0001628280-25-022663 | 10-Q | XBRL Viewer

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Leases - Narrative (Details) $ in Millions	3 Months Ended
Leases - Narrative (Details) $ in Millions	Mar. 31, 2025 USD ($)
Leases [Line Items]
Short term lease commitments	$ 3.4
Minimum
Leases [Line Items]
Lessor, initial lease term	1 year
Lessor, lease renewal term	1 year
Lessor operating lease, termination	1 month
Lessee, initial lease term	1 year
Lessee, lease renewal term	1 year
Lessee operating lease, termination	1 month
Maximum
Leases [Line Items]
Lessor, initial lease term	35 years
Lessor, lease renewal term	20 years
Lessor operating lease, termination	6 months
Lessee, initial lease term	30 years
Lessee, lease renewal term	20 years
Lessee operating lease, termination	6 months

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of our business, we are subject to claims and administrative proceedings, none of which we believe are material or would be expected to have, individually or in the aggregate, a material adverse effect on our business, financial condition, cash flows or results of operations. Windstream Commitments Following the consummation of our settlement agreement with Windstream, including entry into the Windstream Leases, we are obligated to make $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning in October 2020, and Uniti may prepay any installments due on or after the first anniversary of the settlement agreement (discounted at a 9% rate). As of March 31, 2025, the Company has made payments totaling $435.9 million. Further, beginning in October 2020, we became obligated to reimburse Windstream for up to an aggregate of $1.75 billion for certain growth capital improvements in long-term fiber and related assets made by Windstream (“Growth Capital Improvements”) through 2029. Uniti’s reimbursement commitment for Growth Capital Improvements does not require Uniti to reimburse Windstream for maintenance or repair expenditures (except for costs incurred for fiber replacements to the property leased under the competitive local exchange carrier master lease agreement, up to $70 million during the term), and each such reimbursement is subject to underwriting standards. Uniti’s total annual reimbursement commitments for the Growth Capital Improvements under both Windstream Leases (and under separate equipment loan facilities) were limited to $225 million in 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. During the three months ended March 31, 2025, Uniti reimbursed $175.0 million of Growth Capital Improvements, of which $175.0 million represented the reimbursement of capital improvements completed in 2024 that were previously classified as tenant funded capital improvements. As of the date of this Quarterly Report on Form 10-Q, we have reimbursed a total of $1.2 billion of Growth Capital Improvements. Starting on the first anniversary of each installment of reimbursement for a Growth Capital Improvement, the rent payable by Windstream under the applicable Windstream Lease will increase by an amount equal to 8.0% (the “Rent Rate”) of such installment of reimbursement. The Rent Rate will thereafter increase to 100.5% of the prior Rent Rate on each anniversary of each reimbursement. In the event that the tenant’s interest in either Windstream Lease is transferred by Windstream under the terms thereof (unless transferred to the same transferee), or if Uniti transfers its interests as landlord under either Windstream Lease (unless to the same transferee), the reimbursement rights and obligations will be allocated between the ILEC MLA and the CLEC MLA by Windstream, provided that the maximum that may be allocated to the CLEC MLA following such transfer is $20 million per year. If Uniti fails to reimburse any Growth Capital Improvement reimbursement payment or equipment loan funding request as and when it is required to do so under the terms of the Windstream Leases, and such failure continues for thirty (30) days, then such unreimbursed amounts may be applied as an offset against the rent owed by Windstream under the Windstream Leases (and such amounts will thereafter be treated as if Uniti had reimbursed them). Uniti and Windstream have entered into separate ILEC and CLEC Equipment Loan and Security Agreements (collectively “Equipment Loan Agreement”) in which Uniti will provide up to $125 million (limited to $25 million in any calendar year) of the $1.75 billion of Growth Capital Improvements commitments discussed above in the form of loans for Windstream to purchase equipment related to network upgrades or to be used in connection with the Windstream Leases. Interest on these loans will accrue at 8% from the date of the borrowing. All equipment financed through the Equipment Loan Agreement is the sole property of Windstream; however, Uniti will receive a first-lien security interest in the equipment purchased with the loans. No such loans have been made as of March 31, 2025.

Supplementary Unrestricted Subsidiary Information - Schedule of Consolidating Statement of Income (Loss) of Such Unrestricted Subsidiaries (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues:
Total revenues	$ 293,909	$ 286,418
Costs and Expenses:
Interest expense, net	137,987	123,211
Depreciation and amortization	79,683	77,485
General and administrative expense	28,309	28,133
Transaction related and other costs	7,847	5,687
Gain on sale of real estate	0	(18,999)
Other (income) expense, net	0	282
Total costs and expenses	286,207	250,433
Income before income taxes and equity in earnings from unconsolidated entities	7,702	35,985
Income tax benefit	(4,518)	(5,363)
Net income	12,220	41,348
Eliminations
Revenues:
Total revenues	(11,465)	0
Costs and Expenses:
Interest expense, net	0	0
Depreciation and amortization	0	0
General and administrative expense	(1,986)	0
Operating expense (exclusive of depreciation, accretion and amortization)	(9,479)	0
Transaction related and other costs	0	0
Gain on sale of real estate		0
Other (income) expense, net		0
Total costs and expenses	(11,465)	0
Income before income taxes and equity in earnings from unconsolidated entities	0	0
Income tax benefit	0	0
Net income	0	0
Consolidated
Revenues:
Total revenues	293,909	286,418
Costs and Expenses:
Interest expense, net	137,987	123,211
Depreciation and amortization	79,683	77,485
General and administrative expense	28,309	28,133
Operating expense (exclusive of depreciation, accretion and amortization)	32,381	35,198
Transaction related and other costs	7,847	5,687
Gain on sale of real estate		(18,999)
Other (income) expense, net		(282)
Total costs and expenses	286,207	250,433
Income before income taxes and equity in earnings from unconsolidated entities	7,702	35,985
Income tax benefit	(4,518)	(5,363)
Net income	12,220	41,348
Unrestricted Subsidiaries
Revenues:
Total revenues	32,025	5,581
Costs and Expenses:
Interest expense, net	12,296	2,295
Depreciation and amortization	5,790	0
General and administrative expense	5,010	72
Operating expense (exclusive of depreciation, accretion and amortization)	9,308	0
Transaction related and other costs	0	0
Gain on sale of real estate		0
Other (income) expense, net		0
Total costs and expenses	32,404	2,367
Income before income taxes and equity in earnings from unconsolidated entities	(379)	3,214
Income tax benefit	0	0
Net income	(379)	3,214
Restricted Subsidiaries
Revenues:
Total revenues	273,349	280,837
Costs and Expenses:
Interest expense, net	125,691	120,916
Depreciation and amortization	73,893	77,485
General and administrative expense	25,285	28,061
Operating expense (exclusive of depreciation, accretion and amortization)	32,552	35,198
Transaction related and other costs	7,847	5,687
Gain on sale of real estate		(18,999)
Other (income) expense, net		(282)
Total costs and expenses	265,268	248,066
Income before income taxes and equity in earnings from unconsolidated entities	8,081	32,771
Income tax benefit	(4,518)	(5,363)
Net income	$ 12,599	$ 38,134

Goodwill and Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets and Liabilities

Changes in the carrying amount of goodwill occurring during the three months ended March 31, 2025 are as follows:


(Thousands)	Uniti Fiber		Total
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

Goodwill at March 31, 2025	$	672,878	$	672,878
Accumulated impairment charges as of March 31, 2025	(515,498)		(515,498)
Balance at March 31, 2025	$	157,380	$	157,380

Carrying value of intangible assets and liabilities at March 31, 2025 and December 31, 2024 are as follows:


(Thousands)	March 31, 2025				December 31, 2024
	Original Cost		Accumulated Amortization		Original Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(180,022)	$	416,104	$	(174,326)
Contracts	52,536		(29,552)		52,536		(27,910)
Underlying Rights	10,497		(1,575)		10,497		(1,487)

Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(211,149)				(203,723)
Total intangible assets, net	$	267,988			$	275,414

Finite life intangible liabilities:
Below-market leases	$	191,154	$	(48,124)	$	191,154	$	(45,451)

Finite life intangible liabilities:
Below-market leases	$	191,154			$	191,154
Less: accumulated amortization	(48,124)				(45,451)
Total intangible liabilities, net	$	143,030			$	145,703

As of March 31, 2025, the remaining weighted average amortization period of the Company’s intangible assets was 13.0 years, 3.5 years, and 25.5 years for customer lists, contracts, and underlying rights, respectively. As of March 31, 2025, the total remaining weighted average amortization period for total intangible assets was 12.6 years.

Amortization expense for the three months ended March 31, 2025 and 2024 was $7.4 million and $7.4 million, respectively. Amortization expense is estimated to be $29.7 million for the full year of 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. Revenue related to the amortization of the below-market leases for the three months ended March 31, 2025 and 2024 was $2.7 million and $2.7 million, respectively. As of March 31, 2025, the remaining weighted average amortization period of the Company’s intangible liabilities was 14.9 years. Revenue due to the amortization of the below-market leases is estimated to be $10.7 million for the full year of 2025, $10.7 million in 2026, $10.7 million in 2027, $10.2 million in 2028, and $8.8 million in 2029.

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2025

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

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component is as follows for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
(Thousands)	2025		2024
Cash flow hedge:
Balance at beginning of period attributable to shareholders	$	(634)	$	—
Change in fair value of derivative asset	(68)		(355)
Amounts reclassified from accumulated other comprehensive income	187		188
Balance at end of period	(515)		(167)
Less: Other comprehensive income attributable to noncontrolling interest	0		0
Balance at end of period attributable to shareholders	(515)		(167)
Accumulated other comprehensive loss at end of period	$	(515)	$	(167)

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Value of the Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible assets, original cost	$ 479,137	$ 479,137
Less: accumulated amortization	(211,149)	(203,723)
Total intangible assets, net	267,988	275,414
Less: accumulated amortization	(48,124)	(45,451)
Total intangible liabilities, net	143,030	145,703
Customer lists
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, original cost	416,104	416,104
Less: accumulated amortization	(180,022)	(174,326)
Contracts
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, original cost	52,536	52,536
Less: accumulated amortization	(29,552)	(27,910)
Underlying Rights
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, original cost	10,497	10,497
Less: accumulated amortization	(1,575)	(1,487)
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	$ (48,124)	$ (45,451)

Capital Stock (Details) $ in Thousands	3 Months Ended
Capital Stock (Details) $ in Thousands	Mar. 31, 2025 USD ($) shares
Schedule Of Capitalization Equity [Line Items]
Percentage of units exchanged held by third parties	100.00%
Noncontrolling Interest - OP Units
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest	$ 300
Cash Share Exchange
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest (in shares) \| shares	14,722
Cash Share Purchase
Schedule Of Capitalization Equity [Line Items]
Exchange of noncontrolling interest	$ 100

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Selected financial data related to our segments is presented below for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31, 2025
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	222,368	$	71,541	$	—	$	293,909

Adjusted EBITDA	$	215,126	$	28,756	$	(6,052)	$	237,830
Less:
Interest expense							137,987
Depreciation and amortization	46,851		32,816		16		79,683
Transaction related and other costs							7,847



Other, net							850
Stock-based compensation							3,761
Income tax benefit							(4,518)

Net income							$	12,220

Capital Expenditures	$	176,798	$	31,262	$	—	$	208,060


	Three Months Ended March 31, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	217,621	$	68,797	$	—	$	286,418

Adjusted EBITDA	$	210,677	$	23,838	$	(5,887)	$	228,628
Less:
Interest expense							123,211
Depreciation and amortization	44,980		32,492		13		77,485
Transaction related and other costs							5,687
Gain on sale of real estate							(18,999)

Other, net							1,911
Stock-based compensation							3,348
Income tax benefit							(5,363)

Net Income							$	41,348

Capital Expenditures	$	139,702	$	28,225	$	12	$	167,939

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


	Uniti Fiber
	Three Months Ended March 31,
(Thousands)	2025		2024
Revenues	$	71,541	$	68,797

Less:
Employee-related (excluding stock-based compensation):
Operating Expense	6,066		6,538
General and Administrative Expense	8,990		8,923
Network (a)	18,431		18,759
Installation, Equipment, & Other Non-recurring Charges (a)	1,120		2,572
Insurance (b)	1,067		1,173
Professional Fees (b)	1,241		1,053



Other	5,870		5,941
Adjusted EBITDA	$	28,756	$	23,838

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

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


	Uniti Leasing
	Three Months Ended March 31,
(Thousands)	2025		2024
Revenues	$	222,368	$	217,621

Less:
Employee-related (excluding stock-based compensation):
Operating Expense	66		293
General and Administrative Expense	1,689		1,507
Network (a)	4,878		4,996



Other	609		148
Adjusted EBITDA	$	215,126	$	210,677

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

Schedule of Total Assets by Business Segment

Total assets by business segment as of March 31, 2025 and December 31, 2024 are as follows:


(Thousands)	March 31, 2025		December 31, 2024
Uniti Leasing	$	3,226,236	$	3,158,309
Uniti Fiber	1,995,771		1,985,828
Corporate	70,407		138,008
Total of reportable segments	$	5,292,414	$	5,282,145

Segment Information - Schedule of Significant Segment Expenses for Our Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Revenues	$ 293,909	$ 286,418
Employee-related (excluding stock-based compensation):
General and Administrative Expense	28,309	28,133
Adjusted EBITDA	237,830	228,628
Operating Segments \| Uniti Fiber
Segment Reporting Information [Line Items]
Revenues	71,541	68,797
Employee-related (excluding stock-based compensation):
Operating Expense	6,066	6,538
General and Administrative Expense	8,990	8,923
Network	18,431	18,759
Installation, Equipment, & Other Non-recurring Charges	1,120	2,572
Insurance	1,067	1,173
Professional Fees	1,241	1,053
Other	5,870	5,941
Adjusted EBITDA	28,756	23,838
Operating Segments \| Uniti Leasing
Segment Reporting Information [Line Items]
Revenues	222,368	217,621
Employee-related (excluding stock-based compensation):
Operating Expense	66	293
General and Administrative Expense	1,689	1,507
Network	4,878	4,996
Other	609	148
Adjusted EBITDA	$ 215,126	$ 210,677

Leases - Components of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Lease income - operating leases	$ 237,023	$ 228,155

Revenues (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenues Disaggregated by Revenue Stream

The following table presents our revenues disaggregated by revenue stream.


	Three Months Ended March 31,
(Thousands)	2025		2024
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Uniti Fiber
Lit backhaul	$	17,745	$	17,722
Enterprise and wholesale	28,117		26,893
E-Rate and government	9,606		11,144
Other	(37)		875
Uniti Fiber	55,431		56,634
Uniti Leasing	1,455		1,629
Total revenue from contracts with customers	56,886		58,263
Revenue accounted for under leasing guidance
Uniti Leasing	220,913		215,992
Uniti Fiber	16,110		12,163
Total revenue accounted for under leasing guidance	237,023		228,155
Total revenue	$	293,909	$	286,418

Schedule of Contract Assets and Contract Liabilities

The following table provides information about contract assets and contract liabilities accounted for under the Accounting

Standards Codification 606, Revenue from Contracts with Customers ("ASC 606").


(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2024	$	—	$	10,014
Balance at March 31, 2025	$	423	$	10,484

Revenues

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue stream.


	Three Months Ended March 31,
(Thousands)	2025		2024
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Uniti Fiber
Lit backhaul	$	17,745	$	17,722
Enterprise and wholesale	28,117		26,893
E-Rate and government	9,606		11,144
Other	(37)		875
Uniti Fiber	55,431		56,634
Uniti Leasing	1,455		1,629
Total revenue from contracts with customers	56,886		58,263
Revenue accounted for under leasing guidance
Uniti Leasing	220,913		215,992
Uniti Fiber	16,110		12,163
Total revenue accounted for under leasing guidance	237,023		228,155
Total revenue	$	293,909	$	286,418

At March 31, 2025 and December 31, 2024, lease receivables were $19.0 million and $28.8 million, respectively, and receivables from contracts with customers were $21.8 million and $19.1 million, respectively.

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

Contract assets primarily consist of unbilled construction revenue where we are utilizing our costs incurred as the measure of progress of satisfying our performance obligation. Contract assets are reported within accounts receivable, net on our Condensed Consolidated Balance Sheets. When the contract price is invoiced, the related unbilled receivable is reclassified to trade accounts receivable, where the balance will be settled upon the collection of the invoiced amount. Contract liabilities are generally comprised of upfront fees charged to the customer for the cost of establishing the necessary components of the Company’s network prior to the commencement of use by the customer. Fees charged to customers for the recurring use of the Company’s network are recognized during the related periods of service. Upfront fees that are billed in advance of providing services are deferred until such time the customer accepts the Company’s network and then are recognized as service revenues ratably over a period in which substantive services required under the revenue arrangement are expected to be performed, which is the initial term of the arrangement. During the three months ended March 31, 2025, we recognized revenues of $1.6 million which were included in the December 31, 2024 contract liabilities balance.

The following table provides information about contract assets and contract liabilities accounted for under the Accounting

Standards Codification 606, Revenue from Contracts with Customers ("ASC 606").


(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2024	$	—	$	10,014
Balance at March 31, 2025	$	423	$	10,484

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 March 31, 2025, our future revenues (i.e., transaction price related to remaining performance obligations) under contract accounted for under ASC 606 totaled $594.9 million, of which $526.9 million is related to contracts that are currently being invoiced and have an average remaining contract term of 3.0 years, while $68.0 million represents our backlog for sales bookings which have yet to be installed and have an average contract term of 5.4 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

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Revenues	$ 293,909	$ 286,418
Adjusted EBITDA	237,830	228,628
Interest expense	137,987	123,211
Depreciation and amortization	79,683	77,485
Transaction related and other costs	7,847	5,687
Gain on sale of real estate	0	(18,999)
Other, net	850	1,911
Stock-based compensation	3,761	3,348
Income tax benefit	(4,518)	(5,363)
Net income	12,220	41,348
Capital Expenditures	208,060	167,939
Corporate
Segment Reporting Information [Line Items]
Revenues	0	0
Adjusted EBITDA	(6,052)	(5,887)
Depreciation and amortization	16	13
Capital Expenditures	0	12
Uniti Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	222,368	217,621
Adjusted EBITDA	215,126	210,677
Depreciation and amortization	46,851	44,980
Capital Expenditures	176,798	139,702
Uniti Fiber \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	71,541	68,797
Adjusted EBITDA	28,756	23,838
Depreciation and amortization	32,816	32,492
Capital Expenditures	$ 31,262	$ 28,225

Leases - Lease Payments to be Received under Non-Cancellable Operating Leases (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Lessor Lease Description [Line Items]
2025	$ 629,994
2026	858,884
2027	860,585
2028	860,567
2029	860,008
Thereafter	795,011
Total lease receivables	4,865,049
Total future minimum lease payments to be received	4,865,049
Windstream
Lessor Lease Description [Line Items]
Total lease receivables	4,000,000
Total future minimum lease payments to be received	$ 4,000,000

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2025

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

Schedule of Changes in Accumulated Other Comprehensive Loss by Component

Changes in accumulated other comprehensive loss by component is as follows for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
(Thousands)	2025		2024
Cash flow hedge:
Balance at beginning of period attributable to shareholders	$	(634)	$	—
Change in fair value of derivative asset	(68)		(355)
Amounts reclassified from accumulated other comprehensive income	187		188
Balance at end of period	(515)		(167)
Less: Other comprehensive income attributable to noncontrolling interest	0		0
Balance at end of period attributable to shareholders	(515)		(167)
Accumulated other comprehensive loss at end of period	$	(515)	$	(167)

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable business segments	2
Number of operating business segments	2

Notes and Other Debt (Tables)

3 Months Ended

Mar. 31, 2025

Long-Term Debt, Unclassified [Abstract]

Schedule of Notes and Other Debt

Notes and other debt are as follows:


(Thousands)	March 31, 2025		December 31, 2024
Principal amount	$	6,050,500	$	5,861,500
Less unamortized discount, premium and debt issuance costs	(80,096)		(77,903)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	5,970,404	$	5,783,597

Notes and other debt at March 31, 2025 and December 31, 2024 consisted of the following:


	March 31, 2025				December 31, 2024
(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%)	$	2,775,000	$	(33,461)	$	2,900,000	$	(37,522)
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)	570,000		(4,647)		570,000		(4,998)
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)	1,110,000		(12,408)		1,110,000		(13,101)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)	700,000		(7,660)		700,000		(8,000)
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)	306,500		(5,794)		306,500		(6,273)
ABS Bridge Loan Facility variable rate, due September 1, 2025 (discount is based on imputed interest rate of 10.33%)	—		—		275,000		(3,671)
ABS Notes (Class A-2) - 5.88%, due April 1, 2030 (discount is based on imputed interest rate of 6.36%)	426,000		(8,772)		—		—
ABS Notes (Class B) - 6.37%, due April 1, 2030 (discount is based on imputed interest rate of 6.86%)	65,000		(1,339)		—		—
ABS Notes (Class C) - 9.02%, due April 1, 2030 (discount is based on imputed interest rate of 9.54%)	98,000		(2,022)		—		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	—		(3,993)		—		(4,338)
Total	$	6,050,500	$	(80,096)	$	5,861,500	$	(77,903)

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

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

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	Apr. 29, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-36708
Entity Registrant Name	Uniti Group Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-5230630
Entity Address, Address Line One	2101 Riverfront Drive, Suite A
Entity Address, City or Town	Little Rock
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72202
City Area Code	501
Local Phone Number	850-0820
Title of 12(b) Security	Common Stock
Trading Symbol	UNIT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		245,453,420
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001620280
Current Fiscal Year End Date	--12-31

Organization and Description of Business (Details) $ / shares in Units, $ in Millions		3 Months Ended
	May 03, 2024 USD ($) member director $ / shares	Mar. 31, 2025 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		100.00%

Organization and Description of Business	3 Months Ended
Organization and Description of Business	Mar. 31, 2025
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 March 31, 2025, we are the sole general partner of the Operating Partnership and own 100.00% of the partnership interests in the Operating Partnership. Our Proposed Merger with Windstream On May 3, 2024, Uniti entered into an Agreement and Plan of Merger, by and between Uniti and Windstream, as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated as of 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”). In connection with the Merger, Windstream Parent, Inc. will be renamed Uniti Group Inc. Following the Merger, the common stock of New Uniti (“New Uniti Common Stock”) is expected to be listed on the Nasdaq Global Market under the proposed symbol “UNIT.” Our Merger with Windstream is subject to customary closing conditions, including, among others, approval by our stockholders, which was obtained April 2, 2025, and receipt of required regulatory approvals. 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, which was obtained April 2, 2025, 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 half 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 herein) and the settlement agreement with Windstream, which requires Uniti to fund periodic settlement payments and reimburse Windstream for certain growth capital improvements, will remain in place. All Windstream debt obligations would remain obligations of Windstream and our debt obligations would remain as ours, with no cross-guarantees or credit support between the Company and Windstream. In September and October 2024, Windstream undertook a series of transactions through which it amended the terms of its outstanding debt to, among other things, allow for the consolidation of Uniti's and Windstream's debt following the completion of the Merger into a single silo under a common parent entity (the "Post-Closing Reorganization"). In April 2025, we amended our Credit Agreement (as defined herein) to modify its lien covenant to facilitate 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 Notes, as defined herein) 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 Notes, as defined herein). 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.

Leases - Schedule of Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	$ 9,128,355	$ 9,017,798
Less: accumulated depreciation	(5,898,366)	(5,852,579)
Underlying assets under operating leases, net	3,229,989	3,165,219
Land
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	26,737	26,711
Building and improvements
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	351,541	350,829
Poles
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	347,551	341,548
Fiber
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	4,323,867	4,222,895
Equipment
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	437	437
Copper
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	3,975,650	3,972,806
Conduit
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	90,193	90,193
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	1,889
Other assets
Lessor Lease Description [Line Items]
Property, plant, and equipment, lessor asset under operating lease, before accumulated depreciation	$ 10,432	$ 10,432

Notes and Other Debt - Asset-Backed Bridge Loan Facility (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Feb. 03, 2025	Dec. 31, 2024	Feb. 23, 2024
Debt Instrument [Line Items]
Principal amount	$ 6,050,500			$ 5,861,500
Loss on the extinguishment	(8,515)	$ 0
ABS Credit Agreement
Debt Instrument [Line Items]
Loss on the extinguishment	(3,200)
Convertible senior notes - 7.50%, due December 1, 2027
Debt Instrument [Line Items]
Principal amount	0		$ 589,000	275,000
ABS Notes (Class A) - 5.88% due April 1, 2030
Debt Instrument [Line Items]
Principal amount	$ 426,000		426,000	0
Issuance senior notes, stated percentage	5.88%
ABS Notes (Class B) - 6.37% due April 1, 2030
Debt Instrument [Line Items]
Principal amount	$ 65,000		65,000	0
Issuance senior notes, stated percentage	6.37%
ABS Notes (Class C) - 9.0%, due April 1, 2030 (discount is based on imputed interest rate of 6.32%)
Debt Instrument [Line Items]
Principal amount	$ 98,000		$ 98,000	0
Issuance senior notes, stated percentage	9.02%
2028 Secured Notes
Debt Instrument [Line Items]
Issuance senior notes, stated percentage			103.00%
Aggregate principal amount			$ 125,000
Loss on the extinguishment	$ (5,300)
Debt issuance costs, net	4,800
Interest expense	$ 3,700
Revolving Credit Facility \| ABS Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity					$ 350,000
Principal amount				$ 275,000

Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net income attributable to shareholders	$ 12,220	$ 41,329
Less: Income allocated to participating securities	(335)	(436)
Dividends declared on convertible preferred stock	(5)	(5)
Net income attributable to common shareholders	$ 11,880	$ 40,888
Denominator:
Basic weighted-average common shares outstanding (in shares)	238,062	236,901
Basic earnings per common share (in dollars per share)	$ 0.05	$ 0.17
Numerator:
Net income attributable to shareholders	$ 12,220	$ 41,329
Less: Income allocated to participating securities	(335)	(436)
Dividends declared on convertible preferred stock	(5)	(5)
Impact on if-converted dilutive securities	0	7,022
Net income attributable to common shares	$ 11,880	$ 47,910
Denominator:
Basic weighted-average common shares outstanding (in shares)	238,062	236,901
Effect of dilutive non-participating securities (in shares)	0	708
Impact on if-converted dilutive securities (in shares)	0	54,798
Weighted-average shares for dilutive earnings per common share (in shares)	238,062	292,407
Dilutive earnings (loss) per common share (in dollars per share)	$ 0.05	$ 0.16

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2025

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:


(Dollars in Thousands)	Depreciable Lives	March 31, 2025		December 31, 2024
Land	Indefinite	$	30,634	$	30,577
Building and improvements	3 - 40 years	376,893		374,668
Poles	30 Years	347,552		341,548
Fiber	30 Years	5,365,564		5,253,959
Equipment	5 - 7 years	510,673		499,678
Copper	20 Years	3,975,650		3,972,806
Conduit	30 Years	90,193		90,193
Tower assets	20 Years	1,221		1,221
Finance lease assets	See Note 3	52,723		52,789
Other assets	15 - 20 years	10,433		10,450
Construction in progress	See Note 3	44,223		36,774
Corporate assets	3 - 7 years	16,731		16,499
		10,822,490		10,681,162
Less accumulated depreciation		(6,540,131)		(6,471,415)
Net property, plant and equipment		$	4,282,359	$	4,209,747

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

Supplementary Unrestricted Subsidiary Information (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and 2024, and the Consolidated Statements of Income for the three months ended March 31, 2025 and 2024, respectively, of such unrestricted subsidiaries (in thousands):


	As of March 31, 2025
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	445,061	$	3,837,298	$	—	$	4,282,359
Cash and cash equivalents	1,287		90,669		—		91,956
Restricted cash and cash equivalents	38,214		105		—		38,319
Accounts receivable, net	14,996		48,008		(19,243)		43,761
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		267,988		—		267,988
Straight-line revenue receivable	1,800		110,629		—		112,429
Operating lease right-of-use assets, net	—		126,410		—		126,410
Other assets, net	21,251		(76,911)		94,521		38,861
Deferred income tax assets, net	—		132,951		—		132,951
Total Assets	$	522,609	$	4,694,527	$	75,278	$	5,292,414

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	12,251	$	86,670	$	(19,243)	$	79,678
Settlement payable	—		48,142		—		48,142
Intangible liabilities, net	—		143,030		—		143,030
Accrued interest payable	6,124		50,898		—		57,022
Deferred revenue	57,272		1,287,734		(10,536)		1,334,470
Dividends payable	—		277		—		277
Operating lease liabilities	—		80,399		—		80,399
Finance lease obligations	—		16,446		—		16,446
Notes and other debt, net	576,866		5,414,789		(21,251)		5,970,404
Total liabilities	652,513		7,128,385		(51,030)		7,729,868

Shareholders' Deficit:
Total shareholders' deficit	(129,904)		(2,433,858)		126,308		(2,437,454)
Total Liabilities and Shareholders' Deficit	$	522,609	$	4,694,527	$	75,278	$	5,292,414


	As of 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	77		211,031		(170,475)		40,633
Deferred income tax assets, net	—		128,045		—		128,045

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	—		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

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


	Three Months Ended March 31, 2025
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	32,025	$	273,349	$	(11,465)	$	293,909

Costs and Expenses:
Interest expense, net	12,296		125,691		—		137,987
Depreciation and amortization	5,790		73,893		—		79,683
General and administrative expense	5,010		25,285		(1,986)		28,309
Operating expense (exclusive of depreciation, accretion and amortization)	9,308		32,552		(9,479)		32,381

Transaction related and other costs	—		7,847		—		7,847


Total costs and expenses	32,404		265,268		(11,465)		286,207

Income (loss) before income taxes and equity in earnings from unconsolidated entities	(379)		8,081		—		7,702
Income tax benefit	—		(4,518)		—		(4,518)
Net income (loss)	$	(379)	$	12,599	$	—	$	12,220


	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

Revenues - Revenues Disaggregated by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 56,886	$ 58,263
Lease income - operating leases	237,023	228,155
Total revenues	293,909	286,418
Uniti Fiber
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	55,431	56,634
Lease income - operating leases	16,110	12,163
Uniti Fiber \| Lit backhaul
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	17,745	17,722
Uniti Fiber \| Enterprise and wholesale
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	28,117	26,893
Uniti Fiber \| E-Rate and government
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	9,606	11,144
Uniti Fiber \| Other
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	(37)	875
Uniti Leasing
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	1,455	1,629
Lease income - operating leases	$ 220,913	$ 215,992

Goodwill and Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

Changes in the carrying amount of goodwill occurring during the three months ended March 31, 2025 are as follows:


(Thousands)	Uniti Fiber		Total
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

Goodwill at March 31, 2025	$	672,878	$	672,878
Accumulated impairment charges as of March 31, 2025	(515,498)		(515,498)
Balance at March 31, 2025	$	157,380	$	157,380

Schedule of Carrying Value of Other Intangible Assets

Carrying value of intangible assets and liabilities at March 31, 2025 and December 31, 2024 are as follows:


(Thousands)	March 31, 2025				December 31, 2024
	Original Cost		Accumulated Amortization		Original Cost		Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104	$	(180,022)	$	416,104	$	(174,326)
Contracts	52,536		(29,552)		52,536		(27,910)
Underlying Rights	10,497		(1,575)		10,497		(1,487)

Total intangible assets	$	479,137			$	479,137
Less: accumulated amortization	(211,149)				(203,723)
Total intangible assets, net	$	267,988			$	275,414

Finite life intangible liabilities:
Below-market leases	$	191,154	$	(48,124)	$	191,154	$	(45,451)

Finite life intangible liabilities:
Below-market leases	$	191,154			$	191,154
Less: accumulated amortization	(48,124)				(45,451)
Total intangible liabilities, net	$	143,030			$	145,703

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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

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

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

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

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

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

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

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

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

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

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

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
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)	238,557,000	237,513,000
Common stock, shares outstanding (in shares)	238,557,000	237,513,000
Cumulative non-voting convertible preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Cumulative non-voting convertible preferred shares authorized (in shares)	6,000	6,000
Cumulative non-voting convertible preferred shares issued (in shares)	3,000	3,000
Cumulative non-voting convertible preferred shares outstanding (in shares)	3,000	3,000

Goodwill and Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	12 years 7 months 6 days
Amortization of intangible assets	$ 7.4	$ 7.4
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	$ 2.7	$ 2.7
Remaining weighted average amortization period of intangible liabilities	14 years 10 months 24 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
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	13 years
Contracts
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	3 years 6 months
Underlying Rights
Goodwill [Line Items]
Remaining weighted average amortization period of intangible assets	25 years 6 months

Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

Lessor Accounting

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

The components of lease income for the three months ended March 31, 2025 and 2024 respectively, are as follows:


	Three Months Ended March 31,
(Thousands)	2025		2024
Lease income - operating leases	$	237,023	$	228,155

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of March 31, 2025 are as follows:


(Thousands)	March 31, 2025⁽¹⁾
2025	$	629,994
2026	858,884
2027	860,585
2028	860,567
2029	860,008
Thereafter	795,011
Total lease receivables	$	4,865,049
(1) Total future minimum lease payments to be received include $4.0 billion relating to the Windstream Leases.

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


(Thousands)	March 31, 2025		December 31, 2024
Land	$	26,737	$	26,711
Building and improvements	351,541		350,829
Poles	347,551		341,548
Fiber	4,323,867		4,222,895
Equipment	437		437
Copper	3,975,650		3,972,806
Conduit	90,193		90,193
Tower assets	58		58
Finance lease assets	1,889		1,889
Other assets	10,432		10,432
	9,128,355		9,017,798
Less: accumulated depreciation	(5,898,366)		(5,852,579)
Underlying assets under operating leases, net	$	3,229,989	$	3,165,219

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three months ended March 31, 2025 and 2024, respectively, is summarized as follows:


	Three Months Ended March 31,
(Thousands)	2025		2024
Depreciation expense for underlying assets under operating leases	$	47,860	$	46,005

Lessee Accounting

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

As of March 31, 2025, we have short-term lease commitments amounting to approximately $3.4 million.

Future lease payments under non-cancellable leases as of March 31, 2025 are as follows:


(Thousands)	Operating Leases		Finance Leases
2025	$	13,160	$	3,174
2026	15,171		4,106
2027	12,299		3,399
2028	10,577		2,572
2029	8,779		1,877
Thereafter	100,003		7,298
Total undiscounted lease payments	$	159,989	$	22,426
Less: imputed interest	(79,590)		(5,980)
Total lease liabilities	$	80,399	$	16,446

Leases

Lessor Accounting

The components of lease income for the three months ended March 31, 2025 and 2024 respectively, are as follows:


	Three Months Ended March 31,
(Thousands)	2025		2024
Lease income - operating leases	$	237,023	$	228,155

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of March 31, 2025 are as follows:


(Thousands)	March 31, 2025⁽¹⁾
2025	$	629,994
2026	858,884
2027	860,585
2028	860,567
2029	860,008
Thereafter	795,011
Total lease receivables	$	4,865,049
(1) Total future minimum lease payments to be received include $4.0 billion relating to the Windstream Leases.

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


(Thousands)	March 31, 2025		December 31, 2024
Land	$	26,737	$	26,711
Building and improvements	351,541		350,829
Poles	347,551		341,548
Fiber	4,323,867		4,222,895
Equipment	437		437
Copper	3,975,650		3,972,806
Conduit	90,193		90,193
Tower assets	58		58
Finance lease assets	1,889		1,889
Other assets	10,432		10,432
	9,128,355		9,017,798
Less: accumulated depreciation	(5,898,366)		(5,852,579)
Underlying assets under operating leases, net	$	3,229,989	$	3,165,219

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three months ended March 31, 2025 and 2024, respectively, is summarized as follows:


	Three Months Ended March 31,
(Thousands)	2025		2024
Depreciation expense for underlying assets under operating leases	$	47,860	$	46,005

Lessee Accounting

As of March 31, 2025, we have short-term lease commitments amounting to approximately $3.4 million.

Future lease payments under non-cancellable leases as of March 31, 2025 are as follows:


(Thousands)	Operating Leases		Finance Leases
2025	$	13,160	$	3,174
2026	15,171		4,106
2027	12,299		3,399
2028	10,577		2,572
2029	8,779		1,877
Thereafter	100,003		7,298
Total undiscounted lease payments	$	159,989	$	22,426
Less: imputed interest	(79,590)		(5,980)
Total lease liabilities	$	80,399	$	16,446

Leases

Lessor Accounting

The components of lease income for the three months ended March 31, 2025 and 2024 respectively, are as follows:


	Three Months Ended March 31,
(Thousands)	2025		2024
Lease income - operating leases	$	237,023	$	228,155

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of March 31, 2025 are as follows:


(Thousands)	March 31, 2025⁽¹⁾
2025	$	629,994
2026	858,884
2027	860,585
2028	860,567
2029	860,008
Thereafter	795,011
Total lease receivables	$	4,865,049
(1) Total future minimum lease payments to be received include $4.0 billion relating to the Windstream Leases.

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


(Thousands)	March 31, 2025		December 31, 2024
Land	$	26,737	$	26,711
Building and improvements	351,541		350,829
Poles	347,551		341,548
Fiber	4,323,867		4,222,895
Equipment	437		437
Copper	3,975,650		3,972,806
Conduit	90,193		90,193
Tower assets	58		58
Finance lease assets	1,889		1,889
Other assets	10,432		10,432
	9,128,355		9,017,798
Less: accumulated depreciation	(5,898,366)		(5,852,579)
Underlying assets under operating leases, net	$	3,229,989	$	3,165,219

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three months ended March 31, 2025 and 2024, respectively, is summarized as follows:


	Three Months Ended March 31,
(Thousands)	2025		2024
Depreciation expense for underlying assets under operating leases	$	47,860	$	46,005

Lessee Accounting

As of March 31, 2025, we have short-term lease commitments amounting to approximately $3.4 million.

Future lease payments under non-cancellable leases as of March 31, 2025 are as follows:


(Thousands)	Operating Leases		Finance Leases
2025	$	13,160	$	3,174
2026	15,171		4,106
2027	12,299		3,399
2028	10,577		2,572
2029	8,779		1,877
Thereafter	100,003		7,298
Total undiscounted lease payments	$	159,989	$	22,426
Less: imputed interest	(79,590)		(5,980)
Total lease liabilities	$	80,399	$	16,446

Leases - Schedule of Depreciation Expense for Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Depreciation expense for underlying assets under operating leases	$ 47,860	$ 46,005

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Goodwill [Line Items]
Goodwill gross	$ 672,878	$ 672,878
Accumulated impairment charges	(515,498)	(515,498)
Goodwill	157,380	157,380
Uniti Fiber
Goodwill [Line Items]
Goodwill gross	672,878	672,878
Accumulated impairment charges	(515,498)	(515,498)
Goodwill	$ 157,380	$ 157,380

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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+ Details

Supplementary Unrestricted Subsidiary Information

3 Months Ended

Mar. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Supplementary Unrestricted Subsidiary Information

Supplementary Unrestricted Subsidiary InformationDuring 2024, we formed the ABS Parent and the ABS Bridge Loan Parties, each an indirect, bankruptcy-remote subsidiary of the Company, and we designated ABS Parent and the ABS Bridge Loan Parties as unrestricted subsidiaries under the Credit Agreement and the applicable indentures governing the Company’s outstanding senior notes. During 2025, we formed the ABS Notes Obligors (other than Uniti Fiber GulfCo LLC, which was formed in 2024), each a subsidiary of ABS Parent and an indirect, bankruptcy-remote subsidiary of the Company. Each ABS Notes Obligor is an unrestricted subsidiary under the Credit Agreement and the applicable indentures governing the Company’s senior notes. See Note 8.


	As of March 31, 2025
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Property, plant and equipment, net	$	445,061	$	3,837,298	$	—	$	4,282,359
Cash and cash equivalents	1,287		90,669		—		91,956
Restricted cash and cash equivalents	38,214		105		—		38,319
Accounts receivable, net	14,996		48,008		(19,243)		43,761
Goodwill	—		157,380		—		157,380
Intangible assets, net	—		267,988		—		267,988
Straight-line revenue receivable	1,800		110,629		—		112,429
Operating lease right-of-use assets, net	—		126,410		—		126,410
Other assets, net	21,251		(76,911)		94,521		38,861
Deferred income tax assets, net	—		132,951		—		132,951
Total Assets	$	522,609	$	4,694,527	$	75,278	$	5,292,414

Liabilities and Shareholders' Deficit
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	$	12,251	$	86,670	$	(19,243)	$	79,678
Settlement payable	—		48,142		—		48,142
Intangible liabilities, net	—		143,030		—		143,030
Accrued interest payable	6,124		50,898		—		57,022
Deferred revenue	57,272		1,287,734		(10,536)		1,334,470
Dividends payable	—		277		—		277
Operating lease liabilities	—		80,399		—		80,399
Finance lease obligations	—		16,446		—		16,446
Notes and other debt, net	576,866		5,414,789		(21,251)		5,970,404
Total liabilities	652,513		7,128,385		(51,030)		7,729,868

Shareholders' Deficit:
Total shareholders' deficit	(129,904)		(2,433,858)		126,308		(2,437,454)
Total Liabilities and Shareholders' Deficit	$	522,609	$	4,694,527	$	75,278	$	5,292,414


	As of 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	77		211,031		(170,475)		40,633
Deferred income tax assets, net	—		128,045		—		128,045

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	—		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


	Three Months Ended March 31, 2025
(Thousands)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total Revenues	$	32,025	$	273,349	$	(11,465)	$	293,909

Costs and Expenses:
Interest expense, net	12,296		125,691		—		137,987
Depreciation and amortization	5,790		73,893		—		79,683
General and administrative expense	5,010		25,285		(1,986)		28,309
Operating expense (exclusive of depreciation, accretion and amortization)	9,308		32,552		(9,479)		32,381

Transaction related and other costs	—		7,847		—		7,847


Total costs and expenses	32,404		265,268		(11,465)		286,207

Income (loss) before income taxes and equity in earnings from unconsolidated entities	(379)		8,081		—		7,702
Income tax benefit	—		(4,518)		—		(4,518)
Net income (loss)	$	(379)	$	12,599	$	—	$	12,220


	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

Segment Information - Schedule of Total Assets by Business Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total of reportable segments	$ 5,292,414	$ 5,282,145
Corporate
Segment Reporting Information [Line Items]
Total of reportable segments	70,407	138,008
Uniti Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Total of reportable segments	3,226,236	3,158,309
Uniti Fiber \| Operating Segments
Segment Reporting Information [Line Items]
Total of reportable segments	$ 1,995,771	$ 1,985,828

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 12,220	$ 41,348
Other comprehensive income (loss):
Unrealized loss on valuation of interest rate cap	(68)	(355)
Reclassification of realized interest on interest rate cap	187	188
Other comprehensive income (loss)	119	(167)
Comprehensive income	12,339	41,181
Comprehensive income attributable to noncontrolling interest	0	19
Comprehensive income attributable to shareholders	$ 12,339	$ 41,162

- Definition

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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+ Details

- Definition

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

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+ Details

Revenues - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract Assets	$ 423	$ 0
Contract Liabilities	$ 10,484	$ 10,014

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
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

Notes and Other Debt - Deferred Financing Cost (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Debt Disclosure [Abstract]
Amortization of deferred financing costs	$ 6.0	$ 5.0

Notes and Other Debt - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Feb. 03, 2025	Dec. 31, 2024	Jun. 15, 2024
Debt Instrument [Line Items]
Principal amount	$ 6,050,500		$ 5,861,500
Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Senior convertible notes	7.50%			4.00%
ABS Loan Facility, variable rate, due September 1, 2025
Debt Instrument [Line Items]
Principal amount	$ 0		0
Convertible senior notes - 7.50%, due December 1, 2027
Debt Instrument [Line Items]
Principal amount	$ 0	$ 589,000	275,000
ABS Notes (Class A) - 5.88% due April 1, 2030
Debt Instrument [Line Items]
Senior convertible notes	5.88%
Principal amount	$ 426,000	426,000	0
ABS Notes (Class B) - 6.37% due April 1, 2030
Debt Instrument [Line Items]
Senior convertible notes	6.37%
Principal amount	$ 65,000	65,000	0
ABS Notes (Class C) - 9.0%, due April 1, 2030 (discount is based on imputed interest rate of 6.32%)
Debt Instrument [Line Items]
Senior convertible notes	9.02%
Principal amount	$ 98,000	$ 98,000	$ 0
Senior secured notes - 10.50%, due February 15, 2028 (discount is based on imputed interest rate of 10.99%)
Debt Instrument [Line Items]
Senior convertible notes	10.50%		10.50%
Principal amount	$ 2,775,000		$ 2,900,000
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)
Debt Instrument [Line Items]
Senior convertible notes	4.75%		4.75%
Principal amount	$ 570,000		$ 570,000
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)
Debt Instrument [Line Items]
Senior convertible notes	6.50%		6.50%
Principal amount	$ 1,110,000		$ 1,110,000
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)
Debt Instrument [Line Items]
Senior convertible notes	6.00%
Principal amount	$ 700,000		$ 700,000
Senior unsecured notes - 6.00%, due January 15, 2030
Debt Instrument [Line Items]
Senior convertible notes	7.50%		7.50%
Principal amount	$ 306,500		$ 306,500

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The accompanying Condensed Consolidated Financial Statements include all accounts of the Company and its wholly owned and/or controlled subsidiaries, including the Operating Partnership. Under the Accounting Standards Codification 810, Consolidation (“ASC 810”), the Operating Partnership is considered a variable interest entity and is consolidated in the Condensed Consolidated Financial Statements of Uniti Group Inc. because the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated. ASC 810 provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 21, 2025, as amended by Amendment No. 1 thereto filed on Form 10-K/A with the SEC on March 7, 2025 (the “Annual Report”). Accordingly, significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our Annual Report. Concentration of Credit Risks—Prior to September 2020, we were party to a long-term exclusive triple-net lease (the “Master Lease”) with Windstream pursuant to which a substantial portion of our real property was leased to Windstream and from which a substantial portion of our leasing revenues were derived. On September 18, 2020, Uniti and Windstream bifurcated the Master Lease and entered into two structurally similar master leases (collectively, the “Windstream Leases”), which amended and restated the Master Lease in its entirety. The Windstream Leases consist of (a) a master lease (the "ILEC MLA") that governs Uniti owned assets used for Windstream's incumbent local exchange carrier ("ILEC") operations and (b) a master lease (the "CLEC MLA") that governs Uniti owned assets used for Windstream's consumer competitive local exchange carrier ("CLEC") operations. Revenue under the Windstream Leases provided 68.4% and 68.8% of our revenue for the three months ended March 31, 2025 and 2024, respectively. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Windstream Leases, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to service debt if Windstream were to default under the Windstream Leases or otherwise experience operating or liquidity difficulties and become unable to generate sufficient cash to make payments to us. We monitor the credit quality of Windstream through numerous methods, including by (i) reviewing credit ratings of Windstream by nationally recognized credit agencies, (ii) reviewing the financial statements of Windstream that are required to be delivered to us pursuant to the Windstream Leases, (iii) monitoring news reports regarding Windstream and its business, (iv) conducting research to ascertain industry trends potentially affecting Windstream, (v) monitoring Windstream’s compliance with the terms of the Windstream Leases and (vi) monitoring the timeliness of its payments under the Windstream Leases. As of the date of this Quarterly Report on Form 10-Q, Windstream is current on all lease payments. We note that in August 2020, Moody’s Investor Service assigned a B3 corporate family rating with a stable outlook to Windstream in connection with its post-emergence exit financing. At the same time, S&P Global Ratings assigned Windstream a B- issuer rating with a stable outlook. Both ratings remain current as of the date of this filing. In order to assist us in our continuing assessment of Windstream’s creditworthiness, we periodically receive certain confidential financial information and metrics from Windstream. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which expands the disclosure requirements for income taxes and enhances the transparency and decision-usefulness of income tax disclosures. The standard requires disclosure of additional specified categories in the rate reconciliation in both percentage and dollar amounts as well as greater disaggregation of income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating this guidance to determine the impact it will have on our financial statements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), 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. ASU 2024-03 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.

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (2,451,840)	$ (2,484,121)
Other comprehensive income (loss)	119	(167)
Ending balance	(2,437,454)	(2,477,483)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(634)	0
Other comprehensive income (loss)	119	(167)
Ending balance	(515)	(167)
Cash flow hedge changes in fair value \| Interest Rate Swap
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Unrealized loss on valuation of interest rate cap	(68)	(355)
Amounts reclassified from accumulated other comprehensive income	187	188
Other comprehensive income (loss)	(515)	(167)
Interest rate swap termination, noncontrolling interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss)	$ 0	$ 0

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Income

The components of lease income for the three months ended March 31, 2025 and 2024 respectively, are as follows:


	Three Months Ended March 31,
(Thousands)	2025		2024
Lease income - operating leases	$	237,023	$	228,155

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 March 31, 2025 are as follows:


(Thousands)	March 31, 2025⁽¹⁾
2025	$	629,994
2026	858,884
2027	860,585
2028	860,567
2029	860,008
Thereafter	795,011
Total lease receivables	$	4,865,049
(1) Total future minimum lease payments to be received include $4.0 billion relating to the Windstream Leases.

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

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


(Thousands)	March 31, 2025		December 31, 2024
Land	$	26,737	$	26,711
Building and improvements	351,541		350,829
Poles	347,551		341,548
Fiber	4,323,867		4,222,895
Equipment	437		437
Copper	3,975,650		3,972,806
Conduit	90,193		90,193
Tower assets	58		58
Finance lease assets	1,889		1,889
Other assets	10,432		10,432
	9,128,355		9,017,798
Less: accumulated depreciation	(5,898,366)		(5,852,579)
Underlying assets under operating leases, net	$	3,229,989	$	3,165,219

Schedule of Depreciation Expense for Underlying Assets under Operating Leases

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three months ended March 31, 2025 and 2024, respectively, is summarized as follows:


	Three Months Ended March 31,
(Thousands)	2025		2024
Depreciation expense for underlying assets under operating leases	$	47,860	$	46,005

Schedule of Future Lease Payments Under Non-Cancellable Operating Leases

Future lease payments under non-cancellable leases as of March 31, 2025 are as follows:


(Thousands)	Operating Leases		Finance Leases
2025	$	13,160	$	3,174
2026	15,171		4,106
2027	12,299		3,399
2028	10,577		2,572
2029	8,779		1,877
Thereafter	100,003		7,298
Total undiscounted lease payments	$	159,989	$	22,426
Less: imputed interest	(79,590)		(5,980)
Total lease liabilities	$	80,399	$	16,446

Schedule of Future Lease Payments Under Non-Cancellable Finance Leases

Future lease payments under non-cancellable leases as of March 31, 2025 are as follows:


(Thousands)	Operating Leases		Finance Leases
2025	$	13,160	$	3,174
2026	15,171		4,106
2027	12,299		3,399
2028	10,577		2,572
2029	8,779		1,877
Thereafter	100,003		7,298
Total undiscounted lease payments	$	159,989	$	22,426
Less: imputed interest	(79,590)		(5,980)
Total lease liabilities	$	80,399	$	16,446

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2025
Accounting Policies [Abstract]
Consolidation	The accompanying Condensed Consolidated Financial Statements include all accounts of the Company and its wholly owned and/or controlled subsidiaries, including the Operating Partnership. Under the Accounting Standards Codification 810, Consolidation (“ASC 810”), the Operating Partnership is considered a variable interest entity and is consolidated in the Condensed Consolidated Financial Statements of Uniti Group Inc. because the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated. ASC 810 provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.
Basis of Accounting	The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 21, 2025, as amended by Amendment No. 1 thereto filed on Form 10-K/A with the SEC on March 7, 2025 (the “Annual Report”). Accordingly, significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our Annual Report.
Concentration of Credit Risks	Prior to September 2020, we were party to a long-term exclusive triple-net lease (the “Master Lease”) with Windstream pursuant to which a substantial portion of our real property was leased to Windstream and from which a substantial portion of our leasing revenues were derived. On September 18, 2020, Uniti and Windstream bifurcated the Master Lease and entered into two structurally similar master leases (collectively, the “Windstream Leases”), which amended and restated the Master Lease in its entirety. The Windstream Leases consist of (a) a master lease (the "ILEC MLA") that governs Uniti owned assets used for Windstream's incumbent local exchange carrier ("ILEC") operations and (b) a master lease (the "CLEC MLA") that governs Uniti owned assets used for Windstream's consumer competitive local exchange carrier ("CLEC") operations. Revenue under the Windstream Leases provided 68.4% and 68.8% of our revenue for the three months ended March 31, 2025 and 2024, respectively. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Windstream Leases, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to service debt if Windstream were to default under the Windstream Leases or otherwise experience operating or liquidity difficulties and become unable to generate sufficient cash to make payments to us. We monitor the credit quality of Windstream through numerous methods, including by (i) reviewing credit ratings of Windstream by nationally recognized credit agencies, (ii) reviewing the financial statements of Windstream that are required to be delivered to us pursuant to the Windstream Leases, (iii) monitoring news reports regarding Windstream and its business, (iv) conducting research to ascertain industry trends potentially affecting Windstream, (v) monitoring Windstream’s compliance with the terms of the Windstream Leases and (vi) monitoring the timeliness of its payments under the Windstream Leases. As of the date of this Quarterly Report on Form 10-Q, Windstream is current on all lease payments. We note that in August 2020, Moody’s Investor Service assigned a B3 corporate family rating with a stable outlook to Windstream in connection with its post-emergence exit financing. At the same time, S&P Global Ratings assigned Windstream a B- issuer rating with a stable outlook. Both ratings remain current as of the date of this filing. In order to assist us in our continuing assessment of Windstream’s creditworthiness, we periodically receive certain confidential financial information and metrics from Windstream.
Segment Reporting	Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense and the impact, which may be recurring in nature, of transaction and integration related costs, costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, costs associated with the implementation of our enterprise resource planning system, goodwill impairment charges, severance costs, costs related to the settlement with Windstream, amortization of non-cash rights-of-use assets, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, including early tender and redemption premiums and costs associated with the termination of related hedging activities, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar or infrequent items (although we may not have had such charges in the periods presented). Adjusted EBITDA includes adjustments to reflect the Company’s share of Adjusted EBITDA from unconsolidated entities. The Company believes that net income, as defined by GAAP, is the most appropriate earnings metric; however, we believe that Adjusted EBITDA serves as a useful supplement to net income because it allows investors, analysts and management to evaluate the performance of our segments in a manner that is comparable period over period. Adjusted EBITDA should not be considered as an alternative to net income as determined in accordance with GAAP. 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.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which expands the disclosure requirements for income taxes and enhances the transparency and decision-usefulness of income tax disclosures. The standard requires disclosure of additional specified categories in the rate reconciliation in both percentage and dollar amounts as well as greater disaggregation of income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating this guidance to determine the impact it will have on our financial statements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), 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. ASU 2024-03 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.

- Definition

Disclosure of accounting policy for segment reporting.

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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplementary Unrestricted Subsidiary Information - Schedule of Consolidated Balance Sheet of Such Unrestricted Subsidiaries (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Assets:
Property, plant and equipment, net	$ 4,282,359	$ 4,209,747
Cash and cash equivalents	91,956	155,593
Restricted cash and cash equivalents	38,319	28,254
Accounts receivable, net	43,761	51,418
Goodwill	157,380	157,380
Intangible assets, net	267,988	275,414
Straight-line revenue receivable	112,429	108,870
Operating lease right-of-use assets, net	126,410	126,791
Other assets, net	38,861	40,633
Deferred income tax assets, net	132,951	128,045
Total Assets	5,292,414	5,282,145
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	79,678	89,688
Settlement payable	48,142	71,785
Intangible liabilities, net	143,030	145,703
Accrued interest payable	57,022	143,901
Deferred revenue	1,334,470	1,400,952
Dividends payable	277	665
Operating lease liabilities	80,399	80,504
Finance lease obligations	16,446	17,190
Notes and other debt, net	5,970,404	5,783,597
Total liabilities	7,729,868	7,733,985
Shareholders' Deficit:
Total shareholders' deficit	(2,437,454)	(2,451,840)	$ (2,477,483)	$ (2,484,121)
Total Liabilities and Shareholders' Deficit	5,292,414	5,282,145
Eliminations
Assets:
Property, plant and equipment, net		0
Cash and cash equivalents		0
Restricted cash and cash equivalents		0
Accounts receivable, net		(3,923)
Goodwill		0
Intangible assets, net		0
Straight-line revenue receivable		0
Operating lease right-of-use assets, net		0
Other assets, net		(170,475)
Deferred income tax assets, net		0
Total Assets		(174,398)
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	(19,243)	(3,923)
Settlement payable	0	0
Intangible liabilities, net	0	0
Accrued interest payable	0	0
Deferred revenue	(10,536)	0
Dividends payable	0	0
Operating lease liabilities	0	0
Finance lease obligations	0	0
Notes and other debt, net	(21,251)	0
Total liabilities	(51,030)	(3,923)
Shareholders' Deficit:
Total shareholders' deficit	126,308	(170,475)
Total Liabilities and Shareholders' Deficit		(174,398)
Corporate And Reconciling Items
Assets:
Property, plant and equipment, net	0
Cash and cash equivalents	0
Restricted cash and cash equivalents	0
Accounts receivable, net	(19,243)
Goodwill	0
Intangible assets, net	0
Straight-line revenue receivable	0
Operating lease right-of-use assets, net	0
Other assets, net	94,521
Deferred income tax assets, net	0
Total Assets	75,278
Shareholders' Deficit:
Total Liabilities and Shareholders' Deficit	75,278
Consolidated
Assets:
Property, plant and equipment, net	4,282,359	4,209,747
Cash and cash equivalents	91,956	155,593
Restricted cash and cash equivalents	38,319	28,254
Accounts receivable, net	43,761	51,418
Goodwill	157,380	157,380
Intangible assets, net	267,988	275,414
Straight-line revenue receivable	112,429	108,870
Operating lease right-of-use assets, net	126,410	126,791
Other assets, net	38,861	40,633
Deferred income tax assets, net	132,951	128,045
Total Assets	5,292,414	5,282,145
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	79,678	89,688
Settlement payable	48,142	71,785
Intangible liabilities, net	143,030	145,703
Accrued interest payable	57,022	143,901
Deferred revenue	1,334,470	1,400,952
Dividends payable	277	665
Operating lease liabilities	80,399	80,504
Finance lease obligations	16,446	17,190
Notes and other debt, net	5,970,404	5,783,597
Total liabilities	7,729,868	7,733,985
Shareholders' Deficit:
Total shareholders' deficit	(2,437,454)	(2,451,840)
Total Liabilities and Shareholders' Deficit	5,292,414	5,282,145
Unrestricted Subsidiaries
Assets:
Property, plant and equipment, net	445,061	446,498
Cash and cash equivalents	1,287	1,743
Restricted cash and cash equivalents	38,214	28,149
Accounts receivable, net	14,996	9,032
Goodwill	0	0
Intangible assets, net	0	0
Straight-line revenue receivable	1,800	798
Operating lease right-of-use assets, net	0	0
Other assets, net	21,251	77
Deferred income tax assets, net	0	0
Total Assets	522,609	486,297
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	12,251	3,386
Settlement payable	0	0
Intangible liabilities, net	0	0
Accrued interest payable	6,124	921
Deferred revenue	57,272	43,521
Dividends payable	0	0
Operating lease liabilities	0	0
Finance lease obligations	0	0
Notes and other debt, net	576,866	271,329
Total liabilities	652,513	319,157
Shareholders' Deficit:
Total shareholders' deficit	(129,904)	167,140
Total Liabilities and Shareholders' Deficit	522,609	486,297
Restricted Subsidiaries
Assets:
Property, plant and equipment, net	3,837,298	3,763,249
Cash and cash equivalents	90,669	153,850
Restricted cash and cash equivalents	105	105
Accounts receivable, net	48,008	46,309
Goodwill	157,380	157,380
Intangible assets, net	267,988	275,414
Straight-line revenue receivable	110,629	108,072
Operating lease right-of-use assets, net	126,410	126,791
Other assets, net	(76,911)	211,031
Deferred income tax assets, net	132,951	128,045
Total Assets	4,694,527	4,970,246
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	86,670	90,225
Settlement payable	48,142	71,785
Intangible liabilities, net	143,030	145,703
Accrued interest payable	50,898	142,980
Deferred revenue	1,287,734	1,357,431
Dividends payable	277	665
Operating lease liabilities	80,399	80,504
Finance lease obligations	16,446	17,190
Notes and other debt, net	5,414,789	5,512,268
Total liabilities	7,128,385	7,418,751
Shareholders' Deficit:
Total shareholders' deficit	(2,433,858)	(2,448,505)
Total Liabilities and Shareholders' Deficit	$ 4,694,527	$ 4,970,246

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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

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

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

Level 3 – Unobservable inputs for the asset or liability.

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

The following table summarizes the fair value of our financial instruments at March 31, 2025 and December 31, 2024:


(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At March 31, 2025
Liabilities
Senior secured notes - 10.50% due February 15, 2028	$	2,948,191	$	—	$	2,948,191	$	—
Senior secured notes - 4.75%, due April 15, 2028	545,372		—		545,372		—
Senior unsecured notes - 6.50% , due February 15, 2029	1,007,399		—		1,007,399		—
Senior unsecured notes - 6.00%, due January 15, 2030	612,118		—		612,118		—
Convertible senior notes - 7.50%, due December 1, 2027	306,469		—		306,469		—
ABS Notes (Class A-2) - 5.88% due April 1, 2030	430,516		—		430,516		—
ABS Notes (Class B) - 6.37% due April 1, 2030	65,878		—		65,878		—
ABS Notes (Class C) - 9.02% due April 1, 2030	99,646		—		99,646		—

Settlement payable	48,408		—		48,408		—
Total	$	6,063,997	$	—	$	6,063,997	$	—


(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	$	—

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

The total principal balance of our outstanding notes and other debt was $6.05 billion at March 31, 2025, with a fair value of $6.02 billion. The estimated fair value of our outstanding notes and other debt was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as Level 2 inputs within the fair value hierarchy.

Uniti is required to make $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning October 2020 (the “Settlement Payable”). See Note 11. The Settlement Payable was initially recorded at fair value, using the present value of future cash flows. The future cash flows are discounted using discount rate input based on observable market data. Accordingly, we classify inputs used as Level 2 in the fair value hierarchy. As of March 31, 2025, the remaining Settlement Payable is $48.1 million. There have been no changes in the valuation methodologies used since the initial recording.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Revenues - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Disaggregation Of Revenue [Line Items]
Accounts receivable, net	$ 43,761	$ 51,418
Contract with customer, receivable, after allowance for credit loss	21,800	19,100
Revenue recognized that was included in the contract liability	1,600
Future revenues under contract	594,900
Operating Lease Receivable
Disaggregation Of Revenue [Line Items]
Accounts receivable, net	19,000	$ 28,800
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01 \| Billed Revenues
Disaggregation Of Revenue [Line Items]
Future revenues under contract	$ 526,900
Average remaining contract term for contracts currently billing	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01 \| Unbilled Revenues
Disaggregation Of Revenue [Line Items]
Future revenues under contract	$ 68,000
Average remaining contract term for contracts currently billing	5 years 4 months 24 days

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Jan. 31, 2024
Property Plant And Equipment [Line Items]
Depreciation expense	$ 72,300	$ 70,100
Gain on sale of real estate	$ 0	$ (18,999)
Macquarie Asset Management \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| CableSouth Transaction
Property Plant And Equipment [Line Items]
Cash consideration			$ 40,000

- Definition

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

+ References + Details

Condensed Consolidated Statements of Shareholders' Deficit - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Distributions in Excess of Accumulated Earnings	Noncontrolling Interest - OP Units	Noncontrolling Interest - Non- voting Preferred Shares
Beginning balance (in shares) at Dec. 31, 2023		0
Beginning balance (in shares) at Dec. 31, 2023			236,558,601,000
Beginning balance at Dec. 31, 2023	$ (2,484,121)	$ 0	$ 24	$ 1,221,824	$ 0	$ (3,708,240)	$ 2,021	$ 250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	41,348					41,329	19
Other comprehensive income (loss)	(167)				(167)
Common stock dividends declared	(36,686)					(36,686)
Distributions to noncontrolling interest declared	(16)						(16)
Payments related to tax withholding for stock-based compensation	(1,515)			(1,515)
Stock-based compensation (in shares)			667,051,000
Stock-based compensation	3,348			3,348
Issuance of common stock - employee stock purchase plan (in shares)			83,047,000
Issuance of common stock - employee stock purchase plan	326			326
Ending balance (in shares) at Mar. 31, 2024		0
Ending balance (in shares) at Mar. 31, 2024			237,308,699,000
Ending balance at Mar. 31, 2024	$ (2,477,483)	$ 0	$ 24	1,223,983	(167)	(3,703,597)	2,024	250
Beginning balance (in shares) at Dec. 31, 2024	0	0
Beginning balance (in shares) at Dec. 31, 2024	237,513,000		237,513,495,000
Beginning balance at Dec. 31, 2024	$ (2,451,840)	$ 0	$ 24	1,236,045	(634)	(3,687,808)	283	250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,220					12,220	0
Other comprehensive income (loss)	119				119
Performance award dividend	388					388
Exchange of noncontrolling interest	(79)			204			(283)
Payments related to tax withholding for stock-based compensation	(2,301)			(2,301)
Stock-based compensation (in shares)			924,175,000
Stock-based compensation	3,761			3,761
Issuance of common stock - employee stock purchase plan (in shares)			119,169,000
Issuance of common stock - employee stock purchase plan	$ 278			278
Ending balance (in shares) at Mar. 31, 2025	0	0
Ending balance (in shares) at Mar. 31, 2025	238,557,000		238,556,839,000
Ending balance at Mar. 31, 2025	$ (2,437,454)	$ 0	$ 24	$ 1,237,987	$ (515)	$ (3,675,200)	$ 0	$ 250

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

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

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

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

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

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

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 three months ended March 31, 2025 and 2024:


	Three Months Ended March 31, 2025
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	222,368	$	71,541	$	—	$	293,909

Adjusted EBITDA	$	215,126	$	28,756	$	(6,052)	$	237,830
Less:
Interest expense							137,987
Depreciation and amortization	46,851		32,816		16		79,683
Transaction related and other costs							7,847



Other, net							850
Stock-based compensation							3,761
Income tax benefit							(4,518)

Net income							$	12,220

Capital Expenditures	$	176,798	$	31,262	$	—	$	208,060


	Three Months Ended March 31, 2024
(Thousands)	Uniti Leasing		Uniti Fiber		Corporate		Subtotal of Reportable Segments
Revenues	$	217,621	$	68,797	$	—	$	286,418

Adjusted EBITDA	$	210,677	$	23,838	$	(5,887)	$	228,628
Less:
Interest expense							123,211
Depreciation and amortization	44,980		32,492		13		77,485
Transaction related and other costs							5,687
Gain on sale of real estate							(18,999)

Other, net							1,911
Stock-based compensation							3,348
Income tax benefit							(5,363)

Net Income							$	41,348

Capital Expenditures	$	139,702	$	28,225	$	12	$	167,939

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


	Uniti Fiber
	Three Months Ended March 31,
(Thousands)	2025		2024
Revenues	$	71,541	$	68,797

Less:
Employee-related (excluding stock-based compensation):
Operating Expense	6,066		6,538
General and Administrative Expense	8,990		8,923
Network (a)	18,431		18,759
Installation, Equipment, & Other Non-recurring Charges (a)	1,120		2,572
Insurance (b)	1,067		1,173
Professional Fees (b)	1,241		1,053



Other	5,870		5,941
Adjusted EBITDA	$	28,756	$	23,838

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

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

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
	Three Months Ended March 31,
(Thousands)	2025		2024
Revenues	$	222,368	$	217,621

Less:
Employee-related (excluding stock-based compensation):
Operating Expense	66		293
General and Administrative Expense	1,689		1,507
Network (a)	4,878		4,996



Other	609		148
Adjusted EBITDA	$	215,126	$	210,677

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

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 March 31, 2025 and December 31, 2024 are as follows:


(Thousands)	March 31, 2025		December 31, 2024
Uniti Leasing	$	3,226,236	$	3,158,309
Uniti Fiber	1,995,771		1,985,828
Corporate	70,407		138,008
Total of reportable segments	$	5,292,414	$	5,282,145

- Definition

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

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets:
Property, plant and equipment, net	$ 4,282,359	$ 4,209,747
Cash and cash equivalents	91,956	155,593
Restricted cash and cash equivalents	38,319	28,254
Accounts receivable, net	43,761	51,418
Goodwill	157,380	157,380
Intangible assets, net	267,988	275,414
Straight-line revenue receivable	112,429	108,870
Operating lease right-of-use assets, net	126,410	126,791
Other assets	38,861	40,633
Deferred income tax assets, net	132,951	128,045
Total Assets	5,292,414	5,282,145
Liabilities:
Accounts payable, accrued expenses and other liabilities	79,678	89,688
Settlement payable (Note 11)	48,142	71,785
Intangible liabilities, net	143,030	145,703
Accrued interest payable	57,022	143,901
Deferred revenue	1,334,470	1,400,952
Dividends payable	277	665
Operating lease liabilities	80,399	80,504
Finance lease obligations	16,446	17,190
Notes and other debt, net	5,970,404	5,783,597
Total liabilities	7,729,868	7,733,985
Commitments and contingencies (Note 11)
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: 238,557 shares at March 31, 2025 and 237,513 shares at December 31, 2024	24	24
Additional paid-in capital	1,237,987	1,236,045
Accumulated other comprehensive loss	(515)	(634)
Distributions in excess of accumulated earnings	(3,675,200)	(3,687,808)
Total Uniti shareholders' deficit	(2,437,704)	(2,452,373)
Noncontrolling interests:
Operating partnership units	0	283
Cumulative non-voting convertible preferred stock, $0.01 par value, 6 shares authorized, 3 issued and outstanding	250	250
Total shareholders' deficit	(2,437,454)	(2,451,840)
Total Liabilities and Shareholders' Deficit	$ 5,292,414	$ 5,282,145

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted

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


	Three Months Ended March 31,
(Thousands, except per share data)	2025		2024
Basic earnings per share:
Numerator:
Net income attributable to shareholders	$	12,220	$	41,329
Less: Income allocated to participating securities	(335)		(436)
Dividends declared on convertible preferred stock	(5)		(5)
Net income attributable to common shares	$	11,880	$	40,888
Denominator:
Basic weighted-average common shares outstanding	238,062		236,901
Basic earnings per common share	$	0.05	$	0.17


	Three Months Ended March 31,
(Thousands, except per share data)	2025		2024
Diluted earnings per share:
Numerator:
Net income attributable to shareholders	$	12,220	$	41,329
Less: Income allocated to participating securities	(335)		(436)
Dividends declared on convertible preferred stock	(5)		(5)
Impact on if-converted dilutive securities	—		7,022
Net income attributable to common shares	$	11,880	$	47,910
Denominator:
Basic weighted-average common shares outstanding	238,062		236,901
Effect of dilutive non-participating securities	—		708
Impact on if-converted dilutive securities	—		54,798
Weighted-average shares for dilutive earnings per common share	238,062		292,407
Dilutive earnings per common share	$	0.05	$	0.16

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets
Derivative asset		$ 77,000
Total		77,000
Liabilities
Settlement payable	$ 48,408	71,723,000
Total	6,063,997	5,950,861,000
Quoted Prices in Active Markets (Level 1)
Assets
Derivative asset		0
Total		0
Liabilities
Settlement payable	0	0
Total	0	0
Prices with Other Observable Inputs (Level 2)
Assets
Derivative asset		77,000
Total		77,000
Liabilities
Settlement payable	48,408	71,723,000
Total	6,063,997	5,950,861,000
Prices with Unobservable Inputs (Level 3)
Assets
Derivative asset		0
Total		0
Liabilities
Settlement payable	0	0
Total	0	0
Senior secured notes - 10.50% due February 15, 2028
Liabilities
Senior notes	$ 2,948,191	$ 3,098,766,000
Issuance senior notes, stated percentage	10.50%	10.50%
Senior secured notes - 10.50% due February 15, 2028 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Senior secured notes - 10.50% due February 15, 2028 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	2,948,191	3,098,766,000
Senior secured notes - 10.50% due February 15, 2028 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Senior secured notes - 4.75%, due April 15, 2028
Liabilities
Senior notes	$ 545,372	$ 534,518,000
Issuance senior notes, stated percentage	4.75%	4.75%
Senior secured notes - 4.75%, due April 15, 2028 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Senior secured notes - 4.75%, due April 15, 2028 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	545,372	534,518,000
Senior secured notes - 4.75%, due April 15, 2028 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Senior unsecured notes - 6.50% , due February 15, 2029
Liabilities
Senior notes	$ 1,007,399	$ 1,007,399,000
Issuance senior notes, stated percentage	6.50%	6.50%
Senior unsecured notes - 6.50% , due February 15, 2029 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Senior unsecured notes - 6.50% , due February 15, 2029 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	1,007,399	1,007,399,000
Senior unsecured notes - 6.50% , due February 15, 2029 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Senior unsecured notes - 6.00%, due January 15, 2030
Liabilities
Senior notes	$ 612,118	$ 616,217,000
Issuance senior notes, stated percentage	6.00%	6.00%
Senior unsecured notes - 6.00%, due January 15, 2030 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Senior unsecured notes - 6.00%, due January 15, 2030 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	612,118	616,217,000
Senior unsecured notes - 6.00%, due January 15, 2030 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
Convertible senior notes - 7.50%, due December 1, 2027
Liabilities
Senior notes	$ 306,469	$ 348,613,000
Issuance senior notes, stated percentage	7.50%	7.50%
Convertible senior notes - 7.50%, due December 1, 2027 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0	$ 0
Convertible senior notes - 7.50%, due December 1, 2027 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	306,469	348,613,000
Convertible senior notes - 7.50%, due December 1, 2027 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0	0
ABS Notes (Class A) - 5.88% due April 1, 2030
Liabilities
Senior notes	$ 430,516
Issuance senior notes, stated percentage	5.88%
ABS Notes (Class A) - 5.88% due April 1, 2030 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0
ABS Notes (Class A) - 5.88% due April 1, 2030 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	430,516
ABS Notes (Class A) - 5.88% due April 1, 2030 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0
ABS Notes (Class B) - 6.37% due April 1, 2030
Liabilities
Senior notes	$ 65,878
Issuance senior notes, stated percentage	6.37%
ABS Notes (Class B) - 6.37% due April 1, 2030 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0
ABS Notes (Class B) - 6.37% due April 1, 2030 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	65,878
ABS Notes (Class B) - 6.37% due April 1, 2030 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	0
ABS Notes (Class C) - 9.02% due April 1, 2030
Liabilities
Senior notes	$ 99,646
Issuance senior notes, stated percentage	9.02%
ABS Notes (Class C) - 9.02% due April 1, 2030 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior notes	$ 0
ABS Notes (Class C) - 9.02% due April 1, 2030 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	99,646
ABS Notes (Class C) - 9.02% due April 1, 2030 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior notes	$ 0
ABS Loan Facility, variable rate, due September 1, 2025
Liabilities
Senior secured loan		273,625,000
ABS Loan Facility, variable rate, due September 1, 2025 \| Quoted Prices in Active Markets (Level 1)
Liabilities
Senior secured loan		0
ABS Loan Facility, variable rate, due September 1, 2025 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan		273,625,000
ABS Loan Facility, variable rate, due September 1, 2025 \| Prices with Unobservable Inputs (Level 3)
Liabilities
Senior secured loan		$ 0

Condensed Consolidated Statements of Shareholders' Deficit (Parenthetical)	3 Months Ended
	Mar. 31, 2024 $ / shares
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared per share (in dollars per share)	$ 0.15

Property, Plant and Equipment - Schedule of Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset	$ 10,822,490	$ 10,681,162
Less accumulated depreciation	(6,540,131)	(6,471,415)
Net property, plant and equipment	4,282,359	4,209,747
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	30,634	30,577
Building and improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 376,893	374,668
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	$ 347,552	341,548
Fiber
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 5,365,564	5,253,959
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 510,673	499,678
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	$ 3,975,650	3,972,806
Conduit
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 90,193	90,193
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	52,723	52,789
Other assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 10,433	10,450
Other assets \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	15 years
Other assets \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Construction in progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 44,223	36,774
Corporate assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 16,731	$ 16,499
Corporate assets \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	3 years
Corporate assets \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - lease		3 Months Ended
	Sep. 18, 2020	Mar. 31, 2025	Mar. 31, 2024
Summary Of Significant Accounting Policies [Line Items]
Number of master leases	2
Concentration of Credit Risk \| Revenue \| Windstream
Summary Of Significant Accounting Policies [Line Items]
Master lease and the windstream leases revenue percentage		68.40%	68.80%

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Valuation of Financial Instruments

The following table summarizes the fair value of our financial instruments at March 31, 2025 and December 31, 2024:


(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At March 31, 2025
Liabilities
Senior secured notes - 10.50% due February 15, 2028	$	2,948,191	$	—	$	2,948,191	$	—
Senior secured notes - 4.75%, due April 15, 2028	545,372		—		545,372		—
Senior unsecured notes - 6.50% , due February 15, 2029	1,007,399		—		1,007,399		—
Senior unsecured notes - 6.00%, due January 15, 2030	612,118		—		612,118		—
Convertible senior notes - 7.50%, due December 1, 2027	306,469		—		306,469		—
ABS Notes (Class A-2) - 5.88% due April 1, 2030	430,516		—		430,516		—
ABS Notes (Class B) - 6.37% due April 1, 2030	65,878		—		65,878		—
ABS Notes (Class C) - 9.02% due April 1, 2030	99,646		—		99,646		—

Settlement payable	48,408		—		48,408		—
Total	$	6,063,997	$	—	$	6,063,997	$	—


(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	$	—

Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

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

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

The dilutive effect of the 4.00% exchangeable notes that matured and were repaid on June 15, 2024 (the "Exchange Notes") and the Convertible 2027 Notes is calculated by using the “if-converted” method. This assumes an add-back of interest, net of income taxes, to net income attributable to shareholders as if the securities were converted at the beginning of the reporting period (or at time of issuance, if later) and the resulting common shares included in number of weighted average shares. The dilutive effect of the warrants previously issued in connection with the issuance of the Exchange Notes that terminated in June 2024 is calculated using the treasury-stock method. During the three months ended March 31, 2024, the warrants were excluded from diluted shares outstanding because the exercise price exceeded the average market price of our common stock for the reporting period.

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


	Three Months Ended March 31,
(Thousands, except per share data)	2025		2024
Basic earnings per share:
Numerator:
Net income attributable to shareholders	$	12,220	$	41,329
Less: Income allocated to participating securities	(335)		(436)
Dividends declared on convertible preferred stock	(5)		(5)
Net income attributable to common shares	$	11,880	$	40,888
Denominator:
Basic weighted-average common shares outstanding	238,062		236,901
Basic earnings per common share	$	0.05	$	0.17


	Three Months Ended March 31,
(Thousands, except per share data)	2025		2024
Diluted earnings per share:
Numerator:
Net income attributable to shareholders	$	12,220	$	41,329
Less: Income allocated to participating securities	(335)		(436)
Dividends declared on convertible preferred stock	(5)		(5)
Impact on if-converted dilutive securities	—		7,022
Net income attributable to common shares	$	11,880	$	47,910
Denominator:
Basic weighted-average common shares outstanding	238,062		236,901
Effect of dilutive non-participating securities	—		708
Impact on if-converted dilutive securities	—		54,798
Weighted-average shares for dilutive earnings per common share	238,062		292,407
Dilutive earnings per common share	$	0.05	$	0.16

For the three months ended March 31, 2025, 1,400,783 non-participating securities were excluded from the computation of earnings per share, as their performance conditions have not been met. For the three months ended March 31, 2025, we excluded 42,043,892 potential common shares related to the Convertible 2027 Notes from the computation of earnings per share, as their effect would have been anti-dilutive.

Notes and Other Debt

3 Months Ended

Mar. 31, 2025

Long-Term Debt, Unclassified [Abstract]

Notes and Other Debt

All debt, other than our 7.50% convertible senior notes due 2027, are obligations of the Operating Partnership and/or certain of its subsidiaries as discussed below. The Company is a guarantor of our senior notes and borrowings under our Revolving Credit Facility. The Company is the primary obligor of our 7.50% convertible senior notes due 2027, and the Operating partnership and other obligors under our senior notes guarantee such debt.

Notes and other debt are as follows:


(Thousands)	March 31, 2025		December 31, 2024
Principal amount	$	6,050,500	$	5,861,500
Less unamortized discount, premium and debt issuance costs	(80,096)		(77,903)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	5,970,404	$	5,783,597

Notes and other debt at March 31, 2025 and December 31, 2024 consisted of the following:


	March 31, 2025				December 31, 2024
(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%)	$	2,775,000	$	(33,461)	$	2,900,000	$	(37,522)
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)	570,000		(4,647)		570,000		(4,998)
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)	1,110,000		(12,408)		1,110,000		(13,101)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)	700,000		(7,660)		700,000		(8,000)
Convertible senior notes - 7.50%, due December 1, 2027 (discount is based on imputed interest rate of 8.29%)	306,500		(5,794)		306,500		(6,273)
ABS Bridge Loan Facility variable rate, due September 1, 2025 (discount is based on imputed interest rate of 10.33%)	—		—		275,000		(3,671)
ABS Notes (Class A-2) - 5.88%, due April 1, 2030 (discount is based on imputed interest rate of 6.36%)	426,000		(8,772)		—		—
ABS Notes (Class B) - 6.37%, due April 1, 2030 (discount is based on imputed interest rate of 6.86%)	65,000		(1,339)		—		—
ABS Notes (Class C) - 9.02%, due April 1, 2030 (discount is based on imputed interest rate of 9.54%)	98,000		(2,022)		—		—
Senior secured revolving credit facility, variable rate, due September 24, 2027	—		(3,993)		—		(4,338)
Total	$	6,050,500	$	(80,096)	$	5,861,500	$	(77,903)

At March 31, 2025, notes and other debt included the following: (i) the Revolving Credit Facility (as defined below) pursuant to that certain credit agreement, dated as of April 24, 2015, by and among the Operating Partnership, Uniti Group Finance 2019 Inc. and CSL Capital, LLC (hereinafter, the “Borrowers”), the guarantors party thereto, Bank of America, N.A., as administrative agent, collateral agent, swing line lender and an L/C issuer and certain other lenders named therein, as amended (the “Credit Agreement”), of which no borrowings were outstanding as of March 31, 2025; (ii) $589.0 million aggregate principal amount of secured fiber network revenue term notes (the "ABS Notes") due April 1, 2030, consisting of $426.0 million 5.88% Series 2025-1, Class A-2 term notes, $65.0 million 6.37% Series 2025-1, Class B term notes, and $98.0 million 9.02% Series 2025-1, Class C term notes, entered into by 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, (iii) $2.8 billion aggregate principal amount of 10.50% Senior Secured Notes due February 15, 2028 (the “February 2028 Secured Notes”); (iv) $570.0 million aggregate principal amount of 4.75% Senior Secured Notes due April 15, 2028 (the “April 2028 Secured Notes”); (v) $1.1 billion aggregate principal amount of 6.50% Senior Unsecured Notes due February

15, 2029 (the “2029 Notes”); (vi) $700.0 million aggregate principal amount of 6.00% Senior 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 ABS Notes, February 2028 Secured Notes, April 2028 Secured Notes, 2029 Notes, and 2030 Notes, the “Notes”). The terms of the Notes are as described in the Company’s Annual Report.

Credit Agreement

The Borrowers are party to the Credit Agreement, which provides for a $500 million revolving credit facility that will mature on September 24, 2027 (the “Revolving Credit Facility”) and provides us with the ability to obtain revolving loans as well as swingline loans and letters of credit from time to time. 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 March 31, 2025, the Borrowers were in compliance with all of the covenants under the Credit Agreement.

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

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

Asset-Backed Notes & Bridge Loan Facility

On February 23, 2024, 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, bankruptcy-remote subsidiary of the Company, entered into a bridge loan and security agreement, dated as of February 23, 2024 (the “ABS Loan Agreement”).

The ABS Loan Agreement provided for a secured, multi-draw term loan facility of up to $350 million (the “ABS Loan Facility”). As of December 31, 2024, an aggregate of $275 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, the ABS Notes Issuers issued $589.0 million aggregate principal amount of the ABS Notes, consisting of $426.0 million 5.88% Series 2025-1, Class A-2 term notes, $65.0 million 6.37% Series 2025-1, Class B term

notes and $98.0 million 9.02% Series 2025-1, Class C term 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 ABS Notes Base Indenture, 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.

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.

During the three months ended March 31, 2025, we recognized a $3.2 million loss on the extinguishment of the ABS Loan Facility and a $5.3 million loss on the partial extinguishment of the February 2028 Secured Notes within interest expense, net on the Condensed Consolidated Statements of Income, which includes $4.8 million of non-cash interest expense for the write off of the unamortized premium and deferred financing costs and $3.7 million of cash interest expense for the redemption premium.

Deferred Financing Cost

Deferred financing costs were incurred in connection with the issuance of the Notes and our entry into the Revolving Credit Facility and the ABS Loan Facility. These costs are amortized using the effective interest method over the term of the related indebtedness and are included in interest expense in our Condensed Consolidated Statements of Income. For the three months ended March 31, 2025 and 2024, we recognized $6.0 million and $5.0 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs.

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues:
Total revenue from rentals	$ 237,023	$ 228,155
Total service revenues	56,886	58,263
Total revenues	293,909	286,418
Costs and Expenses:
Interest expense, net	137,987	123,211
Depreciation and amortization	79,683	77,485
General and administrative expense	28,309	28,133
Operating expense (exclusive of depreciation and amortization)	32,381	35,198
Transaction related and other costs	7,847	5,687
Gain on sale of real estate	0	(18,999)
Other expense, net	0	(282)
Total costs and expenses	286,207	250,433
Income before income taxes and equity in earnings from unconsolidated entities	7,702	35,985
Income tax benefit	(4,518)	(5,363)
Net income	12,220	41,348
Net income attributable to noncontrolling interests	0	19
Net income attributable to shareholders	12,220	41,329
Participating securities' share in earnings	(335)	(436)
Dividends declared on convertible preferred stock	(5)	(5)
Net income attributable to common shareholders	$ 11,880	$ 40,888
Income per common share:
Basic (in dollars per share)	$ 0.05	$ 0.17
Diluted (in dollars per share)	$ 0.05	$ 0.16
Weighted-average number of common shares outstanding:
Basic (in shares)	238,062	236,901
Diluted (in shares)	238,062	292,407
Uniti Leasing
Revenues:
Total revenue from rentals	$ 220,913	$ 215,992
Total service revenues	1,455	1,629
Uniti Fiber
Revenues:
Total revenue from rentals	16,110	12,163
Total service revenues	$ 55,431	$ 56,634

Leases - Future Lease Payments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Operating Leases
2025	$ 13,160
2026	15,171
2027	12,299
2028	10,577
2029	8,779
Thereafter	100,003
Total undiscounted lease payments	159,989
Less: imputed interest	(79,590)
Operating lease liabilities	80,399	$ 80,504
Finance Leases
2025	3,174
2026	4,106
2027	3,399
2028	2,572
2029	1,877
Thereafter	7,298
Total undiscounted lease payments	22,426
Less: imputed interest	(5,980)
Total lease liabilities	$ 16,446

Notes and Other Debt - Schedule of Notes and Other Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Feb. 03, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Principal amount	$ 6,050,500		$ 5,861,500
Less unamortized discount, premium and debt issuance costs	(80,096)		(77,903)
Notes and other debt less unamortized discount, premium and debt issuance costs	5,970,404		5,783,597
Senior secured notes - 10.50%, due February 15, 2028 (discount is based on imputed interest rate of 10.99%)
Debt Instrument [Line Items]
Principal amount	2,775,000		2,900,000
Less unamortized discount, premium and debt issuance costs	$ (33,461)		$ (37,522)
Issuance senior notes, stated percentage	10.50%		10.50%
Effective interest rate	10.99%
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)
Debt Instrument [Line Items]
Principal amount	$ 570,000		$ 570,000
Less unamortized discount, premium and debt issuance costs	$ (4,647)		$ (4,998)
Issuance senior notes, stated percentage	4.75%		4.75%
Effective interest rate	5.04%
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)
Debt Instrument [Line Items]
Principal amount	$ 1,110,000		$ 1,110,000
Less unamortized discount, premium and debt issuance costs	$ (12,408)		$ (13,101)
Issuance senior notes, stated percentage	6.50%		6.50%
Effective interest rate	6.83%
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)
Debt Instrument [Line Items]
Principal amount	$ 700,000		$ 700,000
Less unamortized discount, premium and debt issuance costs	$ (7,660)		(8,000)
Issuance senior notes, stated percentage	6.00%
Effective interest rate	6.27%
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	$ (5,794)		$ (6,273)
Issuance senior notes, stated percentage	7.50%		7.50%
Effective interest rate	8.29%
ABS Bridge Loan Facility variable rate, due September 1, 2025 (discount is based on imputed interest rate of 10.33%)
Debt Instrument [Line Items]
Principal amount	$ 0	$ 589,000	$ 275,000
Less unamortized discount, premium and debt issuance costs	$ 0		(3,671)
Effective interest rate	10.33%
ABS Notes (Class A) - 5.9%, due April 1, 2030 (discount is based on imputed interest rate of 6.32%)
Debt Instrument [Line Items]
Principal amount	$ 426,000	426,000	0
Less unamortized discount, premium and debt issuance costs	$ (8,772)		0
Issuance senior notes, stated percentage	5.88%
Effective interest rate	6.36%
ABS Notes (Class B) - 6.4%, due April 1, 2030 (discount is based on imputed interest rate of 6.32%)
Debt Instrument [Line Items]
Principal amount	$ 65,000	65,000	0
Less unamortized discount, premium and debt issuance costs	$ (1,339)		0
Issuance senior notes, stated percentage	6.37%
Effective interest rate	6.86%
ABS Notes (Class C) - 9.0%, due April 1, 2030 (discount is based on imputed interest rate of 6.32%)
Debt Instrument [Line Items]
Principal amount	$ 98,000	$ 98,000	0
Less unamortized discount, premium and debt issuance costs	$ (2,022)		0
Issuance senior notes, stated percentage	9.02%
Effective interest rate	9.54%
Senior secured revolving credit facility, variable rate, due September 24, 2027
Debt Instrument [Line Items]
Principal amount	$ 0		0
Less unamortized discount, premium and debt issuance costs	$ (3,993)		$ (4,338)

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Mar. 31, 2025	Jun. 15, 2024
Non-Participating Securities
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilution adjustments (in shares)	1,400,783
Convertible Debt Securities
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilution adjustments (in shares)	42,043,892
Convertible Senior Notes Due 2027
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Issuance senior notes, stated percentage	7.50%	4.00%

Notes and Other Debt - Credit Agreement (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) day	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 6,050,500	$ 5,861,500
Debt instrument, covenant, lease default period threshold \| day	90
CSL Capital, LLC
Debt Instrument [Line Items]
Debt Instrument, debt default, amount	$ 75,000
Maximum
Debt Instrument [Line Items]
Debt instrument, covenant, secured leverage ratio	5.00%
Consolidated total leverage ratio	6.50%
Maximum \| Pro Forma
Debt Instrument [Line Items]
Debt instrument, covenant, secured leverage ratio	4.00%
Extended Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount	$ 500,000
Extended Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.50%
Extended Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	4.50%
Extended Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Extended Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.75%
ABS Loan Facility, variable rate, due September 1, 2025
Debt Instrument [Line Items]
Principal amount	$ 0	$ 0
Commitment fee percentage of average amount of unused commitments	0.50%
Commitment fee step-down percentage of average amount of unused commitments	0.40%

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Oct. 31, 2020 USD ($)	Mar. 31, 2025 USD ($)	Oct. 01, 2020 USD ($) installment day
Commitments And Contingencies [Line Items]
Other commitment, reimbursement default period threshold \| day			30
Windstream Commitment
Commitments And Contingencies [Line Items]
Other commitment			$ 490.1
Number of installments \| installment			20
Percentage of committed purchase of assets			9.00%
First five quarterly cash payments to be made after emergence		$ 435.9
Windstream Commitment, Growth Capital Improvements
Commitments And Contingencies [Line Items]
Other commitment			$ 1,750.0
Growth capital improvements fund annual limit	$ 250.0
Growth capital improvements reimbursement amount		175.0
New lease, aggregate reimbursements made for certain growth capital improvements		175.0
Growth capital improvements reimbursement amount made to date		$ 1,200.0
Windstream Commitment, Growth Capital Improvements \| Maximum
Commitments And Contingencies [Line Items]
Other commitment, to be paid, year one			225.0
Other commitment, to be paid, year two			175.0
Other commitment, to be paid, year three			175.0
Other commitment, to be paid, year four			125.0
Other commitment, to be paid, year five			125.0
Other commitment, to be paid, year six			125.0
Windstream Commitments, Growth Capital Improvements, Cost Reimbursements
Commitments And Contingencies [Line Items]
Other commitment			70.0
Windstream Commitments, Equipment Loan and Security Agreements
Commitments And Contingencies [Line Items]
Accrued interest rate for borrowing	8.00%
Windstream Commitments, Equipment Loan and Security Agreements \| Maximum
Commitments And Contingencies [Line Items]
Other commitment			$ 125.0
New lease, aggregate reimbursements made for certain growth capital improvements	$ 25.0
Windstream
Commitments And Contingencies [Line Items]
Annual rent adjustment for Growth Capital Funding	8.00%
Rate used for rent percentage	100.50%
Maximum funding rights allocated per year upon transfer of interests under Windstream lease	$ 20.0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flow from operating activities
Net income	$ 12,220	$ 41,348
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	79,683	77,485
Amortization of deferred financing costs and debt discount	5,522	5,035
Loss on extinguishment of debt, net	8,515	0
Interest rate cap amortization	196	188
Deferred income taxes	(4,906)	(5,776)
Cash paid for interest rate cap	0	(2,200)
Straight-line revenues and amortization of below-market lease intangibles	(6,859)	(8,822)
Stock-based compensation	3,761	3,348
(Gain) loss on asset disposals	(313)	228
Gain on sale of real estate	0	(18,999)
Accretion of settlement obligation	862	1,965
Other	573	20
Changes in assets and liabilities:
Accounts receivable	7,657	(2,226)
Other assets	6,182	1,139
Accounts payable, accrued expenses and other liabilities	(104,526)	(86,543)
Net cash provided by operating activities	8,567	6,190
Cash flow from investing activities
Capital expenditures	(208,060)	(167,939)
Proceeds from sale of other equipment	406	341
Proceeds from sale of real estate	0	40,011
Proceeds from sale of unconsolidated entity	0	40,000
Net cash used in investing activities	(207,654)	(87,587)
Cash flow from financing activities
Repayment of debt	(400,000)	0
Proceeds from issuance of notes	589,000	0
Dividends paid	0	(35,800)
Payments of settlement payable	(24,505)	(24,505)
Borrowings under revolving credit facility	40,000	80,000
Payments under revolving credit facility	(40,000)	(215,000)
Proceeds from ABS Loan Facility	0	275,000
Finance lease payments	(648)	(696)
Payments for financing costs	(12,479)	(7,919)
Costs related to the early repayment of debt	(3,750)	0
Distributions paid to noncontrolling interests	0	(16)
Payment for noncontrolling interest	(80)	0
Employee stock purchase program	278	326
Payments related to tax withholding for stock-based compensation	(2,301)	(1,515)
Net cash provided by financing activities	145,515	69,875
Net decrease in cash, restricted cash and cash equivalents	(53,572)	(11,522)
Cash, restricted cash and cash equivalents at beginning of period	183,847	62,264
Cash, restricted cash and cash equivalents at end of period	130,275	50,742
Non-cash investing and financing activities:
Property and equipment acquired but not yet paid	11,790	9,009
Tenant capital improvements	$ 110,208	$ 66,082

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income attributable to shareholders	$ 12,220	$ 41,329

- 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

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


(Dollars in Thousands)	Depreciable Lives	March 31, 2025		December 31, 2024
Land	Indefinite	$	30,634	$	30,577
Building and improvements	3 - 40 years	376,893		374,668
Poles	30 Years	347,552		341,548
Fiber	30 Years	5,365,564		5,253,959
Equipment	5 - 7 years	510,673		499,678
Copper	20 Years	3,975,650		3,972,806
Conduit	30 Years	90,193		90,193
Tower assets	20 Years	1,221		1,221
Finance lease assets	See Note 3	52,723		52,789
Other assets	15 - 20 years	10,433		10,450
Construction in progress	See Note 3	44,223		36,774
Corporate assets	3 - 7 years	16,731		16,499
		10,822,490		10,681,162
Less accumulated depreciation		(6,540,131)		(6,471,415)
Net property, plant and equipment		$	4,282,359	$	4,209,747

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

Depreciation expense for the three months ended March 31, 2025 and 2024 was $72.3 million and $70.1 million, respectively.

CableSouth Transaction

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

During the fourth quarter of 2023, the Company entered into an agreement with a fund managed by Macquarie Asset Management ("MAM") pursuant to which MAM would make a structured equity investment into CableSouth in order to assist CableSouth in the acquisition of all of our previously acquired CableSouth fiber assets and the buyout of their triple-net lease for cash consideration of $40.0 million (the "CableSouth Transaction"). The Company completed the CableSouth Transaction on January 31, 2024 and recorded a $19 million gain on sale of real estate in our Condensed Consolidated Statements of Income during the three months ended March 31, 2024.

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

Capital Stock	3 Months Ended
Capital Stock	Mar. 31, 2025
Equity [Abstract]
Capital Stock	Capital Stock The limited partnership interests in our operating partnership (commonly called “OP Units”), are exchangeable on a one-for-one basis for shares of our common stock or, at our election, cash of equivalent value. During the three months ended March 31, 2025, the Company exchanged 14,722 OP Units held by third parties for cash consideration of $0.1 million, representing 100% of the OP Units held by third parties with a carrying value of $0.3 million as of the exchange date.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Fair Value of Financial Instruments - Narrative (Details) $ in Thousands	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Oct. 01, 2020 USD ($) installment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount	$ 6,050,500	$ 5,861,500
Settlement payable	48,142	$ 71,785
Windstream Commitment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other commitment			$ 490,100
Number of installments \| installment			20
Prices with Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notes and other debt, fair value	$ 6,020,000