of refunds	$	2,573	$	1,289	$	9,437

Assets and Liabilities Held for Sale

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale

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 million (the "Transaction"). The Transaction closed on January 31, 2024 and the Company recorded a $19.0 million gain on sale of real estate in the Condensed Consolidated Statements of Income (Loss).

The following table presents the assets and liabilities, associated with the Transaction, which were classified as held for sale as of December 31, 2023:


(Thousands)	December 31, 2023
Assets:
Property, plant and equipment, net	$	25,842
Straight-line revenue receivable	2,763
Total Assets	$	28,605

Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	67
Deferred revenue	264
Total Liabilities	$	331

The assets and liabilities associated with the Transaction are included in the results of the Uniti Leasing segment. The sale does not represent a strategic shift that will have a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation.

Derivative Instruments and Hedging Activities - Schedule of Cash Flow Hedges on Condensed Consolidated Statements of Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Income (Loss)	$ 511,364	$ 512,349
Interest Rate Cap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Amount of loss recognized on derivative in Other Comprehensive Loss	(656)	0
Amounts reclassified from Accumulated Other Comprehensive Loss into Interest Expense	$ (22)	$ 0

Fair Value of Financial Instruments - Additional Information (Details) $ in Thousands	Dec. 31, 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	$ 5,861,500	$ 5,617,442
Settlement payable (Note 3)	71,785	$ 163,583
Windstream Commitment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other Commitment	73,500		$ 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	$ 5,880,000

Basis of Presentation and Consolidation	12 Months Ended
Basis of Presentation and Consolidation	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying 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 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 ("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 Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for 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”).

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 1,734	$ 1,734
Balance at December 31	$ 1,734	$ 1,734

Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Our 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.

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

During the year ended December 31, 2024, approximately 1,412,563 PSUs were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive. During the year ended December 31, 2023, approximately 1,053,189 PSUs were excluded from the computation of diluted net loss per share, as their effect would have been anti-dilutive. During the year ended December 31, 2022, approximately 604,000 PSUs were excluded from the computation of diluted net loss per share because the performance conditions had not been met.

The dilutive effect of the Exchangeable Notes, which were repaid on June 15, 2024 (see Note 11) and the Convertible 2027 Notes are 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 the number of weighted average shares. The dilutive effect of the Warrants (see Note 11) is calculated using the treasury-stock method. During the years ended December 31, 2024, 2023 and 2022, the Warrants were excluded from diluted shares outstanding because the exercise price exceeded the average market price of our common stock for the reporting period.

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


	Year Ended December 31,
(Thousands, except per share data)	2024		2023		2022
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	93,406	$	(81,713)	$	(8,275)
Less: Income allocated to participating securities	(2,080)		(1,207)		(1,135)
Dividends declared on convertible preferred stock	(20)		(20)		(20)
Net income (loss) attributable to common shares	$	91,306	$	(82,940)	$	(9,430)
Denominator:
Basic weighted-average common shares outstanding	237,306		236,401		235,567
Basic earnings (loss) per common share	$	0.38	$	(0.35)	$	(0.04)


	Year Ended December 31,
(Thousands, except per share data)	2024		2023		2022
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	93,406	$	(81,713)	$	(8,275)
Less: Income allocated to participating securities	(2,080)		(1,207)		(1,135)
Dividends declared on convertible preferred stock	(20)		(20)		(20)
Impact on if-converted dilutive securities	—		—		—
Net income (loss) attributable to common shares	$	91,306	$	(82,940)	$	(9,430)
Denominator:
Basic weighted-average common shares outstanding	237,306		236,401		235,567
Impact on if-converted dilutive securities	—		—		—
Effect of dilutive non-participating securities	—		—		—
Weighted-average shares for dilutive earnings per common share	237,306		236,401		235,567
Dilutive earnings (loss) per common share	$	0.38	$	(0.35)	$	(0.04)

For the year ended December 31, 2024, 48,024,097 potential common shares related to the Convertible 2027 Notes and the Exchangeable Notes were excluded from the computation of earnings per share, as their effect would have been anti-dilutive. For the year ended December 31, 2023, 53,700,524 potential common shares related to the Convertible 2027 Notes and the Exchangeable Notes were excluded from the computation of earnings per share, as their effect would have been anti-dilutive.

Schedule I - Condensed Financial Information of The Registrant (Parent Company)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule I - Condensed Financial Information of The Registrant (Parent Company)

Supplementary Unrestricted Subsidiary Information

During 2024, we formed ABS Parent and the ABS Bridge Loan Parties, each an indirect, bankruptcy-remote subsidiary of the Company. Concurrently, we designated the ABS Parent and ABS Bridge Loan Parties as unrestricted subsidiaries under the Credit Agreement and the applicable indentures governing the Company’s outstanding senior notes. See Note 11.


UNAUDITED SUPPLEMENTAL INFORMATION

	Year Ended December 31, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	446,498	$	3,763,249	$	—	$	4,209,747
Cash and cash equivalents	1,743		153,850		—		155,593
Restricted cash and cash equivalents	28,149		105		—		28,254
Accounts receivable, net	9,032		46,309		(3,923)		51,418
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		275,414		—		275,414
Straight-line revenue receivable	798		108,072		—		108,870
Operating lease right-of-use assets, net	—		126,791		—		126,791
Other assets, net	—		211,031		(170,475)		40,556
Deferred income tax assets, net	—		128,045		—		128,045
Derivative asset	77		—		—		77
Total Assets	$	486,297	$	4,970,246	$	(174,398)	$	5,282,145

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	3,386	$	90,225	$	(3,923)	$	89,688
Settlement payable (Note 3)	—		71,785		—		71,785
Intangible liabilities, net	—		145,703		—		145,703
Accrued interest payable	921		142,980		—		143,901
Deferred revenue	43,521		1,357,431		—		1,400,952
Dividends payable	—		665		—		665
Operating lease liabilities	—		80,504		—		80,504
Finance lease obligations	—		17,190		—		17,190
Notes and other debt, net	271,329		5,512,268		—		5,783,597
Total liabilities	319,157		7,418,751		(3,923)		7,733,985

Shareholders' Deficit:
Total shareholders' deficit	167,140		(2,448,505)		(170,475)		(2,451,840)
Total Liabilities and Shareholders' Deficit	$	486,297	$	4,970,246	$	(174,398)	$	5,282,145


	As of September 30, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	451,670	$	3,704,872	$	—	$	4,156,542
Cash and cash equivalents	303		33,774		—		34,077
Restricted cash and cash equivalents	19,206		105		—		19,311
Accounts receivable, net	7,362		48,013		(3,771)		51,604
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		282,839		—		282,839
Straight-line revenue receivable	706		105,117		—		105,823
Operating lease right-of-use assets, net	—		126,791		—		126,791
Other assets, net	—		242,652		(202,656)		39,996
Deferred income tax assets, net	—		124,077		—		124,077
Derivative asset	231		—		—		231
Total Assets	$	479,478	$	4,825,620	$	(206,427)	$	5,098,671

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	3,825	$	95,790	$	(3,771)	$	95,844
Settlement payable	—		95,147		—		95,147
Intangible liabilities, net	—		148,377		—		148,377
Accrued interest payable	(374)		56,936		—		56,562
Deferred revenue	10,000		1,289,759		—		1,299,759
Dividends payable	—		2		—		2
Operating lease liabilities	—		78,785		—		78,785
Finance lease obligations	—		17,869		—		17,869
Notes and other debt, net	270,017		5,512,616		—		5,782,633
Total liabilities	283,468		7,295,281		(3,771)		7,574,978

Shareholders' Deficit:
Total shareholders' deficit	196,010		(2,469,661)		(202,656)		(2,476,307)
Total Liabilities and Shareholders' Deficit	$	479,478	$	4,825,620	$	(206,427)	$	5,098,671


	As of June 30, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	456,842	$	3,635,957	$	—	$	4,092,799
Cash and cash equivalents	14		118,749		—		118,763
Restricted cash and cash equivalents	12,624		104		—		12,728
Accounts receivable, net	6,182		55,888		(5,416)		56,654
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		290,264		—		290,264
Straight-line revenue receivable	597		101,113		—		101,710
Operating lease right-of-use assets, net	—		128,837		—		128,837
Other assets, net	—		241,769		(201,070)		40,699
Deferred income tax assets, net	—		117,780		—		117,780
Derivative asset	1,616		—		—		1,616
Total Assets	$	477,875	$	4,847,841	$	(206,486)	$	5,119,230

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	3,560	$	88,961	$	(5,416)	$	87,105
Settlement payable	—		118,232		—		118,232
Intangible liabilities, net	—		151,050		—		151,050
Accrued interest payable	199		142,028		—		142,227
Deferred revenue	9,862		1,232,303		—		1,242,165
Dividends payable	—		1,134		—		1,134
Operating lease liabilities	—		79,812		—		79,812
Finance lease obligations	—		18,110		—		18,110
Notes and other debt, net	268,737		5,503,072		—		5,771,809
Total liabilities	282,358		7,334,702		(5,416)		7,611,644

Shareholders' Deficit:
Total shareholders' deficit	195,517		(2,486,861)		(201,070)		(2,492,414)
Total Liabilities and Shareholders' Deficit	$	477,875	$	4,847,841	$	(206,486)	$	5,119,230


	As of March 31, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	463,736	$	3,578,749	$	—	$	4,042,485
Cash and cash equivalents	—		43,058		—		43,058
Restricted cash and cash equivalents	7,580		104		—		7,684
Accounts receivable, net	9,301		45,094		(5,811)		48,584
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		297,689		—		297,689
Straight-line revenue receivable	525		96,134		—		96,659
Operating lease right-of-use assets, net	—		131,810		—		131,810
Other assets, net	—		243,510		(201,039)		42,471
Deferred income tax assets, net	—		114,904		—		114,904
Derivative asset	1,845		—		—		1,845
Total Assets	$	482,987	$	4,708,432	$	(206,850)	$	4,984,569

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	—	$	95,850	$	(5,811)	$	90,039
Settlement payable	—		141,043		—		141,043
Intangible liabilities, net	—		153,724		—		153,724
Accrued interest payable	1,698		50,099		—		51,797
Deferred revenue	9,713		1,217,741		—		1,227,454
Dividends payable	—		37,048		—		37,048
Operating lease liabilities	—		81,778		—		81,778
Finance lease obligations	—		18,473		—		18,473
Notes and other debt, net	267,490		5,393,206		—		5,660,696
Total liabilities	278,901		7,188,962		(5,811)		7,462,052

Shareholders' Deficit:
Total shareholders' deficit	204,086		(2,480,530)		(201,039)		(2,477,483)
Total Liabilities and Shareholders' Deficit	$	482,987	$	4,708,432	$	(206,850)	$	4,984,569


	Year Ended December 31, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	71,494	$	1,109,598	$	(14,165)	$	1,166,927

Costs and Expenses:
Interest expense, net	24,068		487,296		—		511,364
Depreciation and amortization	17,238		297,572		—		314,810
General and administrative expense	32,889		86,295		(14,165)		105,019
Operating expense (exclusive of depreciation, accretion and amortization)	—		140,377		—		140,377
Transaction related and other costs	—		38,734		—		38,734
Gain on sale of real estate	—		(18,953)		—		(18,953)
Other (income) expense, net	—		(301)		—		(301)
Total costs and expenses	74,195		1,031,020		(14,165)		1,091,050

Income (loss) before income taxes and equity in earnings from unconsolidated entities	(2,701)		78,578		—		75,877
Income tax benefit	—		(17,555)		—		(17,555)
Net income (loss)	$	(2,701)	$	96,133	$	—	$	93,432


	Nine Months Ended September 30, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	46,785	$	836,782	$	(9,955)	$	873,612

Costs and Expenses:
Interest expense, net	16,950		364,743		—		381,693
Depreciation and amortization	12,067		222,795		—		234,862
General and administrative expense	23,594		66,907		(9,955)		80,546
Operating expense (exclusive of depreciation, accretion and amortization)	—		106,753		—		106,753
Transaction related and other costs	—		31,068		—		31,068
Gain on sale of real estate	—		(18,999)		—		(18,999)
Other (income) expense, net	—		(301)		—		(301)
Total costs and expenses	52,611		772,966		(9,955)		815,622

Income (loss) before income taxes and equity in earnings from unconsolidated entities	(5,826)		63,816		—		57,990
Income tax benefit	—		(13,869)		—		(13,869)
Net income (loss)	$	(5,826)	$	77,685	$	—	$	71,859


	Six Months Ended June 30, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	24,249	$	562,792	$	(5,676)	$	581,365

Costs and Expenses:
Interest expense, net	9,786		240,900		—		250,686
Depreciation and amortization	6,895		148,642		—		155,537
General and administrative expense	13,257		46,268		(5,676)		53,849
Operating expense (exclusive of depreciation, accretion and amortization)	—		72,234		—		72,234
Transaction related and other costs	—		16,664		—		16,664
Gain on sale of real estate	—		(18,999)		—		(18,999)
Other (income) expense, net	—		(301)		—		(301)
Total costs and expenses	29,938		505,408		(5,676)		529,670

Income (loss) before income taxes and equity in earnings from unconsolidated entities	(5,689)		57,384		—		51,695
Income tax benefit	—		(7,934)		—		(7,934)
Net income (loss)	(5,689)		65,318		—		59,629


	Three Months Ended March 31, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	5,581	$	280,837	$	—	$	286,418

Costs and Expenses:
Interest expense, net	2,295		120,916		—		123,211
Depreciation and amortization	—		77,485		—		77,485
General and administrative expense	72		28,061		—		28,133
Operating expense (exclusive of depreciation, accretion and amortization)	—		35,198		—		35,198
Transaction related and other costs	—		5,687		—		5,687
Gain on sale of real estate	—		(18,999)		—		(18,999)
Other (income) expense, net	—		(282)		—		(282)
Total costs and expenses	2,367		248,066		—		250,433

Income (loss) before income taxes and equity in earnings from unconsolidated entities	3,214		32,771		—		35,985
Income tax benefit	—		(5,363)		—		(5,363)
Net income (loss)	$	3,214	$	38,134	$	—	$	41,348

Uniti Group Inc.

Schedule I – Condensed Financial Information of

The Registrant (Parent Company)

Condensed Balance Sheets


(Thousands, except par value)	December 31, 2024		December 31, 2023
Assets:
Cash and cash equivalents	$	946	$	627

Total Assets	$	946	$	627

Liabilities:
Accrued other liabilities	$	6,545	$	6,441
Dividends payable	663		36,144
Notes and other debt, net	300,227		298,408
Cash distributions and losses in excess of investments in consolidated subsidiaries	2,145,884		2,146,026
Total liabilities	2,453,319		2,487,019

Shareholders' Deficit:
Preferred stock, $0.0001 par value, 50,000 shares authorized, no shares issued and outstanding	—		—
Common stock, $0.0001 par value, 500,000 shares authorized, issued and outstanding: 237,513 shares at December 31, 2024 and 236,559 at December 31, 2023	24		24
Additional paid-in capital	1,236,045		1,221,824
Accumulated other comprehensive loss	(634)		—
Distributions in excess of accumulated earnings	(3,687,808)		(3,708,240)
Total Uniti shareholders' deficit	(2,452,373)		(2,486,392)
Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit	$	946	$	627

See notes to Consolidated Financial Statements of Uniti Group Inc. included in Financial Statements and Supplementary Data.

Stock-Based Compensation - Schedule of Unvested Restricted Stock Awards (Details) - Restricted Awards - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Nonvested, beginning balance (in shares)	2,096,993
Granted (in shares)	5,614,904	1,505,876	925,059
Forfeited (in shares)	(133,616)
Vested (in shares)	(934,900)
Nonvested, ending balance (in shares)	6,643,381	2,096,993
Weighted Average Fair Value at Grant Date
Unvested balance (in dollars per share)	$ 7.41
Grant (in dollars per share)	4.32	$ 5.78	$ 9.52
Forfeited (in dollars per share)	6.45
Vested (in dollars per share)	8.08
Unvested balance (in dollars per share)	$ 4.69	$ 7.41
Aggregate Intrinsic Value
Unvested balance	$ 36,539
Aggregate intrinsic value (in dollars per share)	$ 5.50

Summary of Significant Accounting Policies - Property, Plant and Equipment and Tenant Capital Improvements (Details) - USD ($)		12 Months Ended
	Apr. 27, 2015	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Accumulated amortization of finance lease assets		$ 23,300,000	$ 20,400,000
Gain (loss) on disposition of property	$ 0
Depreciation expense		285,100,000	280,800,000	$ 263,000,000.0
Impairment losses		0	0	0
Property Plant and Equipment, Net
Summary Of Significant Accounting Policies [Line Items]
Tenant funded capital improvements		1,100,000,000	970,100,000
Tenant Capital Improvements \| Master Lease \| Windstream
Summary Of Significant Accounting Policies [Line Items]
Leasing revenue		50,900,000	47,000,000.0	43,200,000
Depreciation expense		$ 50,900,000	$ 47,000,000.0	$ 43,200,000

Schedule I - Condensed Financial Information of The Registrant (Parent Company) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flow from operating activities
Net cash provided by (used in) operating activities	$ 366,695	$ 353,129	$ 460,115
Cash flow from investing activities
Proceeds from sale of real estate, net of cash	40,241	2,545	665
Net cash used in investing activities	(272,196)	(411,311)	(392,019)
Cash flow from financing activities
Dividends paid	(108,455)	(107,405)	(142,950)
Proceeds from issuance of Notes	309,000	2,600,000	306,500
Payments for financing costs	(15,778)	(26,955)	(9,852)
Payments related to tax withholding for stock-based compensation	(1,595)	(1,433)	(4,913)
Proceeds from employee stock purchase plan	657	730	589
Net cash provided by (used in) financing activities	27,084	76,643	(83,196)
Net increase (decrease) in cash, restricted cash and cash equivalents	121,583	18,461	(15,100)
Cash, restricted cash and cash equivalents at beginning of period	62,264	43,803	58,903
Cash, restricted cash and cash equivalents at end of period	183,847	62,264	43,803
Uniti Group Inc.
Cash flow from operating activities
Net cash provided by (used in) operating activities	108,315	104,630	(134,179)
Cash flow from investing activities
Proceeds from sale of real estate, net of cash	0	0	0
Net cash used in investing activities	0	0	0
Cash flow from financing activities
Dividends paid	(108,455)	(107,405)	(142,950)
Proceeds from issuance of Notes	0	0	306,500
Payments for financing costs	0	0	(9,852)
Payment for settlement of common stock warrant	0	(56)	(522)
Payments related to tax withholding for stock-based compensation	(1,595)	(1,432)	(4,913)
Proceeds from termination of bond hedge option	0	59	1,190
Payments for capped call option	0	0	(21,149)
Intercompany transactions, net	1,397	1,368	4,907
Proceeds from employee stock purchase plan	657	730	589
Net cash provided by (used in) financing activities	(107,996)	(106,736)	133,800
Net increase (decrease) in cash, restricted cash and cash equivalents	319	(2,106)	(379)
Cash, restricted cash and cash equivalents at beginning of period	627	2,733	3,112
Cash, restricted cash and cash equivalents at end of period	$ 946	$ 627	$ 2,733

Supplementary Unrestricted Subsidiary Information - Schedule of Consolidated Balance Sheet Information Reflecting the Elimination of the Accounts of Unrestricted Subsidiaries (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets:
Property, plant and equipment, net	$ 4,209,747				$ 3,982,069
Cash and cash equivalents	155,593				62,264
Restricted cash and cash equivalents	28,254				0
Accounts receivable, net	51,418				46,358
Goodwill	157,380				157,380	$ 361,378
Intangible assets, net	275,414				305,115
Straight-line revenue receivable	108,870				90,988
Operating lease right-of-use assets, net	126,791				125,105
Other assets, net	40,556				118,117
Deferred income tax assets, net	128,045				109,128
Derivative asset	77				0
Total Assets	5,282,145				5,025,129
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	89,688				119,340
Settlement payable (Note 3)	71,785				163,583
Intangible liabilities, net	145,703				156,397
Accrued interest payable	143,901				133,683
Deferred revenue	1,400,952				1,273,661
Dividends payable	665				36,162
Operating lease liabilities	80,504				84,404
Finance Lease Liability Excluding Finance Lease Obligations In Held For Sale	17,190				18,110
Notes and other debt, net	5,783,597				5,523,579
Total liabilities	7,733,985				7,509,250
Shareholders' Deficit:
Total shareholders' deficit	(2,451,840)				(2,484,121)	$ (2,271,206)	$ (2,113,774)
Total Liabilities and Shareholders' Deficit	5,282,145				$ 5,025,129
Eliminations
Assets:
Property, plant and equipment, net	0	$ 0	$ 0	$ 0
Cash and cash equivalents	0	0	0	0
Restricted cash and cash equivalents	0	0	0	0
Accounts receivable, net	(3,923)	(3,771)	(5,416)	(5,811)
Goodwill	0	0	0	0
Intangible assets, net	0	0	0	0
Straight-line revenue receivable	0	0	0	0
Operating lease right-of-use assets, net	0	0	0	0
Other assets, net	(170,475)	(202,656)	(201,070)	(201,039)
Deferred income tax assets, net	0	0	0	0
Derivative asset	0	0	0	0
Total Assets	(174,398)	(206,427)	(206,486)	(206,850)
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	(3,923)	(3,771)	(5,416)	(5,811)
Settlement payable (Note 3)	0	0	0	0
Intangible liabilities, net	0	0	0	0
Accrued interest payable	0	0	0	0
Deferred revenue	0	0	0	0
Dividends payable	0	0	0	0
Operating lease liabilities	0	0	0	0
Finance Lease Liability Excluding Finance Lease Obligations In Held For Sale	0	0	0	0
Notes and other debt, net	0	0	0	0
Total liabilities	(3,923)	(3,771)	(5,416)	(5,811)
Shareholders' Deficit:
Total shareholders' deficit	(170,475)	(202,656)	(201,070)	(201,039)
Total Liabilities and Shareholders' Deficit	(174,398)	(206,427)	(206,486)	(206,850)
Consolidated
Assets:
Property, plant and equipment, net	4,209,747	4,156,542	4,092,799	4,042,485
Cash and cash equivalents	155,593	34,077	118,763	43,058
Restricted cash and cash equivalents	28,254	19,311	12,728	7,684
Accounts receivable, net	51,418	51,604	56,654	48,584
Goodwill	157,380	157,380	157,380	157,380
Intangible assets, net	275,414	282,839	290,264	297,689
Straight-line revenue receivable	108,870	105,823	101,710	96,659
Operating lease right-of-use assets, net	126,791	126,791	128,837	131,810
Other assets, net	40,556	39,996	40,699	42,471
Deferred income tax assets, net	128,045	124,077	117,780	114,904
Derivative asset	77	231	1,616	1,845
Total Assets	5,282,145	5,098,671	5,119,230	4,984,569
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	89,688	95,844	87,105	90,039
Settlement payable (Note 3)	71,785	95,147	118,232	141,043
Intangible liabilities, net	145,703	148,377	151,050	153,724
Accrued interest payable	143,901	56,562	142,227	51,797
Deferred revenue	1,400,952	1,299,759	1,242,165	1,227,454
Dividends payable	665	2	1,134	37,048
Operating lease liabilities	80,504	78,785	79,812	81,778
Finance Lease Liability Excluding Finance Lease Obligations In Held For Sale	17,190	17,869	18,110	18,473
Notes and other debt, net	5,783,597	5,782,633	5,771,809	5,660,696
Total liabilities	7,733,985	7,574,978	7,611,644	7,462,052
Shareholders' Deficit:
Total shareholders' deficit	(2,451,840)	(2,476,307)	(2,492,414)	(2,477,483)
Total Liabilities and Shareholders' Deficit	5,282,145	5,098,671	5,119,230	4,984,569
Unrestricted Subsidiaries
Assets:
Property, plant and equipment, net	446,498	451,670	456,842	463,736
Cash and cash equivalents	1,743	303	14	0
Restricted cash and cash equivalents	28,149	19,206	12,624	7,580
Accounts receivable, net	9,032	7,362	6,182	9,301
Goodwill	0	0	0	0
Intangible assets, net	0	0	0	0
Straight-line revenue receivable	798	706	597	525
Operating lease right-of-use assets, net	0	0	0	0
Other assets, net	0	0	0	0
Deferred income tax assets, net	0	0	0	0
Derivative asset	77	231	1,616	1,845
Total Assets	486,297	479,478	477,875	482,987
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	3,386	3,825	3,560	0
Settlement payable (Note 3)	0	0	0	0
Intangible liabilities, net	0	0	0	0
Accrued interest payable	921	(374)	199	1,698
Deferred revenue	43,521	10,000	9,862	9,713
Dividends payable	0	0	0	0
Operating lease liabilities	0	0	0	0
Finance Lease Liability Excluding Finance Lease Obligations In Held For Sale	0	0	0	0
Notes and other debt, net	271,329	270,017	268,737	267,490
Total liabilities	319,157	283,468	282,358	278,901
Shareholders' Deficit:
Total shareholders' deficit	167,140	196,010	195,517	204,086
Total Liabilities and Shareholders' Deficit	486,297	479,478	477,875	482,987
Restricted Subsidiaries
Assets:
Property, plant and equipment, net	3,763,249	3,704,872	3,635,957	3,578,749
Cash and cash equivalents	153,850	33,774	118,749	43,058
Restricted cash and cash equivalents	105	105	104	104
Accounts receivable, net	46,309	48,013	55,888	45,094
Goodwill	157,380	157,380	157,380	157,380
Intangible assets, net	275,414	282,839	290,264	297,689
Straight-line revenue receivable	108,072	105,117	101,113	96,134
Operating lease right-of-use assets, net	126,791	126,791	128,837	131,810
Other assets, net	211,031	242,652	241,769	243,510
Deferred income tax assets, net	128,045	124,077	117,780	114,904
Derivative asset	0	0	0	0
Total Assets	4,970,246	4,825,620	4,847,841	4,708,432
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	90,225	95,790	88,961	95,850
Settlement payable (Note 3)	71,785	95,147	118,232	141,043
Intangible liabilities, net	145,703	148,377	151,050	153,724
Accrued interest payable	142,980	56,936	142,028	50,099
Deferred revenue	1,357,431	1,289,759	1,232,303	1,217,741
Dividends payable	665	2	1,134	37,048
Operating lease liabilities	80,504	78,785	79,812	81,778
Finance Lease Liability Excluding Finance Lease Obligations In Held For Sale	17,190	17,869	18,110	18,473
Notes and other debt, net	5,512,268	5,512,616	5,503,072	5,393,206
Total liabilities	7,418,751	7,295,281	7,334,702	7,188,962
Shareholders' Deficit:
Total shareholders' deficit	(2,448,505)	(2,469,661)	(2,486,861)	(2,480,530)
Total Liabilities and Shareholders' Deficit	$ 4,970,246	$ 4,825,620	$ 4,847,841	$ 4,708,432

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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:


	Year Ended December 31,
(Thousands, except per share data)	2024		2023		2022
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	93,406	$	(81,713)	$	(8,275)
Less: Income allocated to participating securities	(2,080)		(1,207)		(1,135)
Dividends declared on convertible preferred stock	(20)		(20)		(20)
Net income (loss) attributable to common shares	$	91,306	$	(82,940)	$	(9,430)
Denominator:
Basic weighted-average common shares outstanding	237,306		236,401		235,567
Basic earnings (loss) per common share	$	0.38	$	(0.35)	$	(0.04)


	Year Ended December 31,
(Thousands, except per share data)	2024		2023		2022
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	93,406	$	(81,713)	$	(8,275)
Less: Income allocated to participating securities	(2,080)		(1,207)		(1,135)
Dividends declared on convertible preferred stock	(20)		(20)		(20)
Impact on if-converted dilutive securities	—		—		—
Net income (loss) attributable to common shares	$	91,306	$	(82,940)	$	(9,430)
Denominator:
Basic weighted-average common shares outstanding	237,306		236,401		235,567
Impact on if-converted dilutive securities	—		—		—
Effect of dilutive non-participating securities	—		—		—
Weighted-average shares for dilutive earnings per common share	237,306		236,401		235,567
Dilutive earnings (loss) per common share	$	0.38	$	(0.35)	$	(0.04)

Schedule III - Real Estate Investments and Accumulated Depreciation (Details) - USD ($)		12 Months Ended
	Sep. 18, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried at Close of Period		$ 8,771,691,000	$ 8,395,630,000	$ 8,066,830,000
Accumulated Depreciation		5,803,701,000	5,649,568,000	5,509,904,000
Tenant capital improvements		263,087,000	167,763,000	$ 119,685,000
Growth capital improvements		230,815,000	$ 250,000,000
New lease, aggregate reimbursements made for certain growth capital improvements		161,400,000
Aggregate cost of real estate federal income tax		7,900,000,000
Windstream
Real Estate And Accumulated Depreciation [Line Items]
New lease, aggregate reimbursements made for certain growth capital improvements		1,750,000,000
Maximum \| Windstream
Real Estate And Accumulated Depreciation [Line Items]
New lease, aggregate reimbursements made for certain growth capital improvements	$ 1,750,000,000	125,000,000
Land
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried at Close of Period		26,711,000
Building and improvements
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried at Close of Period		350,829,000
Accumulated Depreciation		$ 219,952,000
Building and improvements \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		3 years
Building and improvements \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		40 years
Poles
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried at Close of Period		$ 341,548,000
Accumulated Depreciation		$ 208,071,000
Depreciable Lives		30 years
Fiber
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried at Close of Period		$ 3,974,475,000
Accumulated Depreciation		$ 1,793,513,000
Depreciable Lives		30 years
Copper
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried at Close of Period		$ 3,972,806,000
Accumulated Depreciation		$ 3,501,166,000
Depreciable Lives		20 years
Conduit
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried at Close of Period		$ 90,193,000
Accumulated Depreciation		$ 75,320,000
Depreciable Lives		30 years
Towers
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried at Close of Period		$ 58,000
Accumulated Depreciation		$ 24,000
Depreciable Lives		20 years
Other assets
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried at Close of Period		$ 10,432,000
Accumulated Depreciation		$ 5,655,000
Other assets \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		15 years
Other assets \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		20 years
Construction in progress
Real Estate And Accumulated Depreciation [Line Items]
Gross Amount Carried at Close of Period		$ 4,639,000

Accumulated Other Comprehensive Loss - Narrative (Details) - Interest Rate Cap - Designated as Hedging Instrument $ in Millions	Mar. 01, 2024 USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Derivative, notional value	$ 275.0
Derivative, cap interest rate	4.50%

- 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

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable business segments	2
Number of operating business segments	2

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Deferred revenue	$ 35,907	$ 31,123
Stock-based compensation	776	629
Asset retirement obligation	1,742	1,511
Inventory reserve	132	133
Excess business interest expense	35,104	24,090
Lease asset liability	12,050	12,715
Settlement obligation	509	605
Debt discount and interest expense	122	841
Other intangible amortization	20,874	27,494
Other	3,762	4,560
Net operating loss carryforwards	169,488	156,482
Deferred tax assets	280,466	260,183
Deferred tax liabilities:
Property, plant and equipment	(100,285)	(97,459)
Customer list intangible	(34,578)	(37,159)
Right of use asset	(13,531)	(12,489)
Deferred or prepaid costs	(3,834)	(3,792)
Other	(193)	(156)
Deferred tax liabilities	(152,421)	(151,055)
Deferred tax asset, net	$ 128,045	$ 109,128

Supplementary Unrestricted Subsidiary Information

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Supplementary Unrestricted Subsidiary Information


UNAUDITED SUPPLEMENTAL INFORMATION

	Year Ended December 31, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	446,498	$	3,763,249	$	—	$	4,209,747
Cash and cash equivalents	1,743		153,850		—		155,593
Restricted cash and cash equivalents	28,149		105		—		28,254
Accounts receivable, net	9,032		46,309		(3,923)		51,418
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		275,414		—		275,414
Straight-line revenue receivable	798		108,072		—		108,870
Operating lease right-of-use assets, net	—		126,791		—		126,791
Other assets, net	—		211,031		(170,475)		40,556
Deferred income tax assets, net	—		128,045		—		128,045
Derivative asset	77		—		—		77
Total Assets	$	486,297	$	4,970,246	$	(174,398)	$	5,282,145

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	3,386	$	90,225	$	(3,923)	$	89,688
Settlement payable (Note 3)	—		71,785		—		71,785
Intangible liabilities, net	—		145,703		—		145,703
Accrued interest payable	921		142,980		—		143,901
Deferred revenue	43,521		1,357,431		—		1,400,952
Dividends payable	—		665		—		665
Operating lease liabilities	—		80,504		—		80,504
Finance lease obligations	—		17,190		—		17,190
Notes and other debt, net	271,329		5,512,268		—		5,783,597
Total liabilities	319,157		7,418,751		(3,923)		7,733,985

Shareholders' Deficit:
Total shareholders' deficit	167,140		(2,448,505)		(170,475)		(2,451,840)
Total Liabilities and Shareholders' Deficit	$	486,297	$	4,970,246	$	(174,398)	$	5,282,145


	As of September 30, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	451,670	$	3,704,872	$	—	$	4,156,542
Cash and cash equivalents	303		33,774		—		34,077
Restricted cash and cash equivalents	19,206		105		—		19,311
Accounts receivable, net	7,362		48,013		(3,771)		51,604
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		282,839		—		282,839
Straight-line revenue receivable	706		105,117		—		105,823
Operating lease right-of-use assets, net	—		126,791		—		126,791
Other assets, net	—		242,652		(202,656)		39,996
Deferred income tax assets, net	—		124,077		—		124,077
Derivative asset	231		—		—		231
Total Assets	$	479,478	$	4,825,620	$	(206,427)	$	5,098,671

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	3,825	$	95,790	$	(3,771)	$	95,844
Settlement payable	—		95,147		—		95,147
Intangible liabilities, net	—		148,377		—		148,377
Accrued interest payable	(374)		56,936		—		56,562
Deferred revenue	10,000		1,289,759		—		1,299,759
Dividends payable	—		2		—		2
Operating lease liabilities	—		78,785		—		78,785
Finance lease obligations	—		17,869		—		17,869
Notes and other debt, net	270,017		5,512,616		—		5,782,633
Total liabilities	283,468		7,295,281		(3,771)		7,574,978

Shareholders' Deficit:
Total shareholders' deficit	196,010		(2,469,661)		(202,656)		(2,476,307)
Total Liabilities and Shareholders' Deficit	$	479,478	$	4,825,620	$	(206,427)	$	5,098,671


	As of June 30, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	456,842	$	3,635,957	$	—	$	4,092,799
Cash and cash equivalents	14		118,749		—		118,763
Restricted cash and cash equivalents	12,624		104		—		12,728
Accounts receivable, net	6,182		55,888		(5,416)		56,654
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		290,264		—		290,264
Straight-line revenue receivable	597		101,113		—		101,710
Operating lease right-of-use assets, net	—		128,837		—		128,837
Other assets, net	—		241,769		(201,070)		40,699
Deferred income tax assets, net	—		117,780		—		117,780
Derivative asset	1,616		—		—		1,616
Total Assets	$	477,875	$	4,847,841	$	(206,486)	$	5,119,230

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	3,560	$	88,961	$	(5,416)	$	87,105
Settlement payable	—		118,232		—		118,232
Intangible liabilities, net	—		151,050		—		151,050
Accrued interest payable	199		142,028		—		142,227
Deferred revenue	9,862		1,232,303		—		1,242,165
Dividends payable	—		1,134		—		1,134
Operating lease liabilities	—		79,812		—		79,812
Finance lease obligations	—		18,110		—		18,110
Notes and other debt, net	268,737		5,503,072		—		5,771,809
Total liabilities	282,358		7,334,702		(5,416)		7,611,644

Shareholders' Deficit:
Total shareholders' deficit	195,517		(2,486,861)		(201,070)		(2,492,414)
Total Liabilities and Shareholders' Deficit	$	477,875	$	4,847,841	$	(206,486)	$	5,119,230


	As of March 31, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	463,736	$	3,578,749	$	—	$	4,042,485
Cash and cash equivalents	—		43,058		—		43,058
Restricted cash and cash equivalents	7,580		104		—		7,684
Accounts receivable, net	9,301		45,094		(5,811)		48,584
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		297,689		—		297,689
Straight-line revenue receivable	525		96,134		—		96,659
Operating lease right-of-use assets, net	—		131,810		—		131,810
Other assets, net	—		243,510		(201,039)		42,471
Deferred income tax assets, net	—		114,904		—		114,904
Derivative asset	1,845		—		—		1,845
Total Assets	$	482,987	$	4,708,432	$	(206,850)	$	4,984,569

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	—	$	95,850	$	(5,811)	$	90,039
Settlement payable	—		141,043		—		141,043
Intangible liabilities, net	—		153,724		—		153,724
Accrued interest payable	1,698		50,099		—		51,797
Deferred revenue	9,713		1,217,741		—		1,227,454
Dividends payable	—		37,048		—		37,048
Operating lease liabilities	—		81,778		—		81,778
Finance lease obligations	—		18,473		—		18,473
Notes and other debt, net	267,490		5,393,206		—		5,660,696
Total liabilities	278,901		7,188,962		(5,811)		7,462,052

Shareholders' Deficit:
Total shareholders' deficit	204,086		(2,480,530)		(201,039)		(2,477,483)
Total Liabilities and Shareholders' Deficit	$	482,987	$	4,708,432	$	(206,850)	$	4,984,569


	Year Ended December 31, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	71,494	$	1,109,598	$	(14,165)	$	1,166,927

Costs and Expenses:
Interest expense, net	24,068		487,296		—		511,364
Depreciation and amortization	17,238		297,572		—		314,810
General and administrative expense	32,889		86,295		(14,165)		105,019
Operating expense (exclusive of depreciation, accretion and amortization)	—		140,377		—		140,377
Transaction related and other costs	—		38,734		—		38,734
Gain on sale of real estate	—		(18,953)		—		(18,953)
Other (income) expense, net	—		(301)		—		(301)
Total costs and expenses	74,195		1,031,020		(14,165)		1,091,050

Income (loss) before income taxes and equity in earnings from unconsolidated entities	(2,701)		78,578		—		75,877
Income tax benefit	—		(17,555)		—		(17,555)
Net income (loss)	$	(2,701)	$	96,133	$	—	$	93,432


	Nine Months Ended September 30, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	46,785	$	836,782	$	(9,955)	$	873,612

Costs and Expenses:
Interest expense, net	16,950		364,743		—		381,693
Depreciation and amortization	12,067		222,795		—		234,862
General and administrative expense	23,594		66,907		(9,955)		80,546
Operating expense (exclusive of depreciation, accretion and amortization)	—		106,753		—		106,753
Transaction related and other costs	—		31,068		—		31,068
Gain on sale of real estate	—		(18,999)		—		(18,999)
Other (income) expense, net	—		(301)		—		(301)
Total costs and expenses	52,611		772,966		(9,955)		815,622

Income (loss) before income taxes and equity in earnings from unconsolidated entities	(5,826)		63,816		—		57,990
Income tax benefit	—		(13,869)		—		(13,869)
Net income (loss)	$	(5,826)	$	77,685	$	—	$	71,859


	Six Months Ended June 30, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	24,249	$	562,792	$	(5,676)	$	581,365

Costs and Expenses:
Interest expense, net	9,786		240,900		—		250,686
Depreciation and amortization	6,895		148,642		—		155,537
General and administrative expense	13,257		46,268		(5,676)		53,849
Operating expense (exclusive of depreciation, accretion and amortization)	—		72,234		—		72,234
Transaction related and other costs	—		16,664		—		16,664
Gain on sale of real estate	—		(18,999)		—		(18,999)
Other (income) expense, net	—		(301)		—		(301)
Total costs and expenses	29,938		505,408		(5,676)		529,670

Income (loss) before income taxes and equity in earnings from unconsolidated entities	(5,689)		57,384		—		51,695
Income tax benefit	—		(7,934)		—		(7,934)
Net income (loss)	(5,689)		65,318		—		59,629


	Three Months Ended March 31, 2024
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	5,581	$	280,837	$	—	$	286,418

Costs and Expenses:
Interest expense, net	2,295		120,916		—		123,211
Depreciation and amortization	—		77,485		—		77,485
General and administrative expense	72		28,061		—		28,133
Operating expense (exclusive of depreciation, accretion and amortization)	—		35,198		—		35,198
Transaction related and other costs	—		5,687		—		5,687
Gain on sale of real estate	—		(18,999)		—		(18,999)
Other (income) expense, net	—		(282)		—		(282)
Total costs and expenses	2,367		248,066		—		250,433

Income (loss) before income taxes and equity in earnings from unconsolidated entities	3,214		32,771		—		35,985
Income tax benefit	—		(5,363)		—		(5,363)
Net income (loss)	$	3,214	$	38,134	$	—	$	41,348

Uniti Group Inc.

Schedule I – Condensed Financial Information of

The Registrant (Parent Company)

Condensed Balance Sheets


(Thousands, except par value)	December 31, 2024		December 31, 2023
Assets:
Cash and cash equivalents	$	946	$	627

Total Assets	$	946	$	627

Liabilities:
Accrued other liabilities	$	6,545	$	6,441
Dividends payable	663		36,144
Notes and other debt, net	300,227		298,408
Cash distributions and losses in excess of investments in consolidated subsidiaries	2,145,884		2,146,026
Total liabilities	2,453,319		2,487,019

Shareholders' Deficit:
Preferred stock, $0.0001 par value, 50,000 shares authorized, no shares issued and outstanding	—		—
Common stock, $0.0001 par value, 500,000 shares authorized, issued and outstanding: 237,513 shares at December 31, 2024 and 236,559 at December 31, 2023	24		24
Additional paid-in capital	1,236,045		1,221,824
Accumulated other comprehensive loss	(634)		—
Distributions in excess of accumulated earnings	(3,687,808)		(3,708,240)
Total Uniti shareholders' deficit	(2,452,373)		(2,486,392)
Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit	$	946	$	627

See notes to Consolidated Financial Statements of Uniti Group Inc. included in Financial Statements and Supplementary Data.

Leases - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	$ 1,732	$ 1,575
Operating cash flows for operating leases	31,311	22,326
Financing cash flows for finance leases	2,652	2,262	$ 1,193
Non-cash items:
New operating leases and remeasurements, net	18,961	32,490
New finance leases and remeasurements, net	$ 1,792	$ 5,687

Notes and Other Debt - Schedule of Aggregate Annual Maturities of Long-Term Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Long-Term Debt, Fiscal Year Maturity [Abstract]
2025	$ 275,000
2026	0
2027	306,500
2028	3,470,000
2029	1,110,000
Thereafter	700,000
Total	$ 5,861,500	$ 5,617,442

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flow from operating activities
Net income (loss)	$ 93,432	$ (81,749)	$ (8,122)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	314,810	310,528	292,788
Amortization of deferred financing costs and debt discount	22,738	18,498	18,147
Loss (Gain) on debt extinguishment	0	31,187	(10,754)
Interest rate swap termination	1,489	0	9,243
Interest rate cap amortization	1,489	0	9,243
Deferred income taxes	(18,917)	(68,497)	(28,909)
Equity in earnings from unconsolidated entities	0	(2,662)	(2,371)
Distributions of cumulative earnings from unconsolidated entities	0	3,964	3,969
Cash paid for interest rate swap settlement	0	0	(10,413)
Cash paid for interest rate cap	(2,200)	0	0
Straight-line rental revenues	(30,584)	(37,944)	(40,925)
Stock-based compensation	13,508	12,491	12,751
Goodwill impairment (Note 3)	0	203,998	240,500
(Gain) Loss on asset disposals	(872)	(573)	898
Gain on sale of real estate	(18,953)	(2,164)	(433)
Gain on sale of operations	0	0	(176)
Gain on sale of unconsolidated entity	0	(2,646)	(7,923)
Accretion of settlement payable	6,224	10,506	11,714
Other	2,767	701	(72)
Changes in assets and liabilities:
Accounts receivable	(5,060)	(3,727)	(4,176)
Other assets	15,961	15,795	15,148
Accounts payable, accrued expenses and other liabilities	(27,648)	(54,577)	(30,769)
Net cash provided by operating activities	366,695	353,129	460,115
Cash flow from investing activities
Capital expenditures	(354,834)	(417,002)	(427,567)
Proceeds from sale of equipment	2,397	3,146	1,815
Proceeds from sale of operations	0	0	541
Proceeds from sale of real estate, net of cash	40,241	2,545	665
Proceeds from sale of unconsolidated entity	40,000	0	32,527
Net cash used in investing activities	(272,196)	(411,311)	(392,019)
Cash flow from financing activities
Repayment of debt	(122,942)	(2,263,662)	(194,043)
Proceeds from issuance of Notes	309,000	2,600,000	306,500
Dividends paid	(108,455)	(107,405)	(142,950)
Payments of settlement payable	(98,022)	(98,022)	0
Borrowings under revolving credit facility	130,000	506,000	180,000
Payments under revolving credit facility	(338,000)	(486,000)	(192,000)
Proceeds from ABS Loan Facility	275,000	0	0
Finance lease payments	(2,652)	(2,262)	(1,193)
Payments for financing costs	(15,778)	(26,955)	(9,852)
Payments for capped call option	0	0	(21,149)
Payment for settlement of common stock warrant	0	(56)	(522)
Proceeds from termination of bond hedge option	0	59	1,190
Costs related to early repayment of debt	0	(44,303)	0
Distributions paid to noncontrolling interest	(37)	(48)	(233)
Payment for exchange of noncontrolling interest	(92)	0	(4,620)
Proceeds from employee stock purchase plan	657	730	589
Payments related to tax withholding for stock-based compensation	(1,595)	(1,433)	(4,913)
Net cash provided by (used in) financing activities	27,084	76,643	(83,196)
Net increase (decrease) in cash, restricted cash and cash equivalents	121,583	18,461	(15,100)
Cash, restricted cash and cash equivalents at beginning of period	62,264	43,803	58,903
Cash, restricted cash and cash equivalents at end of period	183,847	62,264	43,803
Non-cash investing and financing activities:
Property and equipment acquired but not yet paid	10,186	8,798	8,519
Tenant capital improvements	263,087	167,763	119,685
Sale of unconsolidated entity	$ 0	$ 40,000	$ 0

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Mar. 01, 2024
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Cash flow hedge gain (loss) to be reclassified within 12 months	$ 0.7
Interest Rate Cap \| Designated as Hedging Instrument
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional value		$ 275.0
Derivative, cap interest rate		4.50%

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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)	237,513,000	236,559,000
Common stock, shares outstanding (in shares)	237,513,495	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

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Consolidation	The accompanying 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 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 ("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 Presentation	The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for 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”).
Use of Estimates	The preparation of financial statements, in accordance with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. The estimates and assumptions used in the accompanying financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from the estimates and assumptions used in preparing the accompanying financial statements, and such differences could be material.We anticipate continuing to invest in our network infrastructure across our Uniti Leasing and Uniti Fiber portfolios. We also expect to fund the $425 million (less certain transaction expenses) cash consideration in the Merger, as well as obligations to Windstream, including (i) $490.1 million of settlement payments payable over time (of which $73.5 million remains to be paid as of December 31, 2024) and (ii) an aggregate of up to $1.75 billion for certain Growth Capital Improvements (as defined below) (of which $725.0 million remains to be paid as of December 31, 2024). We anticipate these expenditures will be met, as well as operating expenses (including our debt service obligations), in the near term from our cash on hand, borrowings under our Revolving Credit Facility (as defined in Note 11), a portion of the net proceeds from the issuance and sale of the ABS Notes (as defined in Note 11), and cash flows provided by operating activities. Our 2024 capital expenditures of $354.8 million and dividend payments of $108.5 million exceeded our 2024 cash flow from operating activities of $366.7 million, which led us to seek additional external sources of capital. We will closely monitor the equity and debt markets and may seek to access those markets when we deem conditions are appropriate. The amount, nature and timing of any capital markets transactions will depend on our operating performance, capital requirements, and the availability of those capital markets, all of which are subject to uncertainties.
Property, Plant and Equipment	Property, plant and equipment is stated at original cost, net of accumulated depreciation. The Company capitalizes costs incurred in bringing property, plant and equipment to an operational state, including all activities directly associated with the acquisition, construction, and installation of the related assets it owns. The Company capitalizes a portion of the interest costs it incurs for assets that require a period of time to get them ready for their intended use. The amount of interest that is capitalized is based on the average accumulated expenditures made during the period involved in bringing the assets comprising a network to an operational state at the Company’s weighted average interest rate during the respective accounting period. The Company also enters into leasing arrangements providing for the long‑term use of constructed fiber that is then integrated into the Company’s network infrastructure. For each lease that qualifies as a finance lease, the present value of the lease payments, which may include both periodic lease payments over the term of the lease as well as upfront payments to the lessor, is capitalized at the inception of the lease and included in property and equipment. As of December 31, 2024 and 2023, the accumulated amortization of our finance lease assets was $23.3 million and $20.4 million, respectively. On April 24, 2015, we were separated and spun-off (the “Spin-Off”) from Windstream pursuant to which Windstream contributed certain telecommunications network assets, including fiber and copper networks and other real estate (the “Distribution Systems”) to Uniti. Certain property, plant and equipment acquired as part of our Spin-Off is depreciated using a group composite depreciation method. Under this method, when property is retired, the original cost, net of salvage value, is charged against accumulated depreciation and no immediate gain or loss is recognized on the disposition of the property. For all other property, which includes amortization of finance lease assets, depreciation is computed using the straight-line method over the estimated useful life of the respective property. When the property is retired or otherwise disposed of, the related cost and accumulated depreciation are written-off, with the corresponding gain or loss reflected in operating results. Construction in progress includes direct materials and labor related to fixed assets during the construction period. Depreciation begins once the construction period has ceased and the related asset is placed into service, and the asset will be depreciated over its useful life. Costs of maintenance and repairs to property, plant and equipment subject to triple-net leasing arrangements are the responsibility of our tenant. Costs of maintenance and repairs to property, plant and equipment not subject to triple-net leasing arrangements are expensed as incurred.
Tenant Capital Improvements	The leases with Windstream (as discussed below) provide that tenant funded capital improvements (“TCIs”), defined as maintenance, repair, overbuild, upgrade or replacements to the leased network, including, without limitation, the replacement of copper distribution systems with fiber distribution systems, automatically become property of Uniti upon their construction by Windstream. We receive non-monetary consideration related to the TCIs as they automatically become our property, and we recognize the cost basis of TCIs that are capital in nature as property, plant and equipment and deferred revenue. We depreciate the property, plant and equipment over their estimated useful lives and amortize the deferred revenue as additional leasing revenues over the same depreciable life of the TCI assets.
Impairment of Long-Lived Assets	We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable from future undiscounted net cash flows we expect the asset group to generate. If the asset group is not fully recoverable, an impairment loss would be recognized for the difference between the carrying value of the asset group and its estimated fair value based on discounted net future cash flows. Assets held for sale, if any, are reported at the lower of the carrying amount or fair value less cost to sell. Assets held for sale are no longer depreciated once held for sale criteria are met. During the years ended December 31, 2024, 2023 and 2022, there were no events or changes in circumstances indicating that the carrying amount of any of our asset groups was not recoverable from future undiscounted net cash flows we expect the asset groups to generate, and no impairment losses were recognized.
Asset Retirement Obligations	The Company records obligations to perform asset retirement activities, primarily including requirements to remove equipment from leased space or customer sites as required under the terms of the related lease and customer agreements. The fair value of the liability for asset retirement obligations, which represents the net present value of the estimated expected future cash outlay, is recognized in the period in which it is incurred and the fair value of the liability can reasonably be estimated. The liability accretes as a result of the passage of time and related accretion expense is recognized in the Consolidated Statements of Income (Loss). The associated asset retirement costs are capitalized as an additional carrying amount of the related long‑lived asset and depreciated on a straight-line basis over the asset’s useful life.
Cash and Cash Equivalents	Cash and cash equivalents include all non-restricted cash held at financial institutions and other non-restricted highly liquid short-term investments with original maturities of three months or less
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 11) to maintain three months of interest and other expenses.
Derivative Instruments and Hedging Activities	We account for our derivatives in accordance with FASB ASC 815, Derivatives and Hedging, in which we reflect all derivative instruments at fair value as either assets or liabilities on our Consolidated Balance Sheets. For derivative instruments that are designated and qualify as hedging instruments, we record the effective portion of the gain or loss on the hedged instruments as a component of accumulated other comprehensive income or loss. Any ineffective portion of a derivative’s change in fair value is immediately recognized within net income. For derivatives that do not meet the criteria for hedge accounting, changes in fair value are immediately recognized within net income.
Intangible Assets	Intangible assets are presented in the financial statements at cost less accumulated amortization and are amortized using the straight-line method over their estimated useful lives.
Transaction Related and Other Costs	The Company expenses non-capitalizable transaction related and other costs in the period in which they are incurred and services are received. Transaction related costs include acquisition pursuit, transaction and integration costs, including unsuccessful acquisition pursuit costs. Pursuit and transaction costs include professional services (legal, accounting, advisory, regulatory, etc.), finder’s fees, travel expenses, and other direct expenses associated with a business acquisition. Integration costs include direct costs necessary to integrate an acquired business, including professional services, systems and data conversion, severance and retention bonuses payable to employees of an acquired business. In addition, other costs, such as costs incurred as a result of Windstream’s bankruptcy filing, costs associated with Windstream’s claims against us, and costs associated with the implementation of our enterprise resource planning system are included within this line item on the Consolidated Statements of Income (Loss).
Settlement Payable	On July 25, 2019, in connection with Windstream’s bankruptcy, Windstream filed a complaint with the Bankruptcy Court against Uniti and certain of its affiliates, alleging, among other things, that the Master Lease (as defined in Note 5) should be recharacterized as a financing arrangement, that certain rent payments and TCIs made by Windstream under the Master Lease constitute constructive fraudulent transfers, that the Master Lease is a lease of personal property and that Uniti breached certain of its obligations under the Master Lease. On March 2, 2020, Uniti and Windstream jointly announced that they agreed to the Settlement (as defined below) to resolve any and all claims and causes of action that have been or may be asserted against Uniti by Windstream, including all litigation brought by Windstream and certain of its creditors in the context of Windstream’s bankruptcy, and on May 12, 2020, the Bankruptcy Court entered an order approving Windstream’s assumption of the Master Lease as part of the Settlement (as defined below). In connection with Windstream’s emergence from bankruptcy on September 21, 2020, Uniti entered into several agreements and consummated several transactions, including a stock transaction closed on September 18, 2020 in which we issued 38,633,470 shares of Uniti common stock to certain first lien creditors of Windstream and transferred the proceeds to Windstream and an asset transaction closed on September 18, 2020, in which we paid to Windstream approximately $284.6 million in exchange for certain fiber assets and dark fiber dark fiber indefeasible rights of use related thereto, to implement its settlement (the “Settlement”) with Windstream pursuant to the settlement agreement dated as of May 12, 2020 between Uniti and Windstream. Pursuant to the Settlement, Uniti and Windstream agreed to mutual releases with respect to any and all liability related to any claims and causes of action between them, including those brought by Windstream and certain of its creditors relating to Windstream’s Chapter 11 proceedings and the Master Lease. On January 8, 2021, Windstream filed in the bankruptcy court a stipulation and order dismissing the adversary proceeding against Uniti with prejudice subject to the terms set forth in the settlement agreement. The stipulation and order was entered by the bankruptcy court on January 25, 2021. In accordance with the Settlement, we also have a number of ongoing obligations including the following: i.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 we may prepay any installments due on or after the first anniversary of the settlement agreement (discounted at a 9% rate). As of December 31, 2024, the Company has made payments totaling $411.4 million; and ii.we are obligated to reimburse Windstream for Growth Capital Improvements as described in Note 5.
Debt Issuance Costs	The Company recognizes debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The costs, which include underwriting, legal, and other direct costs related to the issuance of debt, are amortized over the contractual term of the debt using the effective interest method.
Revenue Recognition	The following is a description of principal activities, separated by reportable segments (see Note 14), from which the Company generates its revenues. We exclude from the transaction price any amounts collected from customers for sales taxes and therefore, they are not included in revenue. Uniti Leasing Uniti Leasing revenue represents the results from our Uniti Leasing segment, 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. See discussion in “Leases” in this Note 3 and Note 5. The Windstream Leases (as defined in Note 5) are long-term exclusive triple-net leases, whereby Windstream is responsible for the costs related to operating the Distribution Systems, including property taxes, insurance and maintenance and repair costs. As a result, we do not record an obligation related to the payment of property taxes or insurance, as Windstream makes direct payments to the taxing authorities and insurance carriers, respectively. Uniti Fiber The Uniti Fiber segment represents the operations of our fiber business, Uniti Fiber, which provides: i.Consumer, enterprise, wholesale, and backhaul lit fiber revenue is recognized over the life of the contracts in a pattern that reflects the satisfaction of Uniti’s stand-ready obligation to provide lit fiber services. The transaction price is equal to the monthly-recurring charge multiplied by the contract term, plus any non-recurring or variable charges. For each contract, the customer is invoiced monthly. ii.E-Rate contracts involve providing lit fiber services to schools and libraries, and revenue is recognized over the life of the contract in a pattern that reflects the satisfaction of Uniti’s stand-ready obligation to provide lit fiber services. The transaction price is equal to the monthly-recurring charge multiplied by the contract term, plus any non-recurring or variable charges. For each contract, the customer is invoiced monthly. iii.Construction revenue is generated from contracts to provide various construction services such as equipment installation or the laying of fiber. Construction revenue is recognized over time as construction activities occur as we are either enhancing a customer’s owned asset or constructing an asset with no alternative use to us and we would be entitled to our costs plus a reasonable profit margin if the contract was terminated early by the customer. We are utilizing our costs incurred as the measure of progress of satisfying our performance obligation. iv.Dark fiber and small cell arrangements represent operating leases and revenue is recognized under the leasing guidance. When (i) a customer makes an advance payment or (ii) a customer is contractually obligated to pay any amounts in advance, which is not deemed a separate performance obligation, deferred leasing revenue is recorded. This leasing revenue is recognized ratably over the expected term of the contract, unless the pattern of service suggests otherwise. v.The Company generates revenues from other services, such as consultation services and equipment sales. Revenue from the sale of customer premise equipment and modems that are not provided as an essential part of the telecommunications services, including broadband, long distance, and enhanced services is recognized when products are delivered to and accepted by the customer. Revenue from customer premise equipment and modems provided as an essential part of the telecommunications services, including broadband, long distance, and enhanced services are recognized over time in a pattern that reflects the satisfaction of the service performance obligation. Commissions – Under Topic 606 and Topic 340, Other Assets and Deferred Costs, we capitalize commission fees as costs of obtaining a contract when those commissions are incremental and expected to be recovered from the revenue contract and we amortize those capitalized costs consistent with the pattern of transfer of the product or service to which the capitalized costs relate. At December 31, 2024 and 2023, our net deferred contract costs were $15.2 million and $14.5 million, respectively. The amortization of these costs is included in general and administrative expense on the Consolidated Statements of Income (Loss) and for the years ended December 31, 2024, 2023 and 2022 was $5.2 million, $4.4 million and $3.7 million, respectively. We are exposed to credit losses primarily through our trade receivables. We assess ability to pay for certain customers by considering a variety of factors, such as the customer’s established credit rating, if available, and our assessment of creditworthiness. We determine the allowance for credit losses on accounts receivable using a combination of specific reserves for accounts that are deemed to exhibit credit loss indicators and general reserves that are determined using loss rates based on historical experience and economic expectations. We update our estimate of credit loss reserves quarterly, considering recent write-offs, collections information and underlying economic expectations. The allowance for credit losses is recorded in accounts receivable, net on our Consolidated Balance Sheets.
Straight-Line Revenue Receivable	We evaluate the collectability of our straight-line revenue receivables in accordance with the provisions of Topic 842, Leases ("ASC 842"), where if the collectability of lease payments is not probable at the commencement date, or at any time during the lease term, then we limit the lease revenue to the lesser of the revenue recognized on a straight-line basis or cash basis. If our assessment of collectability changes after the commencement date, we record the difference between the lease revenue that would have been recognized on a straight-line basis and cash basis as a current period adjustment to lease revenue.
Lessee, Leases	We determine if an arrangement is a lease at contract inception. A lease exists when a contract conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. As a lessee, we enter into lease contracts including ground, tower, equipment, building, automobile, colocation and fiber lease arrangements, and service contracts that may include embedded leases. When we are the lessee, we classify leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. This classification will determine whether lease expense is comprised of amortization on the right-of-use (“ROU”) asset and interest expense recognized based on an effective interest method (a finance lease) or as a single lease cost recognized on a straight-line basis over the term of the lease (an operating lease). We recognize an ROU asset and a lease liability for all leases with a term of greater than 12 months regardless of classification. We recognize the lease payments associated with our short-term leases, which have lease terms less than 12 months, as an expense on a straight-line basis over the lease term. ROU assets and lease liabilities related to operating leases where we are the lessee are separately stated on our Consolidated Balance Sheets. The ROU asset is initially measured as the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less, any lease incentives received. The ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. ROU assets and lease liabilities related to finance leases where we are the lessee are included in property, plant and equipment, net and finance lease obligations, respectively, on our Consolidated Balance Sheets. The ROU asset is initially measured as the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less, any lease incentives received. The ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to us, or we are reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. The lease liabilities are initially measured in the same manner as operating leases and are subsequently measured at amortized cost using the effective interest method. Amortization of the finance lease assets is recognized and presented separately from interest expense on the lease liability, as part of depreciation and amortization expense on the Consolidated Statements of Income (Loss). We have lease agreements which include lease and nonlease components. For leases where we are a lessee, we have elected to combine lease and nonlease components for all lease contracts. For leases where we are the lessor, we combine the lease and non-lease components when the components qualify to be combined and we account for the combined arrangement based on whether the lease or non-lease component is predominant. Maintenance services are the primary nonlease components and the combined components typically are treated as leases for revenue recognition purposes. We have elected to exclude sales taxes from lease payments in arrangements where we are a lessor. Operating leases where we are the lessor are included in Uniti Leasing and Unit Fiber revenues on our Consolidated Statements of Income (Loss). For operating leases where we are the lessor, we continue recognizing the underlying asset and depreciating it over its estimated useful life. Lease income is recognized on a straight-line basis over the lease term. Leasing revenue is not recognized when collection of all contractual rents over the term of the agreement is not probable. When collection is not probable, we limit the lease revenue to the lesser of the revenue recognized on a straight-line basis or cash basis. From time to time we may enter into sales-type lease arrangements as a lessor that may include (i) a lessee obligation to purchase the leased equipment at the end of the lease term, (ii) a bargain purchase option, (iii) a lease term having a duration that is for the major part of the remaining economic life of the leased equipment or (iv) provides for minimum lease payments with a present value amounting to substantially all of the fair value of the leased asset at the date of lease commencement. Variable lease payments associated with our leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are presented within Uniti Leasing and Unit Fiber revenues and general and administrative expense and operating expense in our Consolidated Statements of Income (Loss) in the same line item as revenue arising from fixed lease payments (operating leases where we are the lessor) and expense arising from fixed lease payments (operating leases where we are the lessee) or amortization of the ROU asset (finance leases), respectively. We monitor for events or changes in circumstances that require a reassessment of a lease. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in general and administrative and operating expense in our Consolidated Statements of Income (Loss). Key lease estimates and judgments include how we determined (i) the discount rate we use to discount the unpaid lease payments to present value, (ii) lease term and (iii) lease payments. i.ASC 842 requires a lessor to discount its unpaid lease payments using the interest rate implicit in the lease and a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As we generally do not know the implicit rate for our leases where we are the lessee, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. ii.The lease term for all of our leases includes the noncancellable period of the lease plus any additional periods covered by either a lessee option to extend (or not to terminate) the lease that the lessee is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. iii.Lease payments included in the measurement of the lease asset or liability comprise the following: (i) fixed payments (including in-substance fixed payments), (ii) variable payments that depend on index or rate based on the index or rate at lease commencement, and (iii) the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise.
Lessor, Leases	We determine if an arrangement is a lease at contract inception. A lease exists when a contract conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. As a lessee, we enter into lease contracts including ground, tower, equipment, building, automobile, colocation and fiber lease arrangements, and service contracts that may include embedded leases. When we are the lessee, we classify leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. This classification will determine whether lease expense is comprised of amortization on the right-of-use (“ROU”) asset and interest expense recognized based on an effective interest method (a finance lease) or as a single lease cost recognized on a straight-line basis over the term of the lease (an operating lease). We recognize an ROU asset and a lease liability for all leases with a term of greater than 12 months regardless of classification. We recognize the lease payments associated with our short-term leases, which have lease terms less than 12 months, as an expense on a straight-line basis over the lease term. ROU assets and lease liabilities related to operating leases where we are the lessee are separately stated on our Consolidated Balance Sheets. The ROU asset is initially measured as the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less, any lease incentives received. The ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. ROU assets and lease liabilities related to finance leases where we are the lessee are included in property, plant and equipment, net and finance lease obligations, respectively, on our Consolidated Balance Sheets. The ROU asset is initially measured as the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less, any lease incentives received. The ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to us, or we are reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. The lease liabilities are initially measured in the same manner as operating leases and are subsequently measured at amortized cost using the effective interest method. Amortization of the finance lease assets is recognized and presented separately from interest expense on the lease liability, as part of depreciation and amortization expense on the Consolidated Statements of Income (Loss). We have lease agreements which include lease and nonlease components. For leases where we are a lessee, we have elected to combine lease and nonlease components for all lease contracts. For leases where we are the lessor, we combine the lease and non-lease components when the components qualify to be combined and we account for the combined arrangement based on whether the lease or non-lease component is predominant. Maintenance services are the primary nonlease components and the combined components typically are treated as leases for revenue recognition purposes. We have elected to exclude sales taxes from lease payments in arrangements where we are a lessor. Operating leases where we are the lessor are included in Uniti Leasing and Unit Fiber revenues on our Consolidated Statements of Income (Loss). For operating leases where we are the lessor, we continue recognizing the underlying asset and depreciating it over its estimated useful life. Lease income is recognized on a straight-line basis over the lease term. Leasing revenue is not recognized when collection of all contractual rents over the term of the agreement is not probable. When collection is not probable, we limit the lease revenue to the lesser of the revenue recognized on a straight-line basis or cash basis. From time to time we may enter into sales-type lease arrangements as a lessor that may include (i) a lessee obligation to purchase the leased equipment at the end of the lease term, (ii) a bargain purchase option, (iii) a lease term having a duration that is for the major part of the remaining economic life of the leased equipment or (iv) provides for minimum lease payments with a present value amounting to substantially all of the fair value of the leased asset at the date of lease commencement. Variable lease payments associated with our leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are presented within Uniti Leasing and Unit Fiber revenues and general and administrative expense and operating expense in our Consolidated Statements of Income (Loss) in the same line item as revenue arising from fixed lease payments (operating leases where we are the lessor) and expense arising from fixed lease payments (operating leases where we are the lessee) or amortization of the ROU asset (finance leases), respectively. We monitor for events or changes in circumstances that require a reassessment of a lease. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in general and administrative and operating expense in our Consolidated Statements of Income (Loss). Key lease estimates and judgments include how we determined (i) the discount rate we use to discount the unpaid lease payments to present value, (ii) lease term and (iii) lease payments. i.ASC 842 requires a lessor to discount its unpaid lease payments using the interest rate implicit in the lease and a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As we generally do not know the implicit rate for our leases where we are the lessee, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. ii.The lease term for all of our leases includes the noncancellable period of the lease plus any additional periods covered by either a lessee option to extend (or not to terminate) the lease that the lessee is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. iii.Lease payments included in the measurement of the lease asset or liability comprise the following: (i) fixed payments (including in-substance fixed payments), (ii) variable payments that depend on index or rate based on the index or rate at lease commencement, and (iii) the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise.
Stock-Based Compensation	We account for stock-based compensation using the fair value method of accounting. We have determined that our stock-based payment awards granted in exchange for employee services qualify as equity classified awards, which are measured based on the fair value of the award on the date of the grant. The fair value of restricted stock-based payments is based on the market value of our common stock on the date of grant. The fair value of performance-based awards, which have performance conditions, is based on a Monte Carlo simulation. The fair value of all stock-based compensation is recognized over the period during which an employee is required to provide services in exchange for the award. The expense recognized includes the impact of forfeitures as they occur.
Income Taxes	We elected on our initial U.S. federal income tax return to be treated as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, we must distribute at least 90% of our annual REIT taxable income, determined without regard to the dividends paid deduction and excluding any capital gains, to shareholders, and meet certain organizational and operational requirements, including asset holding requirements. As a REIT, we will generally not be subject to U.S. federal income tax on income that we distribute as dividends to our shareholders. If we fail to qualify as a REIT in any taxable year, prior to the completion of our Merger with Windstream (or if our Merger with Windstream is not consummated, if we fail to qualify as a REIT in future taxable years), we will be subject to U.S. federal income tax on our taxable income at regular corporate income tax rates, and we could not deduct dividends paid to our shareholders in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect our net income and net cash available for distribution to shareholders. Unless we were entitled to relief under certain Code provisions, we also would be disqualified from reelecting to be taxed as a REIT for the four taxable years following the year in which we failed to qualify or cease to qualify as a REIT. We may be required to record a provision in our Consolidated Financial Statements for U.S. federal income taxes related to the activities of the REIT and its passthrough subsidiaries for any undistributed income. We are subject to the statutory requirements of the locations in which we conduct business, and state and local income taxes are accrued as deemed required in the best judgment of management based on analysis and interpretation of respective tax laws. We have elected to treat the subsidiaries through which we operate Uniti Fiber and certain subsidiaries of Uniti Leasing as taxable REIT subsidiaries (“TRSs”). TRSs enable us to engage in activities that result in income that does not constitute qualifying income for a REIT. Our TRSs are subject to U.S. federal, state and local corporate income taxes. Deferred tax assets and liabilities are recognized under the asset and liability method for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period of the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. We recognize the benefit of tax positions that are "more likely than not" to be sustained upon examination based on their technical merit. The benefit of a tax position is measured at the largest amount that has a greater than 50 percent likelihood of being realized upon ultimate settlement. If applicable, we will report tax-related penalties and interest expense as a component of income tax expense. We currently have unrecognized tax benefits of $1.7 million recorded in deferred income taxes on our Consolidated Balance Sheet. The Company may be subject to state corporate level tax in a certain limited number of states on any built-in gain recognized from a sale of assets occurring within a ten-year recognition period after the Spin-Off. The five-year recognition period applicable for federal corporate level tax on any built-in gain recognized from a sale of assets occurring within five years after the Spin-Off expired in 2020.
Business Combinations and Asset Acquisitions	In accordance with ASC 805, Business Combinations, we apply the acquisition method of accounting for acquisitions meeting the definition of a business combination or asset acquisition, where assets acquired and liabilities assumed are recorded at fair value at the date of each acquisition, and the results of operations are included with those of the Company from the dates of the respective acquisitions. The fair value of the acquired assets and liabilities are estimated using the income, market and/or cost approach. The income approach utilizes the present value of estimated future cash flows that a business or asset can be expected to generate, while under the market approach, the fair value of an asset or business reflects the price at which comparable assets are purchased under similar circumstances. Inherent in our preparation of cash flow projections are significant assumptions and estimates derived from a review of operating results, business plans, expected growth rates, capital expenditure plans, cost of capital and tax rates. We also make certain forecasts about future economic conditions, interest rates and other market data. Many of the factors used in assessing fair value are outside the control of management. Small changes in these assumptions or estimates could materially affect the cash flow projections, and therefore could affect the estimated fair value. Impacts of these assumptions or estimates include customer retention, execution of our business plans, which impact growth, cost escalation impacting margin, the level of capital expenditures required to sustain our growth and market factors, including interest rate and stock price fluctuations, impacting our cost of capital. For acquisitions meeting the definition of a business combination, any excess of the purchase price paid by the Company over the amounts recognized for assets acquired and liabilities assumed is recorded as goodwill. ASC 805 also requires acquirers to, among other things, estimate the acquisition date fair value of any contingent consideration and recognize any subsequent changes in the fair value of contingent consideration in earnings. When provisional amounts are initially recorded, the Company continues to evaluate acquisitions for a period not to exceed one year after the applicable acquisition date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed. For acquisitions meeting the definition of an asset acquisition, the fair value of the consideration transferred, including transaction costs, is allocated to the assets acquired and liabilities assumed based on their relative fair values. There are significant judgments and estimates used in determining the fair values of the assets acquired and liabilities assumed, which include assumptions with respect to items such as replacement cost, land value, assemblage factor, discount rate, lease-up period, implied rents per strand mile, and useful life. No goodwill is recognized in an asset acquisition.
Noncontrolling Interest	The limited partner equity interests in our Operating Partnership are exchangeable on a one-for-one basis for shares of our common stock or, at our election, cash of equivalent value. All of the limited partner equity interests in our Operating Partnership not held by the Company are reflected as noncontrolling interests. In the Consolidated Statements of Income (Loss), we allocate net income (loss) attributable to noncontrolling interests to arrive at net income (loss) attributable to shareholders based on their proportionate share. For transactions that result in changes to the Company's ownership interest in our Operating Partnership, the carrying amount of noncontrolling interests is adjusted to reflect such changes. The difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted is reflected as an adjustment to additional paid-in capital on the Consolidated Balance Sheets.
Investments in Unconsolidated Entities	We report our investments in unconsolidated entities under the equity method of accounting. We adjust our investments in unconsolidated entities for additional contributions made, distributions received as well as our share of the investees’ earnings or losses, which are reported on a 30-day lag for the investment in BB Fiber Holdings LLC (“Fiber Holdings”) and on a 90-day lag for the investment in Harmoni Towers LP (“Harmoni”), and are included in equity in earnings from unconsolidated entities in our Consolidated Statements of Income (Loss). On December 21, 2023, the Company completed the sale of its investment in Fiber Holdings to MIP IV MidWest Fiber Parent LLC, our partner in the investment, for total cash consideration of $40.0 million, which was received in January of 2024. The receivable was included within Other Assets on the Consolidated Balance Sheet as of December 31, 2023. As a result of the transaction, during the fourth quarter of 2023 we recorded a pre-tax gain of $2.6 million within other expense (income), net and $0.2 million of income tax expense within our Consolidated Statements of Income (Loss). On June 21, 2022, the Company completed the sale of its investment in Harmoni to Palistar Communications Infrastructure GP LLC, our partner in the investment, for total cash consideration of $32.5 million. As a result of the transaction, during the second quarter of 2022 we recorded a pre-tax gain of $7.9 million within other expense (income), net and $6.7 million of income tax expense within our Consolidated Statements of Income (Loss).
Goodwill	As of December 31, 2024, and 2023, all of our goodwill is included in our Uniti Fiber segment. Goodwill is recognized for the excess of purchase price over the fair value of net assets of businesses acquired. Goodwill is reviewed for impairment on an annual basis. Our annual impairment test is performed with a valuation date of October 1. 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”). On the occurrence of a Triggering Event, an entity has the option to first assess qualitative factors to determine whether a quantitative impairment test is necessary. If it is more likely than not that goodwill is impaired, the fair value of the reporting unit must be compared with its carrying value. Unless circumstances otherwise dictate, the annual impairment test is performed in the fourth quarter. Application of the goodwill impairment test requires significant judgment, including: the identification of reporting units; assignment of assets and liabilities to reporting units; assignment of goodwill to reporting units; and the estimation of the fair value of a reporting unit. During the year ended December 31, 2024, no impairment losses were recognized. During the third quarter of 2023, the Company identified a Triggering Event under ASC 350-20 and, therefore, performed a qualitative and quantitative goodwill impairment test with a valuation date of September 30, 2023. The Triggering Event was a result of macroeconomic and financial market factors, specifically increased interest rates impacting our discount rate. As a result, we concluded that the fair value of the Uniti Fiber reporting unit, estimated using a combination of the income approach and market approach, was less than its carrying amount. Accordingly, we recorded a $204.0 million goodwill impairment charge in the Uniti Fiber reporting unit. During the third quarter of 2022, the Company identified a Triggering Event under ASC 350-20 and, therefore, performed a qualitative and quantitative goodwill impairment test with a valuation date of September 30, 2022. The Triggering Event was a result of macroeconomic and financial market factors, specifically increased interest rates impacting our discount rate. As a result, we concluded that the fair value of the Uniti Fiber reporting unit, estimated using a combination of the income approach and market approach, was less than its carrying amount. Accordingly, we recorded a $216.0 million goodwill impairment charge in the Uniti Fiber reporting unit. During the fourth quarter of 2022, we performed an additional quantitative and qualitative impairment test, and concluded that as a result of the continuing macroeconomic and financial market factors, specifically increased interest rates impacting our discount rate, the fair value of the Uniti Fiber reporting unit was less than its carrying amount. As a result, we recorded an additional $24.5 million goodwill impairment charge in the Uniti Fiber reporting unit. We estimate the fair value of our reporting units (which are our segments) using a combination of an income approach based on the present value of estimated future cash flows and a market approach based on market data of comparable businesses and acquisition multiples paid in recent transactions. We evaluate the appropriateness of each valuation methodology in determining the weighting applied to each methodology in the determination of the concluded fair value. If the carrying amount of a reporting unit's net assets is less than its fair value, no impairment exists. If the carrying amount of the reporting unit is greater than the fair value of the reporting unit, an impairment loss must be recognized for the excess and recorded in the Consolidated Statements of Income (Loss) not to exceed the carrying amount of goodwill. Inherent in our preparation of cash flow projections are significant assumptions and estimates derived from a review of our operating results and business plans, which includes expected revenue and expense growth rates, capital expenditure plans and cost of capital. In determining these assumptions, we consider our ability to execute on our plans, future economic conditions, interest rates and other market data. Many of the factors used in assessing fair value are outside the control of management, and these assumptions and estimates may change in future periods. Small changes in these assumptions or estimates could materially affect our cash flow projections, and therefore could affect the likelihood and amount of potential impairment in future periods. Potential events that could negatively impact these assumptions or estimates may include customer losses or poor execution of our business plans, which impact revenue growth, cost escalation impacting margin, the level of capital expenditures required to sustain our growth and market factors, including stock price fluctuations and increased rates, impacting our cost of capital. For example, if we were to experience a significant delay in our permitting process in the construction of our fiber networks, the timing of effected cash flows could impact long term growth rates and negatively impact the income approach, leading to potential impairment. As a result, should our expectations of average projected revenue growth percentage, average projected EBITDA margin percentage and/or average projected capital expenditures as a percentage of revenue change, we may experience future impairment to goodwill (while other assumptions remain constant). Furthermore, a deterioration in market factors such as stock prices or increased interest rates and/or declines in acquisition multiples utilized in the market approach could affect the likelihood and amount of potential impairment.
Earnings per Share	Outstanding restricted stock awards that contain rights to non-forfeitable dividends are deemed to be participating securities, requiring the application of the two-class method of computing basic and dilutive earnings per share.Basic earnings per share includes only the weighted average number of common shares outstanding during the period. Dilutive earnings per share includes the weighted average number of common shares and the dilutive effect of restricted stock, performance-based awards outstanding during the period, the Convertible 2027 Notes and the Exchangeable Notes, when such awards are dilutive.
Concentration of Credit Risks	Revenue under the Windstream Leases provided 68.3% of our revenue for the year ended December 31, 2024, 67.3% of our revenue for the year ended December 31, 2023, and 66.5% of our revenue for the year ended December 31, 2022. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Windstream Leases, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to pay dividends and service debt if Windstream were to default under the Windstream Leases or otherwise experiences operating or liquidity difficulties and becomes unable to generate sufficient cash to make payments to us. Prior to its emergence from bankruptcy on September 21, 2020, Windstream was a publicly traded company subject to the periodic filing requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Windstream historic filings through their quarter ended June 30, 2020 can be found at www.sec.gov. On September 22, 2020, Windstream filed a Form 15 to terminate all filing obligations under Sections 12(g) and 15(d) under the Exchange Act. Windstream’s filings are not incorporated by reference in this Annual Report on Form 10-K. 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 new 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 Annual Report on Form 10-K, 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. These ratings were both upgrades from Windstream’s pre-bankruptcy ratings. 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 Adopted Accounting Pronouncements and 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 adopted ASU 2023-07 on December 31, 2024, and the adoption had had no significant impact on the Company's consolidated financial statements. See Note 14. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires additional disclosure about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this guidance to determine the impact it will have on our financial statements.
Segment Information	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 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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Stock-Based Compensation - Schedule of Assumptions used to Value PSUs Granted (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	3 years	3 years	3 years
Expected volatility	60.60%	56.80%	40.60%
Expected annual dividend	0.00%	0.00%	0.00%
Risk free rate	4.40%	4.40%	1.80%

- 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

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

Changes in the carrying amount of goodwill occurring during the year ended December 31, 2024 and 2023, are as follows:


(Thousands)	Uniti Fiber		Total
Goodwill at December 31, 2022	$	672,878	$	672,878
Accumulated impairment charges as of December 31, 2022	(311,500)		(311,500)
Balance at December 31, 2022	361,378		361,378
Impairment charges	(203,998)		(203,998)
Balance as of December 31, 2023	157,380		157,380
Impairment charges (Note 3)	—		—
Balance at December 31, 2024	$	157,380	$	157,380

Goodwill at December 31, 2024	$	672,878	$	672,878
Accumulated impairment charges as of December 31, 2024	(515,498)		(515,498)
Balance at December 31, 2024	$	157,380	$	157,380

Schedule of Carrying Value of Other Intangible Assets

The carrying value of our other intangible assets is as follows:


(Thousands)	December 31, 2024				December 31, 2023
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(174,326)	$	416,104	$	(151,542)
Contracts	52,536		(27,910)		52,536		(21,343)
Underlying rights	10,497		(1,487)		10,497		(1,137)

Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(203,723)				(174,022)
Total intangible assets, net	$	275,414			$	305,115

Finite life intangible liabilities:
Acquired below-market leases	$	191,154	$	(45,451)	$	191,154	$	(34,757)

Total intangible liabilities	191,154				191,154
Less: accumulated amortization	(45,451)				(34,757)
Total intangible liabilities, net	$	145,703			$	156,397

- Definition

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

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Goodwill and Intangible Assets - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill, gross		$ 672,878		$ 672,878
Goodwill, impaired, accumulated impairment loss		(515,498)		(311,500)
Goodwill [Roll Forward]
Goodwill at beginning of period		157,380	$ 361,378
Goodwill impairment	$ (204,000)	0	(203,998)	(240,500)
Goodwill at end of period		157,380	157,380	361,378
Fiber Infrastructure Segment
Goodwill [Line Items]
Goodwill, gross		672,878		672,878
Goodwill, impaired, accumulated impairment loss		(515,498)		(311,500)
Goodwill [Roll Forward]
Goodwill at beginning of period		157,380	361,378
Goodwill impairment		0	(203,998)
Goodwill at end of period		$ 157,380	$ 157,380	$ 361,378

- 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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+ Details

Schedule III - Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate Investments and Accumulated Depreciation

Uniti Group Inc.

Schedule III – Real Estate Investments and Accumulated Depreciation

As of December 31, 2024

(dollars in thousands)


Col. A	Col. B		Col. C	Col. D		Col. E		Col. F		Col. G	Col. H	Col. I
				Cost capitalized subsequent to acquisition(1) (3)								Life on which Depreciation in Latest Income
Description	Encumbrances		Initial cost to company(1)	Improvements	Carry Costs	Gross Amount Carried at Close of Period(5)		Accumulated Depreciation		Date of Construction(2)	Date Acquired(2)	Statements is Computed
Land	$	—	(1)	(1)	(1)	$	26,711	$	—	(2)	(2)	Indefinite
Building and improvements	—		(1)	(1)	(1)	350,829		219,952		(2)	(2)	3 - 40 years
Poles	—		(1)	(1)	(1)	341,548		208,071		(2)	(2)	30 years
Fiber	—		(1)	(1)	(1)	3,974,475		1,793,513		(2)	(2)	30 years
Copper	—		(1)	(1)	(1)	3,972,806		3,501,166		(2)	(2)	20 years
Conduit	—		(1)	(1)	(1)	90,193		75,320		(2)	(2)	30 years
Towers	—		(1)	(1)	(1)	58		24		(2)	(2)	20 years
Other assets	—		(1)	(1)	(1)	10,432		5,655		(2)	(2)	15 - 20 years
Construction in progress	—		(1)	(1)	(1)	4,639		—		(2)	(2)	See Note 3

(1)Given the voluminous nature and variety of our real estate investment assets, this schedule omits columns C and D from the schedule III presentation.

(2)Because additions and improvements to our real estate investment assets are ongoing, construction and acquisition dates are not applicable.

(3)For the year ended December 31, 2024, the amount of capitalized costs related to the Distribution Systems is as follows (millions):


Tenant capital improvements(4)	$	263.1
Growth capital improvements(5)	$	230.8

(4)Tenant capital improvements (“TCIs”) represent, maintenance, repair, overbuild, upgrade or replacements to the leased network, including, without limitation, the replacement of copper distribution systems with fiber distribution systems. We receive non-monetary consideration related to the TCIs as they automatically become our property, and we recognize the cost basis of TCIs that are capital in nature.

(5)Pursuant to the Windstream Leases, Windstream (or any successor tenant under a Windstream Lease) has the right to cause Uniti to reimburse up to an aggregate $1.75 billion for certain Growth Capital Improvements in long-term value accretive fiber and related assets made by Windstream (or the applicable tenant under the Windstream Lease) to certain ILEC and CLEC properties.

(6)Aggregate cost for Federal income tax purposes related to our real estate investment assets is $7.9 billion.

Uniti Group Inc.

Schedule III – Real Estate Investments and Accumulated Depreciation

As of December 31, 2024

(dollars in thousands)


	2024		2023
Gross amount at beginning	$	8,395,630	$	8,066,830
Additions during period:
Tenant capital improvements(1)	158,523		132,622
Growth capital improvements(1)	230,815		250,000
Acquisitions	11,128		28,244
Other	—		—
Total additions	400,466		410,866

Deductions during period:
Cost of real estate sold or disposed	24,405		25,004
Other	—		57,062
Total deductions	24,405		82,066

Balance at end	$	8,771,691	$	8,395,630
(1) During the year ended December 31, 2024, TCIs totaled $263.1 million, offset by $104.6 million which represented the reimbursement of Growth Capital Improvements completed in 2023 that were previously classified as TCIs and are included within the Growth Capital Improvement additions of $230.8 million.


	2024		2023
Gross amount of accumulated depreciation at beginning	$	5,649,568	$	5,509,904
Additions during period:
Depreciation	178,075		175,085
Other	—		—
Total additions	178,075		175,085

Deductions during period:
Amount of accumulated depreciation for assets sold or disposed	23,942		24,587
Other	—		10,834
Total deductions	23,942		35,421

Balance at end	$	5,803,701	$	5,649,568

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Amortization of ROU assets	$ 4,190	$ 4,066
Interest on lease liabilities	1,732	1,575
Total finance lease cost	5,922	5,641
Operating lease cost	24,916	22,999
Short-term lease cost	4,223	3,525
Variable lease cost	630	938
Less sublease income	(17,856)	(14,590)
Total lease cost	$ 17,835	$ 18,513

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Remaining weighted average amortization period of intangible assets	12 years 9 months 18 days
Amortization	$ 29.7	$ 29.7	$ 29.8
Estimated amortization expense for 2025	29.7
Estimated amortization expense for 2026	29.7
Estimated amortization expense for 2027	29.7
Estimated amortization expense for 2028	28.1
Estimated amortization expense for 2029	23.1
Revenue related to amortization of below-market leases	$ 10.7	$ 10.7	$ 10.7
Remaining weighted average amortization period of intangible liabilities	15 years 2 months 12 days
Estimated revenue due to amortization, 2025	$ 10.7
Estimated revenue due to amortization, 2026	10.7
Estimated revenue due to amortization, 2027	10.7
Estimated revenue due to amortization, 2028	10.2
Estimated revenue due to amortization, 2029	$ 8.8
Customer lists
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Remaining weighted average amortization period of intangible assets	13 years 2 months 12 days
Contracts
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Remaining weighted average amortization period of intangible assets	25 years 9 months 18 days
Underlying rights
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Remaining weighted average amortization period of intangible assets	3 years 9 months 18 days

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to shareholders	$ 93,406	$ (81,713)	$ (8,275)

- Definition

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

+ References

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+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Selected financial data related to our segments is presented below for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Total of Reportable Segments
Revenues	$	880,490	$	286,437	$	—	$	1,166,927

Adjusted EBITDA	$	851,178	$	111,557	$	(22,669)	$	940,066
Less:
Interest expense, net	(1,266)		39,150		473,480		511,364
Depreciation and amortization	182,363		132,391		56		314,810
Other, net							4,726
Transaction related and other costs							38,734
Gain on sale of real estate							(18,953)

Stock-based compensation							13,508
Income tax expense (benefit)	1,199		(18,977)		223		(17,555)

Net Income							$	93,432

Capital expenditures	$	247,392	$	107,319	$	123	$	354,834


	Year Ended December 31, 2023
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Total of Reportable Segments
Revenues	$	852,772	$	297,059	$	—	$	1,149,831

Adjusted EBITDA	$	829,557	$	115,723	$	(21,778)	$	923,502
Less:
Interest expense, net	—		17,724		494,625		512,349
Depreciation and amortization	178,872		131,600		56		310,528
Other, net							20,893
Transaction related and other costs							12,611

Gain on sale of real estate							(2,164)
Goodwill impairment	—		203,998		—		203,998
Stock-based compensation							12,491
Income tax expense (benefit)	990		(68,671)		(793)		(68,474)
Adjustments for equity in earnings from unconsolidated entities	3,019		—		—		3,019
Net loss							$	(81,749)

Capital expenditures	$	277,235	$	139,767	$	—	$	417,002


	Year Ended December 31, 2022
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Total of Reportable Segments
Revenues	$	827,457	$	301,390	$	—	$	1,128,847

Adjusted EBITDA	$	806,027	$	125,361	$	(25,492)	$	905,896
Less:
Interest expense, net	—		18,851		357,981		376,832
Depreciation and amortization	172,007		120,666		115		292,788
Other, net							(4,790)


Transaction related and other costs							10,340
Gain on sale of operations							(176)
Gain on sale of real estate							(433)
Goodwill impairment	—		240,500		—		240,500
Stock-based compensation							12,751
Income tax expense (benefit)	1,253		(29,031)		10,413		(17,365)
Adjustments for equity in earnings from unconsolidated entities	3,571		—		—		3,571
Net loss							$	(8,122)

Capital expenditures	$	263,269	$	163,962	$	336	$	427,567

Significant segment expenses for our reportable segments are presented below for the periods indicated:


	Uniti Fiber
	Year Ended December 31,
(Thousands)	2024		2023		2022
Revenues	$	286,437	$	297,059	$	301,390

Less:
Employee-related (excluding stock-based compensation):
Operating Expense	24,606		23,899		25,331
General and Administrative Expense	35,051		33,859		30,226
Network (a)	74,221		77,783		71,609
Installation, Equipment, & Other Non-recurring Charges (a)	12,030		13,820		20,800
Insurance (b)	4,691		3,727		2,463
Professional Fees (b)	4,325		4,560		4,318
Other	19,956		23,688		21,282
Adjusted EBITDA	$	111,557	$	115,723	$	125,361

(a) Included within the Operating Expense (exclusive of depreciation, accretion and amortization) line item in our Consolidated Statements of Income (Loss).

(b) Included within the General and Administration Expense line item in our Consolidated Statements of Income (Loss).


	Uniti Leasing
	Year Ended December 31,
(Thousands)	2024		2023		2022
Revenues	$	880,490	$	852,772	$	827,457

Less:
Employee-related (excluding stock-based compensation):
Operating Expense	644		359		1,117
General and Administrative Expense	5,751		5,385		7,661
Network (a)	20,513		18,751		14,803
Other	2,404		(1,280)		(2,151)
Adjusted EBITDA	$	851,178	$	829,557	$	806,027

(a) Included within the Operating Expense (exclusive of depreciation, accretion and amortization) line item in our Consolidated Statements of Income (Loss).

Schedule of Total Assets by Business Segment

Total assets by business segment as of December 31, 2024 and December 31, 2023 are as follows:


	December 31,
(Thousands)	2024		2023
Uniti Leasing	$	3,158,309	$	2,936,972
Uniti Fiber	1,985,828		1,956,381
Corporate	138,008		131,776
Total of reportable segments	$	5,282,145	$	5,025,129