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Business Combinations and Asset Acquisitions

Note 3. Revenues

Adoption of ASC Topic 606, Revenue from Contracts with Customers

Except for the changes below, we have consistently applied the accounting policies to all periods presented in these Condensed Consolidated Financial Statements.

On January 1, 2018, we adopted Topic 606 using the modified retrospective method, whereby the cumulative effect of initially applying Topic 606 is recognized as an adjustment to the opening balance of equity at January 1, 2018. Therefore, comparative information has not been adjusted and continues to be reported under ASC 605, Revenue Recognition. We recorded a net increase to opening retained earnings of $1.9 million as of January 1, 2018 due to the cumulative impact of adopting Topic 606, with the impact primarily related to commission costs that are capitalized under Topic 606 which were previously expensed.

The details of the significant changes and quantitative impact of the changes are set out below. We have applied this guidance only to contracts that are not completed as of the January 1, 2018, the date of initial application.

Commissions

We previously recognized commission fees related to obtaining a contract as selling expenses when incurred. Under Topic 606 and Topic 340, Other Assets and Deferred Costs, when they are incremental, expected to be recovered, we capitalize those commission fees as costs of obtaining a contract and amortize them consistently with the pattern of transfer of the product or service to which the asset relates. These costs are included in general and administrative expense on the Condensed Consolidated Statements of Income. These deferred balances were $2.9 and $2.5 at March 31, 2018 and January 1, 2018, respectively, and included in Other Assets on the Condensed Consolidated Balance Sheets; Other Assets would have been lower by those amounts under revenue recognition and cost guidance applicable to us prior to the adoption of Topic 606 and Topic 340. The impact to costs as a result of applying Topic 606 was a decrease of $0.4 million for the three months ended March 31, 2018 as compared to what the general and administrative expense would have been under previous revenue and cost recognition guidance. There would have been no other differences in our Condensed Consolidated Balance Sheet as of March 31, 2018 or Condensed Consolidated Statements of Income for the quarter ended March 31, 2018 under previous revenue and cost recognition guidance as compared to Topic 606 and Topic 340.

Nature of goods and services

The following is a description of principal activities, separated by reportable segments (see Note 11), from which the Company generates its revenues.

Leasing

Leasing revenue represents the results from our leasing programs, Uniti Leasing, which is engaged in the acquisition of mission-critical communications assets and leasing them back to anchor customers on either an exclusive or shared-tenant basis. Due to the nature of these activities, they are outside the scope of the guidance of Topic 606, and are recognized under other applicable guidance, including ASC 840, Leases (“Topic 840”).

Fiber Infrastructure

The Fiber Infrastructure segment represents the operations of our fiber business, Uniti Fiber, which provides (i) consumer, enterprise, wholesale and backhaul lit fiber, (ii) e-rate, (iii) small cell, (iv) construction services, (v) dark fiber and (vi) other revenue generating activities.

Consumer, enterprise, wholesale, and backhaul lit fiber fall under the guidance of Topic 606. Revenue is recognized over the life of the contracts in a pattern that reflects the satisfaction of Uniti’s stand-ready obligation to provide lit fiber services. The transaction price is equal to the monthly-recurring charge multiplied by the contract term, plus any non-recurring or variable charges. For each contract, the customer is invoiced monthly.

ii.

E-rate contracts involve providing lit fiber services to schools and libraries, and is governed by Topic 606. Revenue is recognized over the life of the contract in a pattern that reflects the satisfaction of Uniti’s stand-ready obligation to provide lit fiber services. The transaction price is equal to the monthly-recurring charge multiplied by the contract term, plus any non-recurring or variable charges. For each contract, the customer is invoiced monthly.

iii.

Small cell contracts provide improved network connection to areas that may not require or accommodate a tower. These are smaller units, similar to a telephone pole that are constructed and then leased to the customer. As such, small cell contains five streams of revenue; site development, radio frequency (“RF”) design, dark fiber lease, construction services, and maintenance services. Site development, RF design and construction are each separate services and are considered distinct performance obligations under Topic 606. Dark fiber and associated maintenance services constitute a lease, and as such, they are outside the scope of Topic 606 and are governed by other applicable guidance.

iv.

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

Dark fiber arrangements represent operating leases under Topic 840 and, is outside the scope of Topic 606. When (i) a customer makes an advance payment or (ii) a customer is contractually obligated to pay any amounts in advance, which is not deemed a separate performance obligation, deferred leasing revenue is recorded. This leasing revenue is recognized ratably over the expected term of the contract, unless the pattern of service suggests otherwise.

vi.

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

Towers

The Towers segment represents the operations of our towers business, Uniti Towers, through which we acquire and construct tower and tower-related real estate, which we then lease to our customers in the United States and Latin America. Revenue from our towers business qualifies as a lease under Topic 840 and is outside the scope of Topic 606.

Consumer CLEC

The Consumer CLEC segment represents the operations of Talk America Services (“Talk America”) through which we operate the Consumer CLEC Business, which provides local telephone, high-speed internet and long-distance services to customers in the eastern and central United States. Customers are billed monthly for services rendered based on actual usage or contracted amounts. The transaction price is equal to the monthly-recurring charge multiplied by the initial contract term (typically 12 months), plus any non-recurring or variable charges.

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue stream.

	Three Months Ended March 31,
(Thousands)	2018		2017⁽¹⁾
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Fiber Infrastructure
Lit backhaul	$	33,346	$	24,252
Enterprise and wholesale		15,418		3,479
E-Rate and government		14,230		6,951
Other		990		(240	)
Fiber Infrastructure	$	63,984	$	34,442
Consumer CLEC		3,804		4,927
Total revenue from contracts with customers		67,788		39,369
Revenue accounted for under other applicable guidance		179,127		172,104
Total revenue	$	246,915	$	211,473

(1)	As noted above, prior period amounts have not been adjusted under the modified retrospective method.

At March 31, 2018, and January 1, 2018, lease receivables were $7.8 million and $10.9 million, respectively, and receivables from contract with customers were $28.3 million and $31.2 million, respectively.

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

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.

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

(Thousands)	Contract Assets			Contract Liabilities
Balance at January 1, 2018	$	2,490		$	26,256
Revenue recognized that was included in the contract liability balance at the beginning of the period		-			(2,398	)
Increases due to revenue recognized, and not billed during the period		2,795			-
Increases due to cash received, excluding amounts recognized as revenue during the period		-			1,497
Transferred to receivables from contract assets, recognized at the beginning of the period		(2,554	)		-
Balance at March 31, 2018	$	2,731		$	25,355

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 assets primarily relate costs incremental to obtaining contracts and contract liabilities primarily relate to deferred revenue from non-recurring charges. The deferred revenue is recognized, and the liability reduced, over the contract term as the Company completes the performance obligation. As of March 31, 2018, our future revenues (i.e. transaction price related to remaining performance obligations) under contract accounted for under Topic 606 totaled $700.4 million, of which $624.8 million is related to contracts that are currently being invoiced and have an average remaining contract term of 2.9 years, while $75.6 million represents our backlog for sales bookings which have yet to be installed and have an average remaining contract term of 4.3 years.

Practical Expedients and Exemptions

We do not disclose the value of unsatisfied performance obligations for contracts that have an original expected duration of one year or less.

We exclude from the transaction price any amounts collected from customers for sales taxes and therefore, they are not included in revenue.

Business Combinations and Asset Acquisitions

3 Months Ended

Mar. 31, 2018

Business Combinations [Abstract]

Note 4. Business Combinations and Asset Acquisitions

2017 Transactions

Asset Acquisitions

Network Management Holdings LTD

On January 31, 2017, we completed the acquisition of NMS. The Company accounted for the acquisition of NMS as an asset purchase. At close, NMS owned and operated 366 wireless communications towers in Latin America with an additional 105 build to suit tower sites under development. The NMS portfolio spans three Latin American countries with 212 towers in Mexico, 54 towers in Nicaragua, and 100 towers in Colombia. The consideration for the 366 wireless towers in operation as of the transaction close date was $62.6 million, which was funded through cash on hand, and is presented in NMS asset acquisition on the Condensed Consolidated Statements of Cash Flows. NMS conducts its operations through three non-U.S. subsidiaries and the Company has determined that the functional currencies for the Mexican, Nicaraguan and Colombian subsidiaries are the Mexican Peso, U.S. Dollar and Colombian Peso, respectively. The non-U.S. subsidiaries in which NMS conducts its operations are subject to income tax in the jurisdictions in which they operate. The acquisition did not result in a step up in tax basis under local law. The Company recorded a net deferred tax liability of $18.4 million and a liability for unrecognized tax benefits of $5.3 million in connection with the acquisition. The deferred tax liability is primarily related to the excess of the recorded amounts for Property, Plant & Equipment and Intangibles over their respective historical tax bases. Under the terms of the purchase agreement, we will acquire the towers under development when construction is completed. The NMS towers are reflected in our Towers segment. See Note 11. The following is a summary of the estimated fair values of the assets acquired and liabilities assumed:

	(thousands)
Property, plant and equipment	$	36,417
Accounts receivable		2,826
Other assets		1,623
Intangible assets		52,437
Accounts payable, accrued expenses and other liabilities		(8,895	)
Intangible liabilities		(3,440	)
Deferred income taxes		(18,403	)
Total purchase consideration	$	62,565

Of the $52.4 million of acquired intangible assets, $37.4 million was assigned to tenant contracts (22 year life), $13.5 million was assigned to network (22 year life) and $1.5 million was assigned to acquired above-market leases (10 year life). The acquired below-market lease intangible liability of $3.4 million has a 10 year life. See Note 8.

During the three months ended March 31, 2018, construction was completed on 15 of the towers that were under development at the time of the NMS acquisition. and we acquired the completed towers pursuant to the purchase agreement for approximately $1.0 million. As of March 31, 2018, we acquired 65 of the 105 towers that were under development at the time of NMS acquisition.

Business Combinations

Southern Light, LLC

On July 3, 2017, we acquired 100% of the outstanding equity of Southern Light for $638.1 million in cash and 2.5 million common units in the Operating Partnership with an acquisition date fair value of $64.3 million. Southern Light is a leading provider of data transport services along the Gulf Coast region serving twelve attractive Tier II and Tier III markets across Florida, Alabama, Louisiana, and Mississippi. The acquisition was recorded by allocating the costs of the assets acquired based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the fair value of the assets acquired is recorded as goodwill within our Fiber Infrastructure segment. See Note 11. The following is a summary of the estimated fair values of the assets acquired and liabilities assumed:

	(thousands)
Property, plant and equipment	$	279,467
Cash and cash equivalents		1,992
Accounts receivable		11,139
Other assets		1,287
Goodwill		318,620
Intangible assets		160,100
Accounts payable, accrued expenses and other liabilities		(19,846	)
Deferred revenue		(38,134	)
Deferred income taxes		(9,004	)
Capital lease obligations		(3,189	)
Total purchase consideration	$	702,432

The above purchase price allocation is considered preliminary and is subject to the resolution of contractual adjustments, such as working capital adjustments, set forth in the merger agreement, which is anticipated to be finalized during the second quarter of 2018.

The goodwill arising from the transaction is primarily attributable to the expansion of our fiber network through the complementary nature of Southern Light’s fiber network to our existing fiber network, including anticipated incremental sales and cost savings. For federal income tax purposes, the transaction was treated as partially taxable (for portion paid in cash) and partially non-taxable (for portion paid with common units in the Operating Partnership). The portion of the acquisition that was treated as a taxable acquisition resulted in tax deductible goodwill. No tax deductible goodwill resulted from the portion of the acquisition that was treated as non-taxable.

As part of the acquisition, we acquired an intangible asset that was assigned to customer relationships of $160.1 million (15 year life). See Note 8.

Hunt Telecommunications, LLC

On July 3, 2017, we acquired 100% of the outstanding equity of Hunt for $129.3 million in cash and 1.6 million common units in the Operating Partnership with an acquisition date fair value of $41.6 million. Additional contingent consideration of up to $17 million, with an acquisition date fair value of $16.4 million, may be paid upon the achievement of certain revenue milestones by delivering shares of our common stock. See Note 5. Hunt is a leading provider of data transport to K-12 schools and government agencies with a dense fiber network in Louisiana. The acquisition was recorded by allocating the costs of the assets acquired based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the fair value of the assets acquired is recorded as goodwill within our Fiber Infrastructure segment. See Note 11.

	(thousands)
Property, plant and equipment	$	59,682
Cash and cash equivalents		3,181
Accounts receivable		4,906
Other assets		413
Goodwill		96,425
Intangible assets		73,000
Accounts payable, accrued expenses and other liabilities		(3,741	)
Deferred revenue		(6,040	)
Deferred income taxes		(40,391	)
Capital lease obligations		(164	)
Total purchase consideration	$	187,271

During the first quarter of 2018, the purchase price allocation was adjusted to record certain deferred revenues and accrued liabilities that existed at the date of acquisition. Deferred revenue and accrued liabilities increased $2.2 million and $1.2 million, respectively.

The goodwill arising from the transaction is primarily attributable to the expansion of our fiber network through the complementary nature of Hunt’s fiber network to our existing fiber network, including anticipated incremental sales and cost savings. The goodwill is not expected to be deductible for tax purposes.

As part of the acquisition we acquired an intangible asset that was assigned to customer relationships of $73 million (18 year life). See Note 8.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 5. 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

Level 3 – Unobservable inputs for the asset or liability

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

The following table summarizes the fair value of our financial instruments at March 31, 2018 and December 31, 2017:

(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, 2018
Assets
Derivative asset	$	42,061	$	-	$	42,061	$	-
Total	$	42,061	$	-	$	42,061	$	-

Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	2,008,760	$	-	$	2,008,760	$	-
Senior secured notes - 6.00%, due April 15, 2023		528,000		-		528,000		-
Senior unsecured notes - 8.25%, due October 15, 2023		1,051,725		-		1,051,725		-
Senior unsecured notes - 7.125%, due December 15, 2024		542,250		-		542,250		-
Senior secured revolving credit facility, variable rate, due April 24, 2020		299,970		-		299,970		-
Contingent consideration		89,236		-		-		89,236
Total		4,519,941		-		4,430,705		89,236

(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, 2017
Assets
Derivative asset	$	6,793	$	-	$	6,793	$	-
Total	$	6,793	$	-	$	6,793	$	-

Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	2,011,237	$	-	$	2,011,237	$	-
Senior secured notes - 6.00%, due April 15, 2023		540,375		-		540,375		-
Senior unsecured notes - 8.25%, due October 15, 2023		1,073,925		-		1,073,925		-
Senior unsecured notes - 7.125%, due December 15, 2024		542,250		-		542,250		-
Senior secured revolving credit facility, variable rate, due April 24, 2020		279,972		-		279,972		-
Contingent consideration		105,762		-		-		105,762
Total	$	4,553,521	$	-	$	4,447,759	$	105,762

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 $4.6 billion at March 31, 2018, with a fair value of $4.4 billion. The estimated fair value of our outstanding notes and other debt was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as Level 2 inputs within the fair value hierarchy. Derivative assets are carried at fair value. See Note 7. The fair value of an interest rate swap is determined based on the present value of expected future cash flows using observable, quoted LIBOR swap rates for the full term of the swap and also incorporate credit valuation adjustments to appropriately reflect both Uniti’s own non-performance risk and non-performance risk of the respective counterparties. The Company has determined that the majority of the inputs used to value its derivative assets fall within Level 2 of the fair value hierarchy; however the associated credit valuation adjustments utilized Level 3 inputs, such as estimates of credit spreads, to evaluate the likelihood of default by the Company and its counterparties. As of March 31, 2018, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustment is not significant to the overall value of the derivatives. As such, the Company classifies its derivative assets valuation in Level 2 of the fair value hierarchy.

As part of the acquisition of Hunt on July 3, 2017, we may be obligated to pay contingent consideration (the “Hunt Contingent Consideration”) upon the achievement of certain defined revenue milestones; therefore, we have recorded the estimated fair value of contingent consideration of approximately $10.5 million as of March 31, 2018. See Note 4. In accordance with the Hunt merger agreement, Uniti common shares will be used to satisfy the contingent consideration payment. The fair value of the Hunt Contingent Consideration at March 31, 2018 was determined using the closing price of our common shares in the active market and the probability of expected declared dividends, and is classified as Level 3.

As part of the acquisition of Tower Cloud on August 31, 2016, we may be obligated to pay contingent consideration upon achievement of certain defined operational and financial milestones. At the Company’s discretion, a combination of cash and Uniti common shares may be used to satisfy the contingent consideration payments, provided that at least 50% of the aggregate amount of payments is satisfied in cash. We recorded the estimated fair value of future contingent consideration of $78.7 million as of March 31, 2018. The fair value of the contingent consideration as of March 31, 2018, was determined using a discounted cash flow model and probability adjusted estimates of the future earnings and is classified as Level 3. During the three months ended March 31, 2018 and 2017, we paid $12.7 million and $18.8 million, respectively, for the achievement of certain milestones in accordance with the Tower Cloud merger agreement.

Changes in the fair value of contingent consideration arrangements are recorded in our Condensed Consolidated Statement of Income in the period in which the change occurs. For the three months ended March 31, 2018, there was a $3.9 million decrease in the fair value of the contingent consideration that was recorded in Other (income) expense on the Condensed Consolidated Statements of Income.

The following is a roll forward of our liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3):

(Thousands)		December 31, 2017				Transfers into Level 3				(Gain)/Loss included in earnings				Settlements				March 31, 2018
Contingent consideration		$	105,762			$	-			$	(3,864	)		$	(12,662	)		$	89,236

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.

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment

Note 6. Property, Plant and Equipment

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

(Thousands)	Depreciable Lives			March 31, 2018			December 31, 2017
Land	Indefinite			$	27,332		$	27,110
Building and improvements	3 - 40 years				333,945			333,121
Real property interests		(1	)		34,580			34,580
Poles	30 years				244,766			243,710
Fiber	30 years				2,723,670			2,671,216
Equipment	5 - 7 years				208,355			201,490
Copper	20 years				3,677,480			3,656,384
Conduit	30 years				91,210			91,210
Tower assets	20 years				68,155			59,610
Capital lease assets		(1	)		92,974			93,465
Other assets	15 - 20 years				10,381			10,232
Corporate assets	3 - 7 years				8,262			7,970
Construction in progress		(1	)		124,611			112,489
					7,645,721			7,542,587
Less accumulated depreciation					(4,596,007	)		(4,488,698	)
Net property, plant and equipment				$	3,049,714		$	3,053,889
(1) See our Annual Report for property, plant and equipment accounting policies.

Depreciation expense for the three months ended March 31, 2018 and 2017 was $108.2 million and $98.9 million, respectively.

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 7. Derivative Instruments and Hedging Activities

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

On April 27, 2015, we entered into fixed for floating interest rate swap agreements to mitigate the interest rate risk inherent in our variable rate Senior Secured Term Loan B facility. These interest rate swaps are designated as cash flow hedges and have a notional value of $2.13 billion and mature on October 24, 2022. The weighted average fixed rate paid is 2.105%, and the variable rate received resets monthly to the one-month LIBOR subject to a minimum rate of 1.0%. The Company does not currently have any master netting arrangements related to its derivative contracts.

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

(Thousands)		Location on Condensed Consolidated Balance Sheet		March 31, 2018				December 31, 2017
Interest rate swaps		Derivative asset		$	42,061			$	6,793

As of March 31, 2018 and December 31, 2017, all of the interest rate swaps were valued in net unrealized gain positions and recognized as asset balances within the derivative asset balance. For the three months ended March 31, 2018, the amount recorded in other comprehensive income related to the unrealized gain on derivative instruments was $32.7 million. For the three months ended March 31, 2017, the amount recorded in other comprehensive income related to the unrealized loss on derivative instruments was $1.2 million. The amount reclassified out of other comprehensive income into interest expense on our Condensed Consolidated Statement of Income for the three months ended March 31, 2018 and 2017, was $2.6 million and $5.8 million, respectively. For the three months ended March 31, 2018 and 2017, there was no ineffective portion of the change in fair value derivatives.

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next twelve months, beginning April 1, 2018, we estimate that $10.4 million will be reclassified as an increase to interest expense.

Goodwill and Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets and Liabilities

Note 8. Goodwill and Intangible Assets and Liabilities

Changes in the carrying amount of goodwill occurring during the three months ended March 31, 2018, are as follows:

(Thousands)	Fiber Infrastructure		Total
Goodwill at December 31, 2017	$	673,729	$	673,729
Goodwill purchase accounting adjustments - See Note 4		3,403		3,403
Goodwill associated with 2018 acquisitions		-		-
Goodwill at March 31, 2018		677,132		677,132

The carrying value of the intangible assets is as follows:

(Thousands)	March 31, 2018								December 31, 2017
	Cost			Cumulative Translation Adjustment		Accumulated Amortization			Cost			Cumulative Translation Adjustment		Accumulated Amortization
Indefinite life intangible assets:
Trade name	$	2,000		$	-	$	-		$	2,000		$	-	$	-

Finite life intangible assets:
Customer lists		421,743			-		(51,885	)		421,743			-		(46,049	)
Tenant contracts		37,386			3,318		(2,158	)		37,386			1,141		(1,605	)
Network⁽¹⁾		13,541			1,198		(782	)		13,541			410		(581	)
Acquired below-market leases		1,509			-		(176	)		1,509			-		(138	)

Total intangible assets		480,695								477,730
Less: Accumulated amortization		(55,001	)							(48,373	)
Total intangible assets, net	$	425,694							$	429,357

Finite life intangible liabilities:
Acquired above-market leases	$	3,440		$	266	$	(432	)	$	3,440		$	15	$	(317	)

Finite life intangible liabilities:
Acquired above-market leases		3,706								3,455
Less: Accumulated amortization		(432	)							(317	)
Total intangible liabilities, net⁽²⁾	$	3,274							$	3,138

(1)	Reflects the potential to lease additional tower capacity on the existing towers due to their geographical location and capacity that currently exists on these towers as of the valuation date.

(2)	Recorded in accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet.

Amortization expense for the three months ended March 31, 2018 and 2017 was $6.5 million and $2.5 million, respectively.

Amortization expense is estimated to be $25.3 million for the full year of 2018, $24.6 million in 2019, $24.0 million in 2020, $23.6 million in 2021, and $23.1 million for 2022.

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Notes and Other Debt

3 Months Ended

Mar. 31, 2018

Long Term Debt [Abstract]

Notes and Other Debt

Note 9. Notes and Other Debt

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

Notes and other debt is as follows:

(Thousands)	March 31, 2018			December 31, 2017
Principal amount	$	4,641,617		$	4,626,887
Less unamortized discount, premium and debt issuance costs		(138,155	)		(144,190	)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	4,503,462		$	4,482,697

Notes and other debt at March 31, 2018 and December 31, 2017 consisted of the following:

	March 31, 2018					December 31, 2017
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs			Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured term loan B - variable rate, due October 24, 2022 (discount is based on imputed interest rate of 5.66%)	$	2,081,617		(82,998	)	$	2,086,887	$	(87,140	)
Senior secured notes - 6.00%, due April 15, 2023 (discount is based on imputed interest rate of 6.29%)		550,000		(8,168	)		550,000		(8,508	)
Senior unsecured notes - 8.25%, due October 15, 2023 (discount is based on imputed interest rate of 9.06%)		1,110,000		(39,122	)		1,110,000		(40,467	)
Senior unsecured notes - 7.125% due December 15, 2024		600,000		(7,867	)		600,000		(8,075	)
Senior secured revolving credit facility, variable rate, due April 24, 2020		300,000		-			280,000		-
Total	$	4,641,617	$	(138,155	)	$	4,626,887	$	(144,190	)

At March 31, 2018, notes and other debt included the following: (i) $2.1 billion under the senior secured term loan B facility that matures on October 24, 2022 (“Term Loan Facility”) pursuant to the credit agreement by and among the Operating Partnership, CSL Capital, LLC and Uniti Group Finance Inc., the guarantors and lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent (the “Credit Agreement”); (ii) $550.0 million aggregate principal amount of 6.00% Senior Secured Notes due April 15, 2023 (the “Secured Notes”); (iii) $1.11 billion aggregate principal amount of 8.25% Senior Notes due October 15, 2023 (the “2023 Notes”); (iv) $600 million aggregate principal amount of 7.125% Senior Unsecured Notes due December 15, 2024 (the “2024 Notes,” and together with the Secured Notes and 2023 Notes, the “Notes”), and (v) $300 million under the senior secured revolving credit facility, variable rate, that matures April 24, 2020 pursuant to the Credit Agreement (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Facilities”).

On May 9, 2017, the Company completed its previously announced reorganization (the “up-REIT Reorganization”) to operate through a customary “up-REIT” structure. Under this structure, the Operating Partnership now holds substantially all of the Company’s assets and is the parent company of, among others, CSL Capital, LLC, Uniti Group Finance Inc. and Uniti Fiber Holdings Inc. In connection with the up-REIT Reorganization, the Operating Partnership replaced the Company and assumed its obligations as an obligor under the Notes and Facilities. The Company subsequently became a guarantor of the Notes and Facilities. Because the Operating Partnership is not a corporation, a corporate co-obligor that is a subsidiary of the Operating Partnership was also added to the Notes and Credit Agreement as part of the up-REIT Reorganization. As discussed below, Uniti Group Finance Inc. is the corporate co-obligor under the Credit Agreement and co-issuer of the Secured Notes and the 2023 Notes, and Uniti Fiber Holdings Inc. is the co-issuer of the 2024 Notes. Separate financial statements of the Operating Partnership have not been included since the Operating Partnership is not a registrant.

Credit Agreement

The Operating Partnership and its wholly-owned subsidiaries, CSL Capital, LLC, and Uniti Group Finance Inc. (collectively, the “Borrowers”) are party to the Credit Agreement, which provides for the Term Loan Facility (in an initial principal amount of $2.14 billion) and the Revolving Credit Facility. The term loans bear interest at a rate equal to LIBOR, subject to a 1.0% floor, plus an applicable margin equal to 3.00%, and are subject to amortization of 1.0% per annum. All obligations under the Credit Agreement are guaranteed by (i) the Company and (ii) certain of the Operating Partnership’s wholly-owned subsidiaries (the “Subsidiary Guarantors”), and are secured by substantially all of the assets of the Borrowers and the Subsidiary Guarantors, which assets also secure the Secured Notes. The Revolving Credit Facility bears interest at a rate equal to LIBOR plus 1.75% to 2.25% based on our consolidated secured leverage ratio, as defined in the Credit Agreement. On April 28, 2017, we amended the Credit Agreement to increase the commitments under our Revolving Credit Facility from $500 million to $750 million. Other terms of the Revolving Credit Facility remain unchanged.

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 (i) incremental term loan borrowings and/or increased commitments under the Credit Agreement in an unlimited amount, so long as, on a pro forma basis after giving effect to any such borrowings or increases, our consolidated secured leverage ratio, as defined in the Credit Agreement, does not exceed 4.00 to 1.00 and (ii) 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 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, 2018, the Borrowers were in compliance with all of the covenants under the Credit Agreement.

The Notes

The Borrowers, as co-issuers, have outstanding $550 million aggregate principal amount of the Secured Notes, of which $400 million was originally issued on April 24, 2015 at an issue price of 100% of par value and the remaining $150 million was issued on June 9, 2016 at an issue price of 99.25% of the par value as an add-on to the existing Secured Notes. The Borrowers, as co-issuers, also have outstanding $1.11 billion aggregate principal amount of the 2023 Notes that were originally issued on April 24, 2015 at an issue price of 97.055% of par value. The Secured Notes and the 2023 Notes are guaranteed by the Company and the Subsidiary Guarantors.

The Operating Partnership and its wholly-owned subsidiaries, CSL Capital, LLC and Uniti Fiber Holdings Inc., as co-issuers, have outstanding $600 million aggregate principal amount of the 2024 Notes, of which $400 million was originally issued on December 15, 2016 at an issue price of 100% of par value and the remaining $200 million of which was issued on May 8, 2017 at an issue price of 100.50% of par value under a separate indenture and was mandatorily exchanged on August 11, 2017 for 2024 Notes issued as “additional notes” under the indenture governing the 2024 Notes. The 2024 Notes are guaranteed by the Company, Uniti Group Finance Inc. and the Subsidiary Guarantors.

Deferred Financing Cost

Deferred financing costs were incurred in connection with the issuance of the Notes and the Facilities. These costs are amortized using the effective interest method over the term of the related indebtedness, and are included in interest expense in our Condensed Consolidated Statements of Income. For the three months ended March 31, 2018 and 2017, we recognized $3.6 million and $2.5 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs.

Earnings Per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Note 10. 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 earnings per share impact of the Company’s 3% Convertible Preferred Stock, $0.0001 par value (“Series A Shares”), issued in connection with the May 2, 2016 acquisition of PEG Bandwidth, LLC, is calculated using the net share settlement method, whereby the redemption value of the instrument is assumed to be settled in cash and only the conversion premium, if any, is assumed to be settled in shares. The Series A Shares provide Uniti the option to cash or share settle the instrument, and it is our policy to settle the instrument in cash upon conversion.

The Hunt merger agreement provides for the issuance of additional common shares upon the achievement of certain defined revenue milestones. See Note 4. The earnings per share impact of the Hunt Contingent Consideration is calculated under the method described in ASC 260 for the treatment of contingently issuable shares in weighted-average shares outstanding.

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)	2018			2017
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	1,210		$	(20,000	)
Less: Income allocated to participating securities		(469	)		(387	)
Income allocated to participating securities on share settled contingent consideration arrangements		(210	)		-
Dividends declared on convertible preferred stock		(656	)		(656	)
Amortization of discount on convertible preferred stock		(745	)		(745	)
Net loss attributable to common shares	$	(870	)	$	(21,788	)
Denominator:
Basic weighted-average common shares outstanding		174,892			155,184
Basic earnings (loss) per common share	$	-		$	(0.14	)

	Three Months Ended March 31,
(Thousands, except per share data)	2018			2017
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	1,210		$	(20,000	)
Less: Income allocated to participating securities		(469	)		(387	)
Dividends declared on convertible preferred stock		(656	)		(656	)
Amortization of discount on convertible preferred stock		(745	)		(745	)
Mark-to-market gain on share settled contingent consideration arrangements		(994	)		-
Net loss attributable to common shares	$	(1,654	)	$	(21,788	)
Denominator:
Basic weighted-average common shares outstanding		174,892			155,184
Contingent consideration (See Note 4)		607			-
Effect of dilutive non-participating securities		-			-
Weighted-average shares for dilutive earnings per common share		175,499			155,184
Dilutive (loss) earnings per common share	$	(0.01	)	$	(0.14	)

For the three months ended March 31, 2018, 405,063 non-participating securities were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive. For the three months ended March 31, 2017, 382,019 non-participating securities were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive.

Segment Information

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Information

Note 11. Segment Information

Our management, including our chief executive officer, who is our chief operating decision maker, manage our operations as four reportable segments in addition to our corporate operations and include:

Leasing: Represents the results from our leasing programs, Uniti Leasing, which is engaged in the acquisition of mission-critical communications assets and leasing them back to anchor customers on either an exclusive or shared-tenant basis.

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

Towers: Represents the operations of our towers business, Uniti Towers, through which we acquire and construct tower and tower-related real estate, which we then lease to our customers in the United States and Latin America.

Consumer CLEC: Represents the operations of Talk America Services (“Talk America”) through which we operate the Consumer CLEC Business, that prior to the Spin-Off was reported as an integrated operation within Windstream. Talk America provides local telephone, high-speed internet and long distance services to customers in the eastern and central United States.

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

Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure defined as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense, the impact, which may be recurring in nature, of transaction and integration related expenses, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, changes in the fair value of contingent consideration and financial instruments, and other similar items. The Company believes that net income, as defined by GAAP, is the most appropriate earnings metric; however we believe that Adjusted EBITDA serves as a useful supplement to net income because it allows investors, analysts and management to evaluate the performance of our segments in a manner that is comparable period over period. Adjusted EBITDA should not be considered as an alternative to net income as determined in accordance with GAAP.

Selected financial data related to our segments is presented below for the three months ended March 31, 2018 and 2017:

	Three Months Ended March 31, 2018
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	172,774	$	66,967	$	3,370		$	3,804	$	-		$	246,915

Adjusted EBITDA	$	172,369	$	29,195	$	(463	)	$	913	$	(5,313	)	$	196,701
Less:
Interest expense														77,607
Depreciation and amortization		86,744		25,905		1,477			498		97			114,721
Other income														(3,885	)
Transaction related costs														5,913
Stock-based compensation														2,210
Income tax benefit														(1,096	)
Net income													$	1,231

Capital expenditures⁽¹⁾	$	-	$	42,647	$	9,246		$	-	$	212		$	52,105

	Three Months Ended March 31, 2017
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	170,306	$	34,812	$	1,428			4,927	$	-		$	211,473

Adjusted EBITDA	$	170,060	$	11,567	$	(735	)	$	1,166	$	(5,056	)	$	177,002
Less:
Interest expense														73,365
Depreciation and amortization		86,506		13,221		886			652		96			101,361
Other expense														11,339
Transaction related costs														9,684
Stock-based compensation														1,632
Income tax benefit														(379	)
Net loss													$	(20,000	)

Capital expenditures⁽¹⁾	$	-	$	14,502	$	72,203		$	-	$	39		$	86,744

⁽¹⁾Segment capital expenditures represents capital expenditures, NMS asset acquisitions, and ground lease investments as reported in the investing activities section of the Condensed Consolidated Statements of Cash Flows.

Total assets by business segment as of March 31, 2018 and December 31, 2017 are as follows:

(Thousands)	March 31, 2018		December 31, 2017
Leasing	$	2,085,311	$	2,121,857
Fiber Infrastructure		2,031,646		2,009,175
Towers		176,905		157,180
Consumer CLEC		11,090		10,919
Corporate		58,561		30,951
Total of reportable segments	$	4,363,513	$	4,330,082

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. 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. Pursuant to the Separation and Distribution Agreement entered into with Windstream in connection with the Spin-Off, Windstream has agreed to indemnify us (including our subsidiaries, directors, officers, employees and agents and certain other related parties) for any liability arising from or relating to legal proceedings involving Windstream's telecommunications business prior to the Spin-Off, and, pursuant to the Master Lease, Windstream has agreed to indemnify us for, among other things, any use, misuse, maintenance or repair by Windstream with respect to the Distribution Systems. Windstream is currently a party to various legal actions and administrative proceedings, including various claims arising in the ordinary course of its telecommunications business, which are subject to the indemnities provided by Windstream to us. Under the terms of the Tax Matters Agreement entered into with Windstream in connection with the Spin-Off, we are generally responsible for any taxes imposed on Windstream that arise from the failure of the Spin-Off and the debt exchanges to qualify as tax-free for U.S. federal income tax purposes, within the meaning of Section 355 and Section 368(a)(1)(D) of the Internal Revenue Code, as applicable, to the extent such failure to qualify is attributable to certain actions, events or transactions relating to our stock, indebtedness, assets or business, or a breach of the relevant representations or any covenants made by us in the Tax Matters Agreement, the materials submitted to the IRS in connection with the request for the private letter ruling or the representations provided in connection with the tax opinion. We believe that the probability of us incurring obligations under the Tax Matters Agreement are remote; and therefore, we have recorded no such liabilities in our consolidated balance sheet.

Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2018

Accumulated Other Comprehensive (Loss) Income

Note 13. Accumulated Other Comprehensive (Loss) Income

Changes in accumulated other comprehensive (loss) income by component is as follows for the three months ended March 31, 2018 and 2017:

	Three Months Ended March 31,
(Thousands)	2018		2017
Cash flow hedge changes in fair value gain (loss):
Balance at beginning of period	$	6,793	$	(6,102	)
Other comprehensive income (loss) before reclassifications		32,670		(1,247	)
Amounts reclassified from accumulated other comprehensive income		2,598		5,813
Balance at end of period		42,061		(1,536	)
Less: Other comprehensive income attributable to noncontrolling interest		1,256		-
Balance at end of period attributable to common shareholders		40,805		(1,536	)
Foreign currency translation gain (loss):
Balance at beginning of period		1,393		(267	)
Translation adjustments		4,565		4,875
Balance at end of period		5,958		4,608
Less: Other comprehensive income attributable to noncontrolling interest		28		-
Balance at end of period attributable to common shareholders		5,930		4,608
Accumulated other comprehensive income at end of period	$	46,735	$	3,072

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 14. Subsequent Events On May 1, 2018, the Company closed on the first tranche of its previously announced sale-leaseback and fiber acquisition from U.S. TelePacific Holding Corp. (“TPx”). At close, the Company acquired 6,000 fiber strand miles located in Nevada, Texas and Massachusetts, which will be leased back to TPx on a triple net basis. In addition, the Company acquired and will have exclusive use of, 7,000 fiber strand miles located in Texas. Total consideration for this tranche was $25 million and was paid with cash on hand. On May 10, 2018, the Company acquired from CenturyLink 30 long-haul intercity dark fiber routes totaling 11,000 route miles and 270,000 fiber strand miles across 25 states. This transaction was approved by the U.S. Department of Justice as a condition of the CenturyLink / Level 3 merger, and adds attractive, high demand assets to Uniti Leasing. Simultaneously with this purchase, the Company executed an anchor tenant lease with a Fortune 100 company for 11% of the fiber strand miles.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Concentration of Credit Risks	Concentration of Credit Risks—We are party to a Master Lease agreement with from Windstream Holdings, Inc. (“Windstream Holdings” and together with its subsidiaries, “Windstream”) from which substantially all of Uniti’s leasing revenues and operating cash flows are currently derived. Revenue under the Master Lease provided 70.0% and 80.5% of our revenue for the three months ended March 31, 2018 and 2017, respectively. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Master Lease, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to pay dividends and service debt if Windstream were to default under the Master Lease or otherwise experiences operating or liquidity difficulties and becomes unable to generate sufficient cash to make payments to us. In recent years, Windstream has experienced annual declines in its total revenue, sales and cash flow, and has had its credit ratings downgraded by nationally recognized credit rating agencies. Most recently, Windstream is involved in litigation with an entity who acquired certain Windstream debt securities and immediately claimed an “event of default” under such securities relating to our spin-off from Windstream. On December 7, 2017, the entity issued a notice of acceleration to Windstream claiming that the principal amount, along with accrued interest, of such securities was due and payable immediately. Windstream is challenging the matter in federal court and a trial date has been scheduled for July 23, 2018. If Windstream receives a final, unappealable adverse ruling, an “event of default” would be declared. An actual “event of default” would trigger cross-default provisions in Windstream’s other debt instruments, including Windstream Services’ existing credit facility, which, in turn, would trigger a default under the Master Lease. If an adverse outcome occurs with respect to this matter and Windstream does not have the ability to pay under the Master Lease, there could be a material adverse impact to us as disclosed above. Accordingly, we monitor the credit quality of Windstream through numerous methods, including by (i) reviewing the credit ratings of Windstream by nationally recognized credit rating agencies, (ii) reviewing the financial statements of Windstream that are publicly available and that are required to be delivered to us pursuant to the Master Lease, (iii) monitoring ongoing litigation and news reports regarding Windstream and its businesses, (iv) conducting research to ascertain industry trends potentially affecting Windstream, and (v) monitoring the timeliness of its lease payments. Windstream is a publicly traded company and is subject to the periodic filing requirements of the Securities Exchange Act of 1934, as amended. Windstream filings can be found at www.sec.gov. Windstream filings are not incorporated by reference in this Quarterly Report on Form 10-Q.
Income Taxes	Income Taxes—The Tax Cuts and Jobs Act (“Tax Bill”) was enacted on December 22, 2017. The Tax Bill reduces the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. Consistent with Staff Accounting Bulletin No. 118 issued by the SEC, which provides for a measurement period of one year from the enactment date to finalize the accounting for effects of the Tax Bill, the Company provisionally recorded income tax benefit of $17.0 million related to the Tax Bill in the fourth quarter of 2017. As of March 31, 2018, we have not yet completed our accounting for the tax effects of the enactment of the Tax Bill. Future regulatory and rulemaking interpretations or other guidance clarifying provisions of the Tax Bill could affect the Company’s analysis and tax position.
Reclassifications	Reclassifications—Certain prior year asset categories and related amounts in Note 6 have been reclassified to conform with current year presentation.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In August 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”), which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. ASU 2017-12 is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods, and earlier adoption is permitted. We adopted ASU 2017-12 effective January 1, 2018, and there was no material impact on our financial position. In February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets and for partial sales of nonfinancial assets, and is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2017. We adopted ASU 2017-05 effective January 1, 2018, using the modified retrospective approach and there was no material impact on our financial position. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 provides guidance on reducing the diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. In addition to other specific cash flow issues, ASU 2016-15 provides clarification on when an entity should separate cash receipts and cash payments into more than one class of cash flows and when an entity should classify those cash receipts and payments into one class of cash flows on the basis of predominance. The new guidance is effective for the fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted ASU 2016-15 effective January 1, 2018, and there was no material impact on our financial position. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“Topic 606”). This update outlines a single comprehensive revenue recognition model for entities to follow in accounting for revenue from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive for those goods or services. Topic 606 is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. We adopted Topic 606 as of January 1, 2018 using the modified retrospective transition method. See Note 3. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASC 842”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The provisions of this guidance are effective for annual periods beginning after December 31, 2018, and for interim periods therein. The Company is currently evaluating this guidance to determine the impact it will have on our financial statements by reviewing its existing operating lease contracts, where we are the lessee and service contracts that may include embedded leases. The Company expects a gross-up of its Consolidated Balance Sheets as a result of recognizing lease liabilities and right-of-use assets, the extent of the impact of a gross-up is under evaluation. The Company does not anticipate material changes to the recognition of operating lease expense in its Consolidated Statements of Income. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) – Land Easement Practical Expedient for Transition to Topic 842. This standard permits an entity to elect an optional transition practical expedient to not evaluate land easements that exist or expire before the Company's adoption of ASC 842 and that were not previously accounted for as leases under ASC 840. The Company intends to elect this transition provision.

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

Revenues Disaggregated by Revenue Stream

Revenues (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

The following table presents our revenues disaggregated by revenue stream.

	Three Months Ended March 31,
(Thousands)	2018		2017⁽¹⁾
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Fiber Infrastructure
Lit backhaul	$	33,346	$	24,252
Enterprise and wholesale		15,418		3,479
E-Rate and government		14,230		6,951
Other		990		(240	)
Fiber Infrastructure	$	63,984	$	34,442
Consumer CLEC		3,804		4,927
Total revenue from contracts with customers		67,788		39,369
Revenue accounted for under other applicable guidance		179,127		172,104
Total revenue	$	246,915	$	211,473

(1)	As noted above, prior period amounts have not been adjusted under the modified retrospective method.

Schedule of Contract Assets and Contract Liabilities

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

(Thousands)	Contract Assets			Contract Liabilities
Balance at January 1, 2018	$	2,490		$	26,256
Revenue recognized that was included in the contract liability balance at the beginning of the period		-			(2,398	)
Increases due to revenue recognized, and not billed during the period		2,795			-
Increases due to cash received, excluding amounts recognized as revenue during the period		-			1,497
Transferred to receivables from contract assets, recognized at the beginning of the period		(2,554	)		-
Balance at March 31, 2018	$	2,731		$	25,355

Business Combinations and Asset Acquisitions (Tables)

3 Months Ended

Mar. 31, 2018

NMS

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following is a summary of the estimated fair values of the assets acquired and liabilities assumed:

	(thousands)
Property, plant and equipment	$	36,417
Accounts receivable		2,826
Other assets		1,623
Intangible assets		52,437
Accounts payable, accrued expenses and other liabilities		(8,895	)
Intangible liabilities		(3,440	)
Deferred income taxes		(18,403	)
Total purchase consideration	$	62,565

Southern Light, LLC

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following is a summary of the estimated fair values of the assets acquired and liabilities assumed:

	(thousands)
Property, plant and equipment	$	279,467
Cash and cash equivalents		1,992
Accounts receivable		11,139
Other assets		1,287
Goodwill		318,620
Intangible assets		160,100
Accounts payable, accrued expenses and other liabilities		(19,846	)
Deferred revenue		(38,134	)
Deferred income taxes		(9,004	)
Capital lease obligations		(3,189	)
Total purchase consideration	$	702,432

Hunt Telecommunications, LLC

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

	(thousands)
Property, plant and equipment	$	59,682
Cash and cash equivalents		3,181
Accounts receivable		4,906
Other assets		413
Goodwill		96,425
Intangible assets		73,000
Accounts payable, accrued expenses and other liabilities		(3,741	)
Deferred revenue		(6,040	)
Deferred income taxes		(40,391	)
Capital lease obligations		(164	)
Total purchase consideration	$	187,271

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and December 31, 2017:

(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, 2018
Assets
Derivative asset	$	42,061	$	-	$	42,061	$	-
Total	$	42,061	$	-	$	42,061	$	-

Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	2,008,760	$	-	$	2,008,760	$	-
Senior secured notes - 6.00%, due April 15, 2023		528,000		-		528,000		-
Senior unsecured notes - 8.25%, due October 15, 2023		1,051,725		-		1,051,725		-
Senior unsecured notes - 7.125%, due December 15, 2024		542,250		-		542,250		-
Senior secured revolving credit facility, variable rate, due April 24, 2020		299,970		-		299,970		-
Contingent consideration		89,236		-		-		89,236
Total		4,519,941		-		4,430,705		89,236

(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, 2017
Assets
Derivative asset	$	6,793	$	-	$	6,793	$	-
Total	$	6,793	$	-	$	6,793	$	-

Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	2,011,237	$	-	$	2,011,237	$	-
Senior secured notes - 6.00%, due April 15, 2023		540,375		-		540,375		-
Senior unsecured notes - 8.25%, due October 15, 2023		1,073,925		-		1,073,925		-
Senior unsecured notes - 7.125%, due December 15, 2024		542,250		-		542,250		-
Senior secured revolving credit facility, variable rate, due April 24, 2020		279,972		-		279,972		-
Contingent consideration		105,762		-		-		105,762
Total	$	4,553,521	$	-	$	4,447,759	$	105,762

Roll Forward of Liabilities Measured at Fair Value on Recurring Basis Using Unobservable Inputs

The following is a roll forward of our liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3):

(Thousands)		December 31, 2017				Transfers into Level 3				(Gain)/Loss included in earnings				Settlements				March 31, 2018
Contingent consideration		$	105,762			$	-			$	(3,864	)		$	(12,662	)		$	89,236

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

Property Plant And Equipment [Abstract]

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Carrying Value of Property, Plant and Equipment

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

(Thousands)	Depreciable Lives			March 31, 2018			December 31, 2017
Land	Indefinite			$	27,332		$	27,110
Building and improvements	3 - 40 years				333,945			333,121
Real property interests		(1	)		34,580			34,580
Poles	30 years				244,766			243,710
Fiber	30 years				2,723,670			2,671,216
Equipment	5 - 7 years				208,355			201,490
Copper	20 years				3,677,480			3,656,384
Conduit	30 years				91,210			91,210
Tower assets	20 years				68,155			59,610
Capital lease assets		(1	)		92,974			93,465
Other assets	15 - 20 years				10,381			10,232
Corporate assets	3 - 7 years				8,262			7,970
Construction in progress		(1	)		124,611			112,489
					7,645,721			7,542,587
Less accumulated depreciation					(4,596,007	)		(4,488,698	)
Net property, plant and equipment				$	3,049,714		$	3,053,889
(1) See our Annual Report for property, plant and equipment accounting policies.

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

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

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

(Thousands)		Location on Condensed Consolidated Balance Sheet		March 31, 2018				December 31, 2017
Interest rate swaps		Derivative asset		$	42,061			$	6,793

Goodwill and Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018, are as follows:

(Thousands)	Fiber Infrastructure		Total
Goodwill at December 31, 2017	$	673,729	$	673,729
Goodwill purchase accounting adjustments - See Note 4		3,403		3,403
Goodwill associated with 2018 acquisitions		-		-
Goodwill at March 31, 2018		677,132		677,132

Schedule of Carrying Value of Intangible Assets

The carrying value of the intangible assets is as follows:

(Thousands)	March 31, 2018								December 31, 2017
	Cost			Cumulative Translation Adjustment		Accumulated Amortization			Cost			Cumulative Translation Adjustment		Accumulated Amortization
Indefinite life intangible assets:
Trade name	$	2,000		$	-	$	-		$	2,000		$	-	$	-

Finite life intangible assets:
Customer lists		421,743			-		(51,885	)		421,743			-		(46,049	)
Tenant contracts		37,386			3,318		(2,158	)		37,386			1,141		(1,605	)
Network⁽¹⁾		13,541			1,198		(782	)		13,541			410		(581	)
Acquired below-market leases		1,509			-		(176	)		1,509			-		(138	)

Total intangible assets		480,695								477,730
Less: Accumulated amortization		(55,001	)							(48,373	)
Total intangible assets, net	$	425,694							$	429,357

Finite life intangible liabilities:
Acquired above-market leases	$	3,440		$	266	$	(432	)	$	3,440		$	15	$	(317	)

Finite life intangible liabilities:
Acquired above-market leases		3,706								3,455
Less: Accumulated amortization		(432	)							(317	)
Total intangible liabilities, net⁽²⁾	$	3,274							$	3,138

(1)	Reflects the potential to lease additional tower capacity on the existing towers due to their geographical location and capacity that currently exists on these towers as of the valuation date.

(2)	Recorded in accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet.

Notes and Other Debt (Tables)

3 Months Ended

Mar. 31, 2018

Long Term Debt [Abstract]

Schedule of Notes and Other Debt

Notes and other debt is as follows:

(Thousands)	March 31, 2018			December 31, 2017
Principal amount	$	4,641,617		$	4,626,887
Less unamortized discount, premium and debt issuance costs		(138,155	)		(144,190	)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	4,503,462		$	4,482,697

Notes and other debt at March 31, 2018 and December 31, 2017 consisted of the following:

	March 31, 2018					December 31, 2017
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs			Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured term loan B - variable rate, due October 24, 2022 (discount is based on imputed interest rate of 5.66%)	$	2,081,617		(82,998	)	$	2,086,887	$	(87,140	)
Senior secured notes - 6.00%, due April 15, 2023 (discount is based on imputed interest rate of 6.29%)		550,000		(8,168	)		550,000		(8,508	)
Senior unsecured notes - 8.25%, due October 15, 2023 (discount is based on imputed interest rate of 9.06%)		1,110,000		(39,122	)		1,110,000		(40,467	)
Senior unsecured notes - 7.125% due December 15, 2024		600,000		(7,867	)		600,000		(8,075	)
Senior secured revolving credit facility, variable rate, due April 24, 2020		300,000		-			280,000		-
Total	$	4,641,617	$	(138,155	)	$	4,626,887	$	(144,190	)

Schedule of Earnings Per Share Basic and Diluted

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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

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)	2018			2017
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	1,210		$	(20,000	)
Less: Income allocated to participating securities		(469	)		(387	)
Income allocated to participating securities on share settled contingent consideration arrangements		(210	)		-
Dividends declared on convertible preferred stock		(656	)		(656	)
Amortization of discount on convertible preferred stock		(745	)		(745	)
Net loss attributable to common shares	$	(870	)	$	(21,788	)
Denominator:
Basic weighted-average common shares outstanding		174,892			155,184
Basic earnings (loss) per common share	$	-		$	(0.14	)

	Three Months Ended March 31,
(Thousands, except per share data)	2018			2017
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	1,210		$	(20,000	)
Less: Income allocated to participating securities		(469	)		(387	)
Dividends declared on convertible preferred stock		(656	)		(656	)
Amortization of discount on convertible preferred stock		(745	)		(745	)
Mark-to-market gain on share settled contingent consideration arrangements		(994	)		-
Net loss attributable to common shares	$	(1,654	)	$	(21,788	)
Denominator:
Basic weighted-average common shares outstanding		174,892			155,184
Contingent consideration (See Note 4)		607			-
Effect of dilutive non-participating securities		-			-
Weighted-average shares for dilutive earnings per common share		175,499			155,184
Dilutive (loss) earnings per common share	$	(0.01	)	$	(0.14	)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and 2017:

	Three Months Ended March 31, 2018
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	172,774	$	66,967	$	3,370		$	3,804	$	-		$	246,915

Adjusted EBITDA	$	172,369	$	29,195	$	(463	)	$	913	$	(5,313	)	$	196,701
Less:
Interest expense														77,607
Depreciation and amortization		86,744		25,905		1,477			498		97			114,721
Other income														(3,885	)
Transaction related costs														5,913
Stock-based compensation														2,210
Income tax benefit														(1,096	)
Net income													$	1,231

Capital expenditures⁽¹⁾	$	-	$	42,647	$	9,246		$	-	$	212		$	52,105

	Three Months Ended March 31, 2017
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	170,306	$	34,812	$	1,428			4,927	$	-		$	211,473

Adjusted EBITDA	$	170,060	$	11,567	$	(735	)	$	1,166	$	(5,056	)	$	177,002
Less:
Interest expense														73,365
Depreciation and amortization		86,506		13,221		886			652		96			101,361
Other expense														11,339
Transaction related costs														9,684
Stock-based compensation														1,632
Income tax benefit														(379	)
Net loss													$	(20,000	)

Capital expenditures⁽¹⁾	$	-	$	14,502	$	72,203		$	-	$	39		$	86,744

Summary of Total Assets by Business Segment

Total assets by business segment as of March 31, 2018 and December 31, 2017 are as follows:

(Thousands)	March 31, 2018		December 31, 2017
Leasing	$	2,085,311	$	2,121,857
Fiber Infrastructure		2,031,646		2,009,175
Towers		176,905		157,180
Consumer CLEC		11,090		10,919
Corporate		58,561		30,951
Total of reportable segments	$	4,363,513	$	4,330,082

Accumulated Other Comprehensive (Loss) Income (Tables)

3 Months Ended

Mar. 31, 2018

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

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

Changes in accumulated other comprehensive (loss) income by component is as follows for the three months ended March 31, 2018 and 2017:

	Three Months Ended March 31,
(Thousands)	2018		2017
Cash flow hedge changes in fair value gain (loss):
Balance at beginning of period	$	6,793	$	(6,102	)
Other comprehensive income (loss) before reclassifications		32,670		(1,247	)
Amounts reclassified from accumulated other comprehensive income		2,598		5,813
Balance at end of period		42,061		(1,536	)
Less: Other comprehensive income attributable to noncontrolling interest		1,256		-
Balance at end of period attributable to common shareholders		40,805		(1,536	)
Foreign currency translation gain (loss):
Balance at beginning of period		1,393		(267	)
Translation adjustments		4,565		4,875
Balance at end of period		5,958		4,608
Less: Other comprehensive income attributable to noncontrolling interest		28		-
Balance at end of period attributable to common shareholders		5,930		4,608
Accumulated other comprehensive income at end of period	$	46,735	$	3,072

Organization and Description of Business - Additional Information (Details) - Segment	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Organization And Description Of Business [Line Items]
Number of operating business segments	4
Uniti Group LP
Organization And Description Of Business [Line Items]
Percentage of partnership interests owned	97.70%	97.70%

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2017
Summary Of Significant Accounting Policies [Line Items]
Federal corporate level tax rate	21.00%			35.00%
Provisional income tax benefit		$ 17.0
Windstream \| Master Lease
Summary Of Significant Accounting Policies [Line Items]
Leasing revenue percentage	70.00%		80.50%

Revenues - Additional Information (Details) - ASC 2014-09 - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2018
Revenue Recognition [Line Items]
Increase in retained earnings		$ 1.9
Lease receivables	$ 7.8	10.9
Receivables from contract with customers	28.3	31.2
Future revenues under contract	700.4
Contracts currently being invoiced	$ 624.8
Average remaining contract term	2 years 10 months 24 days
Backlog for sales bookings	$ 75.6
Average remaining contract term of backlog sales bookings	4 years 3 months 18 days
General and Administrative Expense
Revenue Recognition [Line Items]
Impact of decrease in costs	$ (0.4)
Other Assets
Revenue Recognition [Line Items]
Deferred Costs	$ 2.9	$ 2.5

Revenues - Revenues Disaggregated by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 67,788	$ 39,369
Total revenues	246,915	211,473
Fiber Infrastructure
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	63,984	34,442
Total revenues	66,967	34,812
Fiber Infrastructure \| Lit Backhaul
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	33,346	24,252
Fiber Infrastructure \| Enterprise and Wholesale
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	15,418	3,479
Fiber Infrastructure \| E-Rate and Government
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	14,230	6,951
Fiber Infrastructure \| Other
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	990	(240)
Consumer CLEC
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	3,804	4,927
Total revenues	3,804	4,927
ASC 2014-09
Disaggregation Of Revenue [Line Items]
Total revenues	$ 179,127	$ 172,104

Revenues - Schedule of Contract Assets and Contract Liabilities (Details) - ASC 2014-09 $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Deferred Revenue Arrangement [Line Items]
Balance, Contract Assets at January 1, 2018	$ 2,490
Increases due to revenue recognized, and not billed during the period, Contract Assets	2,795
Transferred to receivables from contract assets, recognized at the beginning of the period, Contract Assets	(2,554)
Balance, Contract Assets at March 31, 2018	2,731
Balance, Contract Liabilities at January 1, 2018	26,256
Revenue recognized that was included in the contract liability balance at the beginning of the period	(2,398)
Increases due to cash received, excluding amounts recognized as revenue during the period, Contract Liabilities	1,497
Balance, Contract Liabilities at March 31, 2018	$ 25,355

Business Combinations and Asset Acquisitions - Additional Information (Details) $ in Thousands, shares in Millions			3 Months Ended
	Jul. 03, 2017 USD ($) shares	Jan. 31, 2017 USD ($) Tower	Mar. 31, 2018 USD ($) Tower	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Cash paid for business acquisition			$ 962	$ 64,622
Contingent consideration			$ 89,236		$ 105,762
Customer Relationships
Business Acquisition [Line Items]
Intangible assets	$ 160,100
Acquired finite-lived intangible assets, weighted average useful life	15 years
NMS
Business Acquisition [Line Items]
Business acquisition date			Jan. 31, 2017
Number of wireless towers owned \| Tower		366	65
Cash paid for business acquisition		$ 62,600
Deferred Tax Liabilities		18,400
Unrecognized tax benefits		5,300
Intangible assets		52,437
Acquired below-market leases intangible liability		$ 3,440
Acquired finite-lived intangible liability, weighted average useful life		10 years
Number of towers construction completed \| Tower			15
Payment for acquisition			$ 1,000
NMS \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 37,400
Acquired finite-lived intangible assets, weighted average useful life		22 years
NMS \| Network
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 13,500
Acquired finite-lived intangible assets, weighted average useful life		22 years
NMS \| Acquire Above-market Leases
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 1,500
Acquired finite-lived intangible assets, weighted average useful life		10 years
NMS \| Latin American
Business Acquisition [Line Items]
Number of towers additional acquisition when construction is completed \| Tower		105
NMS \| Mexican
Business Acquisition [Line Items]
Number of wireless towers owned \| Tower		212
NMS \| Nicaragua
Business Acquisition [Line Items]
Number of wireless towers owned \| Tower		54
NMS \| Colombia
Business Acquisition [Line Items]
Number of wireless towers owned \| Tower		100
Southern Light, LLC
Business Acquisition [Line Items]
Business acquisition date			Jul. 03, 2017
Cash paid for business acquisition	$ 638,100
Intangible assets	$ 160,100
Percentage of equity acquired	100.00%
Southern Light, LLC \| Common Units
Business Acquisition [Line Items]
Issuance of shares \| shares	2.5
Fair value of shares issued for acquisition	$ 64,300
Hunt Telecommunications, LLC
Business Acquisition [Line Items]
Business acquisition date			Jul. 03, 2017
Cash paid for business acquisition	129,300
Intangible assets	$ 73,000
Acquired finite-lived intangible assets, weighted average useful life	18 years
Percentage of equity acquired	100.00%
Additional contingent consideration	$ 17,000
Contingent consideration	$ 16,400		$ 10,500
Increase in deferred revenue			2,200
Increase in accrued liabilities			$ 1,200
Hunt Telecommunications, LLC \| Common Units
Business Acquisition [Line Items]
Issuance of shares \| shares	1.6
Fair value of shares issued for acquisition	$ 41,600

Business Combinations and Asset Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Jul. 03, 2017	Jan. 31, 2017
Business Acquisition [Line Items]
Goodwill	$ 677,132	$ 673,729
NMS
Business Acquisition [Line Items]
Property, plant and equipment				$ 36,417
Accounts receivable				2,826
Other assets				1,623
Intangible assets				52,437
Accounts payable, accrued expenses and other liabilities				(8,895)
Intangible liabilities				(3,440)
Deferred income taxes				(18,403)
Total purchase consideration				$ 62,565
Southern Light, LLC
Business Acquisition [Line Items]
Property, plant and equipment			$ 279,467
Cash and cash equivalents			1,992
Accounts receivable			11,139
Goodwill			318,620
Other assets			1,287
Intangible assets			160,100
Accounts payable, accrued expenses and other liabilities			(19,846)
Deferred revenue			(38,134)
Deferred income taxes			(9,004)
Capital lease obligations			(3,189)
Total purchase consideration			702,432
Hunt Telecommunications, LLC
Business Acquisition [Line Items]
Property, plant and equipment			59,682
Cash and cash equivalents			3,181
Accounts receivable			4,906
Goodwill			96,425
Other assets			413
Intangible assets			73,000
Accounts payable, accrued expenses and other liabilities			(3,741)
Deferred revenue			(6,040)
Deferred income taxes			(40,391)
Capital lease obligations			(164)
Total purchase consideration			$ 187,271

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Derivative asset	$ 42,061	$ 6,793
Total	42,061	6,793
Liabilities
Contingent consideration	89,236	105,762
Total	4,519,941	4,553,521
Prices with Other Observable Inputs (Level 2)
Assets
Derivative asset	42,061	6,793
Total	42,061	6,793
Liabilities
Total	4,430,705	4,447,759
Prices with Unobservable Inputs (Level 3)
Liabilities
Contingent consideration	89,236	105,762
Total	89,236	105,762
Senior Secured Term Loan B Facility
Liabilities
Senior secured loan	2,008,760	2,011,237
Senior Secured Term Loan B Facility \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan	2,008,760	2,011,237
6.00% Senior Secured Notes
Liabilities
Senior notes	528,000	540,375
6.00% Senior Secured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	528,000	540,375
8.25% Senior Unsecured Notes
Liabilities
Senior notes	1,051,725	1,073,925
8.25% Senior Unsecured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	1,051,725	1,073,925
7.125% Senior Unsecured Notes
Liabilities
Senior notes	542,250	542,250
7.125% Senior Unsecured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	542,250	542,250
Senior Secured Revolving Credit Facility
Liabilities
Senior secured loan	299,970	279,972
Senior Secured Revolving Credit Facility \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan	$ 299,970	$ 279,972

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
6.00% Senior Secured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage	6.00%	6.00%
Debt instrument, maturity date	Apr. 15, 2023	Apr. 15, 2023
8.25% Senior Unsecured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage	8.25%	8.25%
Debt instrument, maturity date	Oct. 15, 2023	Oct. 15, 2023
7.125% Senior Unsecured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage	7.125%	7.125%
Debt instrument, maturity date	Dec. 15, 2024	Dec. 15, 2024
Senior Secured Term Loan B Facility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, maturity date	Oct. 24, 2022	Oct. 24, 2022
Senior Secured Revolving Credit Facility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, maturity date	Apr. 24, 2020	Apr. 24, 2020

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jul. 03, 2017	Aug. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount of outstanding notes and other debt	$ 4,641,617		$ 4,626,887
Estimated fair value of future contingent consideration	89,236		$ 105,762
Payments of contingent consideration	12,662	$ 18,791
Increase (decrease) in fair value of contingent consideration liability	(3,864)	10,910
Hunt Telecommunications, LLC
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimated fair value of future contingent consideration	10,500			$ 16,400
Tower Cloud, Inc.
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimated fair value of future contingent consideration	78,700
Payments of contingent consideration	12,700	$ 18,800
Tower Cloud, Inc. \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of aggregate amount of contingent consideration payments					50.00%
Prices with Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notes and other debt, fair value	$ 4,400,000

Fair Value of Financial Instruments - Roll Forward of Liabilities Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Fair Value Disclosures [Abstract]
Contingent consideration, beginning balance	$ 105,762
(Gain)/Loss included in earnings	(3,864)
Settlements	(12,662)
Contingent consideration, ending balance	$ 89,236

Property, Plant and Equipment - Schedule of Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 7,645,721	$ 7,542,587
Less accumulated depreciation	(4,596,007)	(4,488,698)
Net property, plant and equipment	3,049,714	3,053,889
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	27,332	27,110
Building and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 333,945	333,121
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
Real Property Interests
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 34,580	34,580
Poles
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 244,766	243,710
Fiber
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 2,723,670	2,671,216
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 208,355	201,490
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	$ 3,677,480	3,656,384
Conduit
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 91,210	91,210
Tower assets
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Property, plant and equipment, gross	$ 68,155	59,610
Capital Lease Assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	92,974	93,465
Other assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 10,381	10,232
Other assets \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	15 years
Other assets \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Corporate assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 8,262	7,970
Corporate assets \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	3 years
Corporate assets \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Construction in progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 124,611	$ 112,489

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Property Plant And Equipment [Abstract]
Depreciation expense	$ 108.2	$ 98.9

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)		3 Months Ended
	Apr. 27, 2015	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivative instruments		$ 32,700,000	$ (1,200,000)
Ineffective portion of change in fair value derivatives		0	0
Amounts reported in AOCI that will be reclassified into interest expense during the next twelve months		10,400,000
Interest Expense
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Reclassification out of other comprehensive income into interest expense		$ 2,600,000	$ 5,800,000
Interest Rate Swap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional value	$ 2,130,000,000
Derivative, maturity date	Oct. 24, 2022
Derivative, weighted average fixed rate paid	2.105%
Interest Rate Swap \| Minimum
Derivative Instruments And Hedging Activities Disclosures [Line Items]
LIBOR, variable rate	1.00%

Derivative Instruments and Hedging Activities - Summary of Fair Value of Derivative Instruments and Presentation in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivatives Fair Value [Line Items]
Derivative asset	$ 42,061	$ 6,793
Interest Rate Swap
Derivatives Fair Value [Line Items]
Derivative asset	$ 42,061	$ 6,793

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Goodwill [Line Items]
Goodwill at December 31, 2017	$ 673,729
Goodwill purchase accounting adjustments	3,403
Goodwill at March 31, 2018	677,132
Fiber Infrastructure
Goodwill [Line Items]
Goodwill at December 31, 2017	673,729
Goodwill purchase accounting adjustments	3,403
Goodwill at March 31, 2018	$ 677,132

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Value of the Intangible Assets (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2018

Dec. 31, 2017

Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]

Total intangible assets, Cost

$ 480,695

$ 477,730

Total intangible assets, net

(55,001)

(48,373)

425,694

429,357

Trade Names

Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]

Indefinite life intangible assets, Cost

2,000

Customer Lists

Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]

421,743

Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]

(51,885)

(46,049)

Network

^[1]

13,541

Finite life intangible assets, Cumulative translation adjustment

^[1]

(782)

(581)

^[1]

1,198

410

Acquired Above-market Leases

Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]

Finite life intangible liabilities, Cost

3,440

Acquired above-market leases

3,706

3,455

Total intangible liabilities, net

(432)

(317)

^[2]

3,274

3,138

Finite life intangible liabilities, Cumulative translation adjustment

266

Acquired Below-market Leases

Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]

1,509

Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]

(176)

(138)

Tenant Contracts

37,386

Finite life intangible assets, Cumulative translation adjustment

(2,158)

(1,605)

$ 3,318

$ 1,141

[1]	Reflects the potential to lease additional tower capacity on the existing towers due to their geographical location and capacity that currently exists on these towers as of the valuation date.
[2]	Recorded in accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet.

Goodwill and Intangible Assets and Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization	$ 6.5	$ 2.5
Estimated amortization expense for 2018	25.3
Estimated amortization expense for 2019	24.6
Estimated amortization expense for 2020	24.0
Estimated amortization expense for 2021	23.6
Estimated amortization expense for 2022	$ 23.1

Notes and Other Debt - Schedule of Notes and Other Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Principal amount of notes and other debt	$ 4,641,617	$ 4,626,887
Less unamortized discount, premium and debt issuance costs	(138,155)	(144,190)
Notes and other debt less unamortized discount, premium and debt issuance costs	4,503,462	4,482,697
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Principal amount of notes and other debt	2,081,617	2,086,887
Less unamortized discount, premium and debt issuance costs	(82,998)	(87,140)
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Principal amount of notes and other debt	550,000	550,000
Less unamortized discount, premium and debt issuance costs	(8,168)	(8,508)
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Principal amount of notes and other debt	1,110,000	1,110,000
Less unamortized discount, premium and debt issuance costs	(39,122)	(40,467)
Senior Unsecured Notes - 7.125% Due December 15, 2024
Debt Instrument [Line Items]
Principal amount of notes and other debt	600,000	600,000
Less unamortized discount, premium and debt issuance costs	(7,867)	(8,075)
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount of notes and other debt	$ 300,000	$ 280,000

Notes and Other Debt - Schedule of Notes and Other Debt (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 24, 2022	Oct. 24, 2022
Debt instrument, imputed interest rate	5.66%	5.66%
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Debt instrument, maturity date	Apr. 15, 2023	Apr. 15, 2023
Debt instrument, imputed interest rate	6.29%	6.29%
Issuance senior notes, stated percentage	6.00%	6.00%
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 15, 2023	Oct. 15, 2023
Debt instrument, imputed interest rate	9.06%	9.06%
Issuance senior notes, stated percentage	8.25%	8.25%
Senior Unsecured Notes - 7.125% Due December 15, 2024
Debt Instrument [Line Items]
Debt instrument, maturity date	Dec. 15, 2024	Dec. 15, 2024
Issuance senior notes, stated percentage	7.125%	7.125%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, maturity date	Apr. 24, 2020	Apr. 24, 2020

Notes and Other Debt - Additional Information (Details) - USD ($) $ in Thousands					3 Months Ended		12 Months Ended
	May 08, 2017	Dec. 15, 2016	Jun. 09, 2016	Apr. 25, 2015	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Apr. 28, 2017	Apr. 27, 2017	Apr. 24, 2015
Debt Instrument [Line Items]
Debt instrument amount					$ 4,641,617		$ 4,626,887
Amortization of deferred financing costs					$ 3,600	$ 2,500
Maximum
Debt Instrument [Line Items]
Consolidated secured leverage ratio								500.00%
Consolidated total leverage ratio								650.00%
Maximum \| Pro Forma
Debt Instrument [Line Items]
Consolidated secured leverage ratio								400.00%
CSL Capital, LLC
Debt Instrument [Line Items]
Debt instrument, debt default, description of violation or event of default					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.
Debt Instrument, debt default, amount								$ 75,000
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument amount					$ 2,081,617		$ 2,086,887
Debt instrument, maturity date					Oct. 24, 2022		Oct. 24, 2022
Senior Secured Term Loan B Facility \| CSL Capital, LLC
Debt Instrument [Line Items]
Issuance of senior notes, principal amount					$ 2,140,000
Debt amortization percentage					1.00%
Senior Secured Term Loan B Facility \| CSL Capital, LLC \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					3.00%
Senior Secured Term Loan B Facility \| CSL Capital, LLC \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Issuance senior notes, stated percentage					1.00%
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Debt instrument amount					$ 550,000		$ 550,000
Debt instrument, maturity date					Apr. 15, 2023		Apr. 15, 2023
Issuance senior notes, stated percentage					6.00%		6.00%
Senior Secured Notes - 6.00% Due April 15, 2023 \| CSL Capital, LLC
Debt Instrument [Line Items]
Issuance of senior notes, principal amount			$ 150,000		$ 550,000					$ 400,000
Notes issued price percentage at par			99.25%	100.00%
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Debt instrument amount					$ 1,110,000		$ 1,110,000
Debt instrument, maturity date					Oct. 15, 2023		Oct. 15, 2023
Issuance senior notes, stated percentage					8.25%		8.25%
Senior Unsecured Notes - 8.25% Due October 15, 2023 \| CSL Capital, LLC
Debt Instrument [Line Items]
Issuance of senior notes, principal amount										$ 1,110,000
Notes issued price percentage at par				97.055%
Senior Unsecured Notes - 7.125% Due December 15, 2024
Debt Instrument [Line Items]
Debt instrument amount					$ 600,000		$ 600,000
Debt instrument, maturity date					Dec. 15, 2024		Dec. 15, 2024
Issuance senior notes, stated percentage					7.125%		7.125%
Senior Unsecured Notes - 7.125% Due December 15, 2024 \| CSL Capital, LLC
Debt Instrument [Line Items]
Debt instrument amount					$ 600,000
Issuance of senior notes, principal amount	$ 200,000	$ 400,000
Notes issued price percentage at par	100.50%	100.00%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument amount					$ 300,000		$ 280,000
Debt instrument, maturity date					Apr. 24, 2020		Apr. 24, 2020
Senior Secured Revolving Credit Facility \| CSL Capital, LLC
Debt Instrument [Line Items]
Commitments under revolving credit facility								$ 750,000	$ 500,000
Senior Secured Revolving Credit Facility \| CSL Capital, LLC \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.75%
Senior Secured Revolving Credit Facility \| CSL Capital, LLC \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					2.25%

Earnings Per Share - Additional Information (Details) - $ / shares		3 Months Ended
	May 02, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred stock, par value		$ 0.0001		$ 0.0001
Anti-dilutive securities excluded from the computation of diluted earnings per share		405,063	382,019
PEG Bandwidth, LLC \| Series A Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Percentage of dividend rate on convertible preferred stock	3.00%
Preferred stock, par value	$ 0.0001

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, 2018	Mar. 31, 2017
Numerator:
Net income (loss) attributable to shareholders	$ 1,210	$ (20,000)
Less: Income allocated to participating securities	(469)	(387)
Income allocated to participating securities on share settled contingent consideration arrangements	(210)
Dividends declared on convertible preferred stock	(656)	(656)
Amortization of discount on convertible preferred stock	(745)	(745)
Net loss attributable to common shareholders	$ (870)	$ (21,788)
Denominator:
Basic weighted-average common shares outstanding	174,892	155,184
Basic earnings (loss) per common share		$ (0.14)
Numerator:
Net income (loss) attributable to shareholders	$ 1,210	$ (20,000)
Less: Income allocated to participating securities	(469)	(387)
Dividends declared on convertible preferred stock	(656)	(656)
Amortization of discount on convertible preferred stock	(745)	(745)
Mark-to-market gain on share settled contingent consideration arrangements	(994)
Net loss attributable to common shares	$ (1,654)	$ (21,788)
Denominator:
Basic weighted-average common shares outstanding	174,892	155,184
Contingent consideration	607
Weighted-average shares for dilutive earnings per common share	175,499	155,184
Dilutive (loss) earnings per common share	$ (0.01)	$ (0.14)

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2018 Segment
Segment Reporting [Abstract]
Number of reportable business segments	4

Segment Information - Schedule of Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

$ 246,915

$ 211,473

196,701

177,002

Interest expense

77,607

73,365

Transaction related costs

114,721

101,361

Other (income) expense

(3,885)

11,339

5,913

9,684

Stock-based compensation

2,210

1,632

Income tax benefit

(1,096)

(379)

Net income (loss)

1,231

(20,000)

^[1]

52,105

86,744

Leasing

172,774

170,306

172,369

170,060

86,744

86,506

Fiber Infrastructure

66,967

34,812

29,195

11,567

25,905

13,221

^[1]

42,647

14,502

Towers

3,370

1,428

(463)

(735)

1,477

886

^[1]

9,246

72,203

Consumer CLEC

3,804

4,927

913

1,166

498

652

Corporate

(5,313)

(5,056)