View Filing Data

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2017	Oct. 27, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Trading Symbol	UNIT
Entity Registrant Name	Uniti Group Inc.
Entity Central Index Key	0001620280
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		175,462,901

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets:
Property, plant and equipment, net	$ 3,037,469	$ 2,670,037
Cash and cash equivalents	49,923	171,754
Accounts receivable, net	32,715	15,281
Goodwill	672,368	262,334
Intangible assets, net	438,019	160,584
Straight-line revenue receivable	42,050	29,088
Other assets	19,666	9,674
Total Assets	4,292,210	3,318,752
Liabilities:
Accounts payable, accrued expenses and other liabilities	80,725	40,977
Accrued interest payable	70,205	27,812
Deferred revenue	466,321	261,404
Derivative liability	10,442	6,102
Dividends payable	109,188	94,607
Deferred income taxes	85,145	28,394
Capital lease obligations	56,976	54,535
Contingent consideration	104,117	98,600
Notes and other debt, net	4,361,963	4,028,214
Total liabilities	5,345,082	4,640,645
Commitments and contingencies (Note 13)
Shareholders' Deficit:
Preferred stock, $0.0001 par value, 50,000 shares authorized, no shares issued and outstanding
Common stock, $0.0001 par value, 500,000 shares authorized, issued and outstanding: 174,821 shares at September 30, 2017 and 155,139 at December 31, 2016	17	15
Additional paid-in capital	642,981	141,092
Accumulated other comprehensive loss	(5,678)	(6,369)
Distributions in excess of accumulated earnings	(1,876,599)	(1,537,183)
Total Uniti shareholders' deficit	(1,239,279)	(1,402,445)
Noncontrolling interests - operating partnership units	103,622
Total shareholders' deficit	(1,135,657)	(1,402,445)
Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit	4,292,210	3,318,752
Series A Convertible Preferred Stock
Liabilities:
Convertible preferred stock, Series A, $0.0001 par value, 88 shares authorized, issued and outstanding, $87,500 liquidation value	$ 82,785	$ 80,552

Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	174,821,000	155,139,000
Common stock, shares outstanding	174,821,000	155,139,000
Series A Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	88,000	88,000
Convertible preferred stock, shares issued	88,000	88,000
Convertible preferred stock, shares outstanding	88,000	88,000
Convertible preferred stock, liquidation value	$ 87,500	$ 87,500

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Total revenues	$ 245,210	$ 200,240	$ 669,696	$ 563,488
Costs and Expenses:
Interest expense	78,784	70,522	227,235	204,607
Depreciation and amortization	113,444	96,723	317,404	275,448
General and administrative expense	22,068	10,191	49,549	23,619
Operating expense (exclusive of depreciation and amortization)	30,172	15,704	74,258	30,322
Transaction related costs	8,512	9,315	32,213	24,435
Other (income) expense	(3,933)		9,638
Total costs and expenses	249,047	202,455	710,297	558,431
(Loss) income before income taxes	(3,837)	(2,215)	(40,601)	5,057
Income tax (benefit) expense	(8,672)	128	(8,976)	899
Net income (loss)	4,835	(2,343)	(31,625)	4,158
Net income attributable to noncontrolling interests	107		107
Net income (loss) attributable to shareholders	4,728	(2,343)	(31,732)	4,158
Participating securities' share in earnings	(388)	(407)	(1,156)	(1,164)
Dividends declared on convertible preferred stock	(656)	(649)	(1,968)	(1,087)
Amortization of discount on convertible preferred stock	(745)	(745)	(2,235)	(1,241)
Net income (loss) attributable to common shareholders	$ 2,939	$ (4,144)	$ (37,091)	$ 666
Earnings (loss) per common share:
Basic	$ 0.02	$ (0.03)	$ (0.22)	$ 0.00
Diluted	$ (0.02)	$ (0.03)	$ (0.26)	$ 0.00
Weighted-average number of common shares outstanding
Basic	174,818	153,878	166,624	151,578
Diluted	175,399	153,878	166,816	151,716
Dividends declared per common share	$ 0.60	$ 0.60	$ 1.80	$ 1.80
Leasing
Revenues:
Total revenues	$ 171,673	$ 169,366	$ 512,893	$ 506,945
Costs and Expenses:
Depreciation and amortization	87,320	86,007	261,037	257,059
Fiber Infrastructure
Revenues:
Total revenues	66,363	25,219	136,158	38,995
Costs and Expenses:
Depreciation and amortization	24,050	9,701	50,618	15,448
Consumer CLEC
Revenues:
Total revenues	4,378	5,496	13,966	17,277
Costs and Expenses:
Depreciation and amortization	652	814	1,955	2,443
Tower
Revenues:
Total revenues	$ 2,796	$ 159	$ 6,679	$ 271

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 4,835	$ (2,343)	$ (31,625)	$ 4,158
Other comprehensive income (loss):
Unrealized gain (loss) on derivative contracts	1,789	(1,870)	(4,340)	(63,331)
Changes in foreign currency translation	76	(101)	5,074	(180)
Other comprehensive income (loss)	1,865	(1,971)	734	(63,511)
Comprehensive income (loss)	6,700	(4,314)	(30,891)	(59,353)
Comprehensive income attributable to noncontrolling interest	150		150
Comprehensive income (loss) attributable to common shareholders	$ 6,550	$ (4,314)	$ (31,041)	$ (59,353)

Condensed Consolidated Statements of Shareholders' Deficit (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Distributions in Excess of Accumulated Earnings	Noncontrolling Interest
Beginning balance, value at Dec. 31, 2015	$ (1,166,906)	$ 15	$ 1,392	$ (5,427)	$ (1,162,886)
Beginning balance, shares at Dec. 31, 2015		149,862,459
Net (loss) income	4,158				4,158
Issuance of common stock	137,665		137,665
Issuance of common stock, shares		5,077,629
Amortization of discount on convertible preferred stock	(1,241)		(1,241)
Other comprehensive loss	(63,511)			(63,511)
Common stock dividends	(276,567)				(276,567)
Convertible preferred stock dividends	(1,087)				(1,087)
Equity issuance cost	(625)		(625)
Net share settlement	(2,123)		(203)		(1,920)
Stock-based compensation	3,478		3,478
Stock-based compensation, shares		183,072
Ending balance, value at Sep. 30, 2016	(1,366,759)	$ 15	140,466	(68,938)	(1,438,302)
Ending balance, shares at Sep. 30, 2016		155,123,160
Beginning balance, value at Dec. 31, 2016	(1,402,445)	$ 15	141,092	(6,369)	(1,537,183)
Beginning balance, shares at Dec. 31, 2016		155,138,637
Net (loss) income	(31,625)				(31,732)	$ 107
Issuance of common stock	517,501	$ 2	517,499
Issuance of common stock, shares		19,528,302
Amortization of discount on convertible preferred stock	(2,235)		(2,235)
Other comprehensive loss	734			691		43
Common stock dividends	(306,881)				(304,384)	(2,497)
Convertible preferred stock dividends	(1,969)				(1,969)
Equity issuance cost	(18,575)		(18,575)
Contributions from noncontrolling interest holders	105,969					105,969
Net share settlement	(1,752)		(421)		(1,331)
Stock-based compensation	5,621		5,621
Stock-based compensation, shares		154,100
Ending balance, value at Sep. 30, 2017	$ (1,135,657)	$ 17	$ 642,981	$ (5,678)	$ (1,876,599)	$ 103,622
Ending balance, shares at Sep. 30, 2017		174,821,039

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flow from operating activities
Net (loss) income	$ (31,625)	$ 4,158
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	317,404	275,448
Amortization of deferred financing costs	7,964	5,640
Amortization of debt discount	9,127	5,964
Deferred income taxes	(12,281)	836
Straight-line revenues	(10,857)	(13,174)
Stock-based compensation	5,621	3,478
Change in fair value of contingent consideration	9,091
Other	810	22
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	532	(4,435)
Other assets	(4,307)	(4,951)
Accounts payable, accrued expenses and other liabilities	46,275	27,565
Net cash provided by operating activities	337,754	300,551
Cash flow from investing activities
Acquisition of businesses, net of cash acquired	(763,665)	(489,538)
Acquisition of ground lease investments	(13,869)	(8,549)
NMS asset acquisitions (Note 3)	(68,557)
Capital expenditures - other	(111,101)	(10,655)
Net cash used in investing activities	(957,192)	(508,742)
Cash flow from financing activities
Principal payments on debt	(15,810)	(16,744)
Dividends paid	(294,272)	(273,692)
Payments of contingent consideration	(19,999)
Proceeds from issuance of Notes	201,000	148,875
Borrowings under revolving credit facility	360,000	521,000
Payments under revolving credit facility	(200,000)	(321,000)
Capital lease payments	(2,348)	(945)
Deferred financing costs	(28,533)	(2,946)
Common stock issuance, net of costs	498,924	54,211
Net share settlement	(1,752)	(2,123)
Net cash provided by financing activities	497,210	106,636
Effect of exchange rates on cash and cash equivalents	397	(181)
Net decrease in cash and cash equivalents	(121,831)	(101,736)
Cash and cash equivalents at beginning of period	171,754	142,498
Cash and cash equivalents at end of period	49,923	40,762
Non-cash investing and financing activities:
Property and equipment acquired but not yet paid	3,602	4,403
Tenant capital improvements	166,298	112,200
Acquisition of businesses through non-cash consideration	$ 122,395	$ 259,996

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business	Note 1. Organization and Description of Business Uniti Group Inc. (the “Company,” “Uniti,” “we,” “us,” or “our”), formerly known as Communications Sales and Leasing, Inc., was incorporated in the state of Maryland on September 4, 2014. We are an independent, internally managed real estate investment trust (“REIT”) engaged in the acquisition and construction of mission critical infrastructure in the communications industry. We are principally focused on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers. Effective the first quarter of 2017, we commenced managing our operations in four separate lines of business: Uniti Fiber, Uniti Towers, Uniti Leasing, and the Consumer CLEC Business. The Company operates through a customary “up-REIT” structure, pursuant to which we hold substantially all of our assets through a partnership, Uniti Group LP, a Delaware limited partnership (the “Operating Partnership”), that we control as general partner, with the only significant difference between the financial position and results of operations of the Operating Partnership and its subsidiaries compared to the consolidated financial position and consolidated results of operations of Uniti is that the results for the Operating Partnership and its subsidiaries do not include Uniti’s Consumer CLEC segment, which consists of Talk America Services. The up-REIT structure is intended to facilitate future acquisition opportunities by providing the Company with the ability to use common units of the Operating Partnership as a tax-efficient acquisition currency. As of September 30, 2017, we are the sole general partner of the Operating Partnership and own approximately 97.7% of the partnership interests in the Operating Partnership.

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2. Basis of Presentation and Summary of Significant Accounting Policies The accompanying Condensed Consolidated Financial Statements include all accounts of the Company, its wholly-owned and/or controlled subsidiaries, which consist of the Operating Partnership, which the Company has determined itself to be the primary beneficiary. Under the Accounting Standards Codification 810 (“ASC 810”), Consolidation, the Operating Partnership is considered a variable interest entity the Company and is consolidated in the Company’s Condensed Consolidated Financial Statements of Uniti Group Inc. All material intercompany balances and transactions have been eliminated. ASC 810 provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016 (“Annual Report”), filed with the SEC on February 23, 2017. Accordingly, significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our Annual Report. Income Taxes—We currently have recorded a $5.3 million liability for unrecognized tax benefits which was assumed in connection with the acquisition of Network Management Holdings, LTD (“NMS”). See Note 3. We have filed our initial U.S. federal and state income tax returns which are subject to examination. Customer List Intangible Assets—Customer list intangible assets are presented in the financial statements at cost less accumulated amortization and are amortized using the straight-line method over their estimated useful lives with the exception of the customer list intangible assets related to our Consumer CLEC Business, which were brought over at carry-over basis at the time of the Company’s spin-off from Windstream Holdings, Inc. in 2015, and are amortized using the sum-of-the-digits method over their estimated useful lives. Impairment of Long-Lived Assets and Finite-Lived Intangible Assets—We review long-lived assets and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable from future undiscounted net cash flows we expect the asset group to generate. If the asset group is not fully recoverable, an impairment loss would be recognized for the difference between the carrying value of the asset group and its estimated fair value based on discounted net future cash flows. Reclassifications—Certain amounts have been reclassified to conform with current year presentation. Following the acquisition of NMS in the first quarter of 2017, the Company manages and reports our operations in four reportable business segments: Leasing, Fiber Infrastructure, Towers and Consumer CLEC. Prior year information, including revenues on the Consolidated Statement of Income, has been recast to conform to the current year presentation. See Note 12. Recently Issued Accounting Standards In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. We adopted ASU 2017-01 effective January 1, 2017, with prospective application. As a result of the adoption of ASU 2017-01, the Company’s acquisition of NMS (see Note 3) was determined to be an asset acquisition. Transaction costs associated with asset acquisitions, which includes our real property interest investments, are now capitalized as opposed to be recorded as an expense as was required prior to adoption of ASU 2017-01. 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, and early adoption is permitted. The Company is currently evaluating the impact the adoption of this accounting standard will have on our financial statements. 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. The Company is currently evaluating the impacts the adoption of this accounting standard will have on our financial statements. 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, 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. The Company is currently evaluating the impacts the adoption of this accounting standard will have on our financial statements, but it is not expected to have a material impact. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted, and applied prospectively. We adopted ASU 2017-04 effective January 1, 2017, and there was no material impact on our financial position, results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). 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. ASU 2014-09 is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted for public companies for annual periods beginning after December 15, 2016. The Company intends to adopt the revenue recognition guidance on January 1, 2018 using the modified retrospective approach. The Company’s implementation efforts include reviewing revenue contracts and the identification of revenue within the scope of the guidance. As ASU 2014-09 does not impact lessor accounting, the Company believes our accounting for leasing revenues will not be significantly impacted. While the Company currently has not identified any material changes in the timing of revenue recognition, we do anticipate an impact to our Fiber Infrastructure costs, primarily related to the capitalization of commission expense under ASU 2014-09, and are currently in the process of quantifying such impacts. 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.

Business Combinations and Asset Acquisitions

9 Months Ended

Sep. 30, 2017

Business Combinations [Abstract]

Business Combinations and Asset Acquisitions

Note 3. Business Combinations and Asset Acquisitions

Asset Acquisitions

Network Management Holdings LTD

On January 31, 2017, we completed the previously announced 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, US 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 12. 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 7.

As of September 30, 2017, construction was completed on 43 of the 105 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 $4.1 million.

Business Combinations

Recent Transactions

Southern Light, LLC

On July 3, 2017, we acquired 100% of the outstanding equity of Southern Light for $638 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 12. The following is a summary of the estimated fair values of the assets acquired and liabilities assumed:

	(thousands)
Property, plant and equipment	$	279,658
Cash and cash equivalents		1,992
Accounts receivable		11,139
Goodwill		318,007
Intangible assets		160,100
Other assets		1,287
Accounts payable, accrued expenses and other liabilities		(19,546	)
Deferred revenue		(38,134	)
Deferred income taxes		(9,004	)
Capital lease obligations		(3,189	)
Total purchase consideration	$	702,310

The above purchase price allocation is considered preliminary and is subject to revision when the valuation of assets and liabilities is finalized upon receipt of the final valuation report from a third party valuation expert, and resolution of contractual adjustments, such as working capital adjustments, set forth in the merger agreement, which is anticipated to be finalized during the first half 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. A portion of the goodwill is expected to be deductible for tax purposes.

We acquired an intangible asset that was assigned to customer relationships of $160.1 million (15 year life).

The acquired business contributed revenue of $22.4 million and an operating income of $1.9 million, which excludes transaction and transition costs, to our consolidated results from the date of acquisition through September 30, 2017. We recorded transaction related costs related to the acquisition of Southern Light for the three and nine months ended September 30, 2017 of $2.1 million and $14.5 million, respectively, within transaction related costs on the Consolidated Statement of Income.

The acquisition of Southern Light was structured in a manner such that Southern Light ended up being owned by a subsidiary of ours with a pre-existing valuation allowance primarily related to deferred tax assets associated with net operating loss carryforwards. The acquisition of Southern Light also resulted in a change to our assessment of the need for a valuation allowance against these deferred tax assets, which resulted in a decrease to the valuation allowance of $8.0 million. The decrease in valuation allowance was recorded as an income tax benefit for the quarter ended September 30, 2017.

Hunt Telecommunications, LLC

On July 3, 2017, we acquired 100% of the outstanding equity of Hunt for $130.2 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 financial revenue milestones by delivering shares of our common stock. See Note 4. 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 12.

	(thousands)
Property, plant and equipment	$	59,639
Cash and cash equivalents		2,281
Accounts receivable		4,905
Goodwill		92,275
Intangible assets		73,000
Other assets		2,875
Accounts payable, accrued expenses and other liabilities		(2,349	)
Deferred revenue		(3,800	)
Deferred income taxes		(40,391	)
Capital lease obligations		(164	)
Total purchase consideration	$	188,271

The above purchase price allocation is considered preliminary and is subject to revision when the valuation of assets and liabilities is finalized upon receipt of the final valuation report from a third party valuation expert, which is anticipated to be finalized during the first half of 2018.

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.

We acquired an intangible asset that was assigned to customer relationships of $73 million (18 year life).

The acquired business contributed revenue of $7.9 million and an operating income of $1.4 million, which excludes transaction and transition costs, to our consolidated results from the date of acquisition through September 30, 2017. We recorded transaction related costs related to the acquisition of Hunt for the three and nine months ended September 30, 2017 of $2.0 million and $5.7 million, respectively, within transaction related costs on the Consolidated Statement of Income.

The following table presents the unaudited pro forma summary of our financial results as if the Southern Light and Hunt business combinations had occurred on January 1, 2016. The pro forma results include additional depreciation and amortization resulting from purchase accounting adjustments, adjustments to amortized deferred revenue, and interest expense associated with debt used to fund the acquisition. The pro forma results do not include any synergies or other benefits of the acquisition. The pro forma results are not indicative of future results of operations, or results that might have been achieved had the acquisition been consummated on January 1, 2016.

	Three Months Ended September 30,					Nine Months Ended September 30,
(Thousands, except per share data)	2017		2016			2017			2016
Pro forma revenue	$	245,860	$	231,545		$	733,967		$	654,475
Pro forma net income (loss) attributable to common shareholders		5,534		(4,633	)		(23,961	)		(1,058	)
Pro forma net income (loss) per common share	$	0.03	$	(0.03	)	$	(0.14	)	$	(0.01	)

2016 Transactions

Tower Cloud, Inc.

On August 31, 2016, we acquired 100% of the outstanding equity of Tower Cloud, Inc. (“Tower Cloud”) for $187.5 million in cash and 1.9 million shares of our common stock with an acquisition date fair value of $58.5 million. Additional contingent consideration of up to $130 million, with an acquisition date fair value of $98.6 million, may be paid upon the achievement of certain defined operational and financial milestones. See Note 4. At the Company’s discretion, a combination of cash and shares of our common stock may be used to satisfy the contingent consideration payments, provided that at least 50% of the aggregate amount of payments is satisfied in cash. Tower Cloud provides data transport services, with particular focus on providing infrastructure solutions to the wireless and enterprise sectors, including fiber-to-the-tower backhaul, small cell networks, and dark fiber deployments. 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 12. During the first quarter of 2017, certain contractual working capital adjustments resulted in a $0.2 million reduction of the purchase price and goodwill. See Note 7. The following is a summary of the estimated fair values of the assets acquired and liabilities assumed:

	(thousands)
Property, plant and equipment	$	163,680
Cash and cash equivalents		14,346
Accounts receivable		3,043
Goodwill		117,032
Intangible assets		116,218
Other assets		2,595
Accounts payable, accrued expenses and other liabilities		(16,782	)
Deferred revenue		(23,900	)
Deferred income taxes		(24,866	)
Capital lease obligations		(6,750	)
Total purchase consideration	$	344,616

PEG Bandwidth, LLC

On May 2, 2016, we acquired 100% of the outstanding equity of PEG Bandwidth for $322.5 million in cash, the issuance of 87,500 shares of our 3.00% Series A Convertible Preferred Stock with a fair value of $78.6 million and 1 million shares of our common stock with an acquisition date fair value of $23.2 million. PEG Bandwidth is a leading provider of infrastructure solutions, including cell site backhaul and dark fiber, to the telecommunications industry. 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 12. The following is a summary of the estimated fair values of the assets acquired and liabilities assumed:

	(thousands)
Property, plant and equipment	$	293,030
Cash and cash equivalents		7,003
Accounts receivable		6,584
Goodwill		145,054
Intangible assets		38,000
Other assets		5,161
Accounts payable, accrued expenses and other liabilities		(8,643	)
Deferred revenue		(12,700	)
Capital lease obligations		(49,195	)
Total purchase consideration	$	424,294

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 4. 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 September 30, 2017 and December 31, 2016:

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At September 30, 2017
Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	1,935,245	$	-	$	1,935,245	$	-
Senior secured notes - 6.00%, due April 15, 2023		523,188		-		523,188		-
Senior unsecured notes - 8.25%, due October 15, 2023		979,575		-		979,575		-
Senior unsecured notes - 7.125%, due December 15, 2024		505,500		-		505,500		-
Senior secured revolving credit facility, variable rate, due April 24, 2020		159,984		-		159,984		-
Derivative liability		10,442		-		10,442		-
Contingent consideration		104,117		-		-		104,117
Total	$	4,218,051	$	-	$	4,113,934	$	104,117

(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, 2016
Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	2,139,586	$	-	$	2,139,586	$	-
Senior secured notes - 6.00%, due April 15, 2023		569,250		-		569,250		-
Senior unsecured notes - 8.25%, due October 15, 2023		1,176,600		-		1,176,600		-
Senior unsecured notes - 7.125%, due December 15, 2024		404,000		-		404,000		-
Derivative liability		6,102		-		6,102		-
Contingent consideration		98,600		-		-		98,600
Total	$	4,394,138	$	-	$	4,295,538	$	98,600

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 $4.5 billion at September 30, 2017, with a fair value of $4.1 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 liabilities are carried at fair value. See Note 6. 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 liabilities 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 September 30, 2017, 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 liabilities 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 $9.5 million as of September 30, 2017. See Note 3. 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 September 30, 2017 was determined using the closing price of our common shares in the active market and probability estimates of future earnings 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; therefore, we recorded the estimated fair value of future contingent consideration of $94.6 million as of September 30, 2017. The fair value of the contingent consideration as of September 30, 2017, 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 and nine months ended September 30, 2017, we paid $1.2 million and $20.0 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 September 30, 2017, 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. For the nine months ended September 30, 2017, there was a $9.1 million increase 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, 2016				Transfers into Level 3				(Gain)/Loss included in earnings				Settlements				September 30, 2017
Contingent consideration		$	98,600			$	16,425			$	9,091			$	(19,999	)		$	104,117

- Definition

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

+ References + Details

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2017

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

Note 5. Property, Plant and Equipment

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

(Thousands)	Depreciable Lives			September 30, 2017			December 31, 2016
Land	Indefinite			$	26,898		$	26,833
Building and improvements	3 - 40 years				324,692			318,967
Real property interests	50 - 99 years				26,782			12,265
Poles	13 - 40 years				242,248			234,393
Fiber	7 - 40 years				2,587,647			2,243,822
Equipment	5 - 7 years				200,542			130,945
Copper	7 - 40 years				3,626,505			3,538,566
Conduit	13 - 47 years				91,179			90,540
Tower assets	20 - 49 years				59,162			4,307
Capital lease assets		(1	)		97,283			89,723
Other assets	15 - 20 years				6,806			5,299
Corporate assets	3 - 7 years				2,888			2,731
Construction in progress		(1	)		126,082			52,685
					7,418,714			6,751,076
Less accumulated depreciation					(4,381,245	)		(4,081,039	)
Net property, plant and equipment				$	3,037,469		$	2,670,037

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

Depreciation expense for the three and nine months ended September 30, 2017 was $107.1 million and $305.8 million, respectively. Depreciation expense for the three and nine months ended September 30, 2016 was $95.0 million and $271.7 million, respectively.

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2017

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 6. 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 $2.12 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		September 30, 2017				December 31, 2016
Interest rate swaps		Derivative liability		$	10,442			$	6,102

As of September 30, 2017 and December 31, 2016, all of the interest rate swaps were valued in net unrealized loss positions and recognized as liability balances within the derivative liability balance. For the three and nine months ended September 30, 2017, the amount recorded in other comprehensive income related to the unrealized loss on derivative instruments was $2.9 million and $20.6 million, respectively. The amount reclassified out of other comprehensive income into interest expense on our Condensed Consolidated Statement of Income for the three and nine months ended September 30, 2017 was $4.7 million and $16.3 million, respectively. For the three and nine months ended September 30, 2016, the amount recorded in other comprehensive income related to the unrealized loss on derivative instruments was $7.8 million and $81.2 million, respectively. The amount reclassified out of other comprehensive income into interest expense on our Condensed Consolidated Statement of Income for the three and nine months ended September 30, 2016 was $6.0 million and $17.8 million, respectively. For the three and nine months ended September 30, 2017, there was no ineffective portion of the change in fair value derivatives. For the three and nine months ended September 30, 2016, 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 October 1, 2017, we estimate that $21.7 million will be reclassified as an increase to interest expense.

Goodwill and Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets and Liabilities

Note 7. Goodwill and Intangible Assets and Liabilities

Changes in the carrying amount of goodwill occurring during the nine months ended September 30, 2017, are as follows:

(Thousands)	Fiber Infrastructure			Total
Goodwill at December 31, 2016	$	262,334		$	262,334
Goodwill purchase accounting adjustments		(248	)		(248	)
Goodwill associated with 2017 acquisitions		410,282			410,282
Goodwill at September 30, 2017		672,368			672,368

The carrying value of the intangible assets is as follows:

(Thousands)	September 30, 2017						December 31, 2016
	Cost			Accumulated Amortization			Cost			Accumulated Amortization
Indefinite life intangible assets:
Trade name	$	2,000		$	-		$	2,000		$	-

Finite life intangible assets:
Customer lists		421,744			(40,120	)		188,642			(30,058	)
Tenant contracts		40,117			(1,216	)		-			-
Network⁽¹⁾		14,526			(440	)		-			-
Acquired below-market leases		1,509			(101	)		-			-

Total intangible assets		479,896						190,642
Less: Accumulated amortization		(41,877	)					(30,058	)
Total intangible assets, net	$	438,019					$	160,584

Finite life intangible liabilities:
Acquired above-market leases	$	3,571		$	(238	)	$	-		$	-

Finite life intangible liabilities:
Acquired above-market leases		3,571						-
Less: Accumulated amortization		(238	)					-
Total intangible liabilities, net⁽²⁾	$	3,333					$	-

(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 and nine months ended September 30, 2017 was $6.3 million and $11.6 million, respectively. Amortization expense for the three and nine months ended September 30, 2016 was $1.7 million and $3.7 million, respectively.

Amortization expense is estimated to be $18.3 million for the full year of 2017, $25.1 million in 2018, $24.5 million in 2019, $24.0 million in 2020, and $23.5 million in 2021.

- Definition

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.

+ References + Details

Notes and Other Debt

9 Months Ended

Sep. 30, 2017

Long Term Debt [Abstract]

Notes and Other Debt

Note 8. 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)	September 30, 2017			December 31, 2016
Principal amount	$	4,512,157		$	4,167,967
Less unamortized discount, premium and debt issuance costs		(150,194	)		(139,753	)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	4,361,963		$	4,028,214

Notes and other debt at September 30, 2017 and December 31, 2016 consisted of the following:

	September 30, 2017					December 31, 2016
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs			Principal		Unamortized Discount 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%)	$	2,092,157		(91,302	)	$	2,107,967	$	(78,699	)
Senior secured notes - 6.00%, due April 15, 2023 (discount is based on imputed interest rate of 6.29%)		550,000		(8,961	)		550,000		(9,817	)
Senior unsecured notes - 8.25%, due October 15, 2023 (discount is based on imputed interest rate of 9.06%)		1,110,000		(42,062	)		1,110,000		(45,599	)
Senior unsecured notes - 7.125% due December 15, 2024		600,000		(7,869	)		400,000		(5,638	)
Senior secured revolving credit facility, variable rate, due April 24, 2020		160,000		-			-		-
Total	$	4,512,157	$	(150,194	)	$	4,167,967	$	(139,753	)

At September 30, 2017, 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) $160 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 September 30, 2017, 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 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 Consolidated Statements of Income. For the three and nine months ended September 30, 2017, we recognized $2.9 million and $8.0 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs. For the three and nine months ended September 30, 2016, we recognized $2.0 million and $5.6 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs.

Capital Stock	9 Months Ended
Capital Stock	Sep. 30, 2017
Stockholders Equity Note [Abstract]
Capital Stock	Note 9. Capital Stock On April 25, 2017, we issued 19.5 million shares of our common stock, par value $0.0001 per share. The shares were sold at a public offering price of $26.50, generating proceeds of approximately $518 million, before underwriter discounts and transaction costs. The Company used the proceeds from this offering to fund a portion of the cash consideration paid in connection with the acquisitions of Southern Light and Hunt that closed on July 3, 2017.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Note 10. Related Party Transactions On April 24, 2015, Uniti was separated and spun-off (the “Spin-Off”) from Windstream Holdings, Inc. (“Windstream Holdings” and together with its subsidiaries, “Windstream”). In connection with the Spin-Off, Windstream contributed certain telecommunications network assets, including fiber and copper networks and other real estate (the “Distribution Systems”) and a small consumer competitive local exchange carrier (“CLEC”) business (the “Consumer CLEC Business”) and we issued approximately 149.8 million shares of our common stock to Windstream Services as partial consideration for the contribution of the Distribution Systems and the Consumer CLEC Business. Immediately following the Spin-Off, we entered into a long-term exclusive triple-net lease (the “Master Lease”) with Windstream pursuant to which Uniti leases the Distribution Systems to Windstream. Windstream distributed approximately 80.4% of the Uniti shares it received to existing stockholders of Windstream Holdings and retained a passive ownership interest of approximately 19.6% of the common stock of Uniti. As a result of this ownership Windstream was deemed to be a related party. On June 15, 2016, Windstream Holdings disposed of 14.7 million shares of our common stock, representing approximately half of its retained ownership interest. On June 24, 2016, Windstream Holdings disposed of its remaining 14.7 million shares of our common stock as part of a public offering. The Company did not receive any proceeds resulting from the disposition of these shares. Accordingly, effective as of June 24, 2016, Windstream is no longer deemed a related party under applicable accounting regulations. Our condensed consolidated financial statements reflect the following transactions with Windstream during the periods in which Windstream was deemed a related party. Revenues – The Company records leasing revenue pursuant to the Master Lease. For the three and six months ended June 30, 2016, we recognized leasing revenues of $169.0 million and $337.6 million, respectively, related to the Master Lease. General and Administrative Expenses – We were party to a Transition Services Agreement (“TSA”) pursuant to which Windstream and its affiliates provided, on an interim basis, various services, including but not limited to information technology services, payment processing and collection services, financial and tax services, regulatory compliance and other support services. On April 1, 2016, the TSA terminated and we incurred $19,000 of related TSA expense for the three months ended March 31, 2016. Operating Expenses – We are party to a Wholesale Master Services Agreement (“Wholesale Agreement”) and a Master Services Agreement (the “Master Service Agreement”) with Windstream related to the Consumer CLEC Business. Under the Wholesale Agreement, Windstream provides us transport services (local and long distance telecommunications service), provisioning services (directory assistance, directory listing, service activation and service changes), and repair services (routine and emergency network maintenance, network audits and network security). Under the Master Services Agreement, Windstream provides billing and collections services to Uniti. During the three months ended June 30, 2016, we incurred expenses of $3.2 million and $0.4 million related to the Wholesale Agreement and Master Services Agreement, respectively. During the six months ended June 30, 2016, we incurred expenses of $6.6 million and $0.9 million related to the Wholesale Agreement and Master Services Agreement, respectively. Employee Matters Agreement – We are party to an Employee Matters Agreement (“Employee Matters Agreement”) with Windstream that governs the respective compensation and employee benefit obligations of the Company and Windstream in connection with and following the Spin-Off. Under the Employee Matters Agreement, if requested by a Windstream employee, the Company is required to withhold shares to satisfy the employee’s tax obligations arising from the recognition of income and the vesting of shares related to awards of Uniti restricted stock held by the employee that were granted in connection with the Spin-Off. In that case, the Company must pay to Windstream an amount of cash equal to the amount required to be withheld to satisfy minimum statutory tax withholding obligations or, at the request of Windstream, remit such cash directly to the applicable taxing authorities. During the six months ended June 30, 2016, we withheld 91,412 common shares to satisfy these minimum statutory tax-withholding obligations and delivered $1.9 million to Windstream for remittance to the applicable taxing authorities. Lease Amendment – During the quarter ended March 31, 2016, we amended the Master Lease with Windstream (the “Master Lease Amendment”) to allow for the transfer of ownership rights or exchanges of indefeasible rights of use (an “IRU”) and other long term rights in certain fiber and associated assets constituting leased property under the Master Lease. We will enter into such transactions pursuant to certain fiber exchange agreements under which we will grant to a third party ownership rights in certain fiber assets or an IRU in certain fiber assets that constitute leased property under the Master Lease in exchange for Uniti receiving ownership rights in certain fiber assets or an IRU in certain fiber assets of the third party, which we will then lease to Windstream as leased property under the Master Lease. Under the terms of the Master Lease Amendment, Windstream is responsible for any taxes imposed on Uniti related to the sale, exchange or other disposition of the fiber assets delivered to a third party or the granting of rights to the leased property that arise from fiber exchange agreements. As of June 24, 2016, no such transactions had been consummated. The Master Lease Amendment also permits us to install, own and operate certain wireless communication towers, antennas and related equipment on designated portions of the leased property.

Earnings Per Share

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

Note 11. Earnings Per Share

Our restricted stock awards are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as common stock. As participating securities, we included these instruments in the computation of earnings per share under the two-class method described in FASB ASC 260, Earnings per Share (“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 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 3. 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 September 30,						Nine Months Ended September 30,
(Thousands, except per share data)	2017			2016			2017			2016
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	4,728		$	(2,343	)	$	(31,732	)	$	4,158
Less: Income allocated to participating securities		(388	)		(407	)		(1,156	)		(1,164	)
Dividends declared on convertible preferred stock		(656	)		(649	)		(1,968	)		(1,087	)
Amortization of discount on convertible preferred stock		(745	)		(745	)		(2,235	)		(1,241	)
Net income (loss) attributable to common shares	$	2,939		$	(4,144	)	$	(37,091	)	$	666
Denominator:
Basic weighted-average common shares outstanding		174,818			153,878			166,624			151,578
Basic earnings (loss) per common share	$	0.02		$	(0.03	)	$	(0.22	)	$	0.00


	Three Months Ended September 30,						Nine Months Ended September 30,
(Thousands, except per share data)	2017			2016			2017			2016
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	4,728		$	(2,343	)	$	(31,732	)	$	4,158
Less: Income allocated to participating securities		(388	)		(407	)		(1,156	)		(1,164	)
Dividends declared on convertible preferred stock		(656	)		(649	)		(1,968	)		(1,087	)
Amortization of discount on convertible preferred stock		(745	)		(745	)		(2,235	)		(1,241	)
Mark-to-market gain on share settled contingent consideration arrangements		(6,964	)		-			(6,964	)		-
Net (loss) income attributable to common shares	$	(4,025	)	$	(4,144	)	$	(44,055	)	$	666
Denominator:
Basic weighted-average common shares outstanding		174,818			153,878			166,624			151,578
Contingent consideration (See Note 4)		581			-			192			-
Effect of dilutive non-participating securities		-			-			-			138
Weighted-average shares for dilutive earnings per common share		175,399			153,878			166,816			151,716
Dilutive (loss) earnings per common share	$	(0.02	)	$	(0.03	)	$	(0.26	)	$	0.00

For the nine months ended September 30, 2017, 29,481 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 September 30, 2016, 149,087 non-participating securities were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive.

Segment Information

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Segment Information

Note 12. Segment Information

Effective in the first quarter of 2017, our management, including our chief executive officer, who is our chief operating decision maker, commenced managing our operations as four reportable segments in addition to our corporate operations and include:

Leasing: Represents our REIT operations and includes 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 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 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’s business segment information is presented below. Prior year information has been recast to conform to the current year presentation.

	Three Months Ended September 30, 2017
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	171,673	$	66,363	$	2,796		$	4,378	$	-		$	245,210

Adjusted EBITDA	$	171,215	$	28,348	$	(98	)	$	1,025	$	(5,552	)	$	194,938
Less:
Interest expense														78,784
Depreciation and amortization		87,320		24,050		1,326			652		96			113,444
Other income														(3,933	)
Transaction related costs														8,512
Stock-based compensation														1,968
Income tax benefit														(8,672	)
Net income													$	4,835

Capital expenditures⁽¹⁾	$	-	$	59,723	$	10,284		$	-	$	7		$	70,014

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

	Three Months Ended September 30, 2016
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	169,366	$	25,219	$	159			5,496	$	-		$	200,240

Adjusted EBITDA	$	169,075	$	9,273	$	(258	)	$	1,213	$	(3,627	)	$	175,676
Less:
Interest expense														70,522
Depreciation and amortization		86,007		9,701		106			814		95			96,723
Other expense														-
Transaction related costs														9,315
Stock-based compensation														1,331
Income tax expense														128
Net loss													$	(2,343	)

Capital expenditures⁽¹⁾	$	-	$	6,877	$	2,860		$	-	$	15		$	9,752

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

	Nine Months Ended September 30, 2017
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	512,893	$	136,158	$	6,679		$	13,966	$	-		$	669,696

Adjusted EBITDA	$	511,803	$	52,533	$	(1,075	)	$	3,514	$	(15,265	)	$	551,510
Less:
Interest expense														227,235
Depreciation and amortization		261,037		50,618		3,505			1,955		289			317,404
Other expense														9,638
Transaction related costs														32,213
Stock-based compensation														5,621
Income tax benefit														(8,976	)
Net loss													$	(31,625	)

Capital expenditures⁽¹⁾	$	-	$	103,497	$	89,984		$	-	$	46		$	193,527

	Nine Months Ended September 30, 2016
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	506,945		38,995		271			17,277	$	-		$	563,488

Adjusted EBITDA	$	505,912	$	14,773	$	(857	)	$	3,875	$	(10,678	)	$	513,025
Less:
Interest expense														204,607
Depreciation and amortization		257,059		15,448		216			2,443		282			275,448
Other expense														-
Transaction related costs														24,435
Stock-based compensation														3,478
Income tax expense														899
Net income													$	4,158

Capital expenditures⁽¹⁾	$	-	$	10,278	$	8,771		$	-	$	155		$	19,204

Total assets by business segment as of September 30, 2017 and December 31, 2016 are as follows:

(Thousands)	September 30, 2017		December 31, 2016
Leasing	$	2,140,087	$	2,238,517
Fiber Infrastructure		1,962,682		914,082
Towers		140,350		18,004
Consumer CLEC		14,518		14,239
Corporate		34,573		133,910
Total of reportable segments	$	4,292,210	$	3,318,752

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13. 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

9 Months Ended

Sep. 30, 2017

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive (Loss) Income

Note 14. Accumulated Other Comprehensive (Loss) Income

Changes in accumulated other comprehensive (loss) income by component is as follows for the nine months ended September 30, 2017:

(Thousands)	Currency Translation Adjustment			Changes in Fair Value of Effective Cash Flow Hedge			Total
Beginning balance at December 31, 2016	$	(267	)	$	(6,102	)	$	(6,369	)
Other comprehensive income (loss) before reclassifications		5,074			(20,591	)		(15,517	)
Amounts reclassified from accumulated other comprehensive income		-			16,251			16,251
Net other comprehensive income (loss)		4,807			(10,442	)		(5,635	)
Less: Other comprehensive income attributable to noncontrolling interest		2			41			43
Ending balance at September 30, 2017	$	4,805		$	(10,483	)	$	(5,678	)

Supplemental Guarantor Information	9 Months Ended
Supplemental Guarantor Information	Sep. 30, 2017
Condensed Financial Information Disclosure [Abstract]
Supplemental Guarantor Information	Note 15. Supplemental Guarantor Information Pursuant to SEC Regulation S-X Rule 3-10 “Financial statements of guarantors and issuers of guaranteed securities registered or being registered,” the Company historically has provided condensed consolidating financial information for CSL Capital and the Guarantors because the 2023 Notes and the guarantees thereof were previously registered with the SEC under the Securities Act of 1933, as amended. Effective as of May 9, 2017 (the effective date of the previously announced up-REIT Reorganization (see Note 8)), the 2023 Notes ceased to be an obligation of the Company, and the Company was no longer required to provide supplemental guarantor information related to the 2023 Notes.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Income Taxes	Income Taxes—We currently have recorded a $5.3 million liability for unrecognized tax benefits which was assumed in connection with the acquisition of Network Management Holdings, LTD (“NMS”). See Note 3. We have filed our initial U.S. federal and state income tax returns which are subject to examination.
Customer List Intangible Assets	Customer List Intangible Assets—Customer list intangible assets are presented in the financial statements at cost less accumulated amortization and are amortized using the straight-line method over their estimated useful lives with the exception of the customer list intangible assets related to our Consumer CLEC Business, which were brought over at carry-over basis at the time of the Company’s spin-off from Windstream Holdings, Inc. in 2015, and are amortized using the sum-of-the-digits method over their estimated useful lives. Impairment of Long-Lived Assets and Finite-Lived Intangible Assets—We review long-lived assets and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable from future undiscounted net cash flows we expect the asset group to generate. If the asset group is not fully recoverable, an impairment loss would be recognized for the difference between the carrying value of the asset group and its estimated fair value based on discounted net future cash flows.
Impairment of Long-Lived Assets and Finite-Lived Intangible Assets	Impairment of Long-Lived Assets and Finite-Lived Intangible Assets—We review long-lived assets and finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable from future undiscounted net cash flows we expect the asset group to generate. If the asset group is not fully recoverable, an impairment loss would be recognized for the difference between the carrying value of the asset group and its estimated fair value based on discounted net future cash flows.
Reclassifications	Reclassifications—Certain amounts have been reclassified to conform with current year presentation. Following the acquisition of NMS in the first quarter of 2017, the Company manages and reports our operations in four reportable business segments: Leasing, Fiber Infrastructure, Towers and Consumer CLEC. Prior year information, including revenues on the Consolidated Statement of Income, has been recast to conform to the current year presentation. See Note 12.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. We adopted ASU 2017-01 effective January 1, 2017, with prospective application. As a result of the adoption of ASU 2017-01, the Company’s acquisition of NMS (see Note 3) was determined to be an asset acquisition. Transaction costs associated with asset acquisitions, which includes our real property interest investments, are now capitalized as opposed to be recorded as an expense as was required prior to adoption of ASU 2017-01. 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, and early adoption is permitted. The Company is currently evaluating the impact the adoption of this accounting standard will have on our financial statements. 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. The Company is currently evaluating the impacts the adoption of this accounting standard will have on our financial statements. 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, 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. The Company is currently evaluating the impacts the adoption of this accounting standard will have on our financial statements, but it is not expected to have a material impact. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment (“ASU 2017-04”), which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted, and applied prospectively. We adopted ASU 2017-04 effective January 1, 2017, and there was no material impact on our financial position, results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). 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. ASU 2014-09 is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted for public companies for annual periods beginning after December 15, 2016. The Company intends to adopt the revenue recognition guidance on January 1, 2018 using the modified retrospective approach. The Company’s implementation efforts include reviewing revenue contracts and the identification of revenue within the scope of the guidance. As ASU 2014-09 does not impact lessor accounting, the Company believes our accounting for leasing revenues will not be significantly impacted. While the Company currently has not identified any material changes in the timing of revenue recognition, we do anticipate an impact to our Fiber Infrastructure costs, primarily related to the capitalization of commission expense under ASU 2014-09, and are currently in the process of quantifying such impacts. 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.

- Definition

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.

+ References + Details

Business Combinations and Asset Acquisitions (Tables)

9 Months Ended

Sep. 30, 2017

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	$	279,658
Cash and cash equivalents		1,992
Accounts receivable		11,139
Goodwill		318,007
Intangible assets		160,100
Other assets		1,287
Accounts payable, accrued expenses and other liabilities		(19,546	)
Deferred revenue		(38,134	)
Deferred income taxes		(9,004	)
Capital lease obligations		(3,189	)
Total purchase consideration	$	702,310

Hunt Telecommunications, LLC

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

	(thousands)
Property, plant and equipment	$	59,639
Cash and cash equivalents		2,281
Accounts receivable		4,905
Goodwill		92,275
Intangible assets		73,000
Other assets		2,875
Accounts payable, accrued expenses and other liabilities		(2,349	)
Deferred revenue		(3,800	)
Deferred income taxes		(40,391	)
Capital lease obligations		(164	)
Total purchase consideration	$	188,271

Unaudited Pro Forma Summary of Financial Results

The pro forma results are not indicative of future results of operations, or results that might have been achieved had the acquisition been consummated on January 1, 2016.

	Three Months Ended September 30,					Nine Months Ended September 30,
(Thousands, except per share data)	2017		2016			2017			2016
Pro forma revenue	$	245,860	$	231,545		$	733,967		$	654,475
Pro forma net income (loss) attributable to common shareholders		5,534		(4,633	)		(23,961	)		(1,058	)
Pro forma net income (loss) per common share	$	0.03	$	(0.03	)	$	(0.14	)	$	(0.01	)

Tower Cloud, Inc.

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	$	163,680
Cash and cash equivalents		14,346
Accounts receivable		3,043
Goodwill		117,032
Intangible assets		116,218
Other assets		2,595
Accounts payable, accrued expenses and other liabilities		(16,782	)
Deferred revenue		(23,900	)
Deferred income taxes		(24,866	)
Capital lease obligations		(6,750	)
Total purchase consideration	$	344,616

PEG Bandwidth, 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	$	293,030
Cash and cash equivalents		7,003
Accounts receivable		6,584
Goodwill		145,054
Intangible assets		38,000
Other assets		5,161
Accounts payable, accrued expenses and other liabilities		(8,643	)
Deferred revenue		(12,700	)
Capital lease obligations		(49,195	)
Total purchase consideration	$	424,294

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value Valuation of Financial Instruments

The following table summarizes the fair value of our financial instruments at September 30, 2017 and December 31, 2016:

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At September 30, 2017
Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	1,935,245	$	-	$	1,935,245	$	-
Senior secured notes - 6.00%, due April 15, 2023		523,188		-		523,188		-
Senior unsecured notes - 8.25%, due October 15, 2023		979,575		-		979,575		-
Senior unsecured notes - 7.125%, due December 15, 2024		505,500		-		505,500		-
Senior secured revolving credit facility, variable rate, due April 24, 2020		159,984		-		159,984		-
Derivative liability		10,442		-		10,442		-
Contingent consideration		104,117		-		-		104,117
Total	$	4,218,051	$	-	$	4,113,934	$	104,117

(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, 2016
Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	2,139,586	$	-	$	2,139,586	$	-
Senior secured notes - 6.00%, due April 15, 2023		569,250		-		569,250		-
Senior unsecured notes - 8.25%, due October 15, 2023		1,176,600		-		1,176,600		-
Senior unsecured notes - 7.125%, due December 15, 2024		404,000		-		404,000		-
Derivative liability		6,102		-		6,102		-
Contingent consideration		98,600		-		-		98,600
Total	$	4,394,138	$	-	$	4,295,538	$	98,600

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, 2016				Transfers into Level 3				(Gain)/Loss included in earnings				Settlements				September 30, 2017
Contingent consideration		$	98,600			$	16,425			$	9,091			$	(19,999	)		$	104,117

- Definition

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.

+ References + Details

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2017

Property Plant And Equipment [Abstract]

Schedule of Carrying Value of Property, Plant and Equipment

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

(Thousands)	Depreciable Lives			September 30, 2017			December 31, 2016
Land	Indefinite			$	26,898		$	26,833
Building and improvements	3 - 40 years				324,692			318,967
Real property interests	50 - 99 years				26,782			12,265
Poles	13 - 40 years				242,248			234,393
Fiber	7 - 40 years				2,587,647			2,243,822
Equipment	5 - 7 years				200,542			130,945
Copper	7 - 40 years				3,626,505			3,538,566
Conduit	13 - 47 years				91,179			90,540
Tower assets	20 - 49 years				59,162			4,307
Capital lease assets		(1	)		97,283			89,723
Other assets	15 - 20 years				6,806			5,299
Corporate assets	3 - 7 years				2,888			2,731
Construction in progress		(1	)		126,082			52,685
					7,418,714			6,751,076
Less accumulated depreciation					(4,381,245	)		(4,081,039	)
Net property, plant and equipment				$	3,037,469		$	2,670,037

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2017

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		September 30, 2017				December 31, 2016
Interest rate swaps		Derivative liability		$	10,442			$	6,102

Goodwill and Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

Changes in the carrying amount of goodwill occurring during the nine months ended September 30, 2017, are as follows:

(Thousands)	Fiber Infrastructure			Total
Goodwill at December 31, 2016	$	262,334		$	262,334
Goodwill purchase accounting adjustments		(248	)		(248	)
Goodwill associated with 2017 acquisitions		410,282			410,282
Goodwill at September 30, 2017		672,368			672,368

Schedule of Carrying Value of Intangible Assets

The carrying value of the intangible assets is as follows:

(Thousands)	September 30, 2017						December 31, 2016
	Cost			Accumulated Amortization			Cost			Accumulated Amortization
Indefinite life intangible assets:
Trade name	$	2,000		$	-		$	2,000		$	-

Finite life intangible assets:
Customer lists		421,744			(40,120	)		188,642			(30,058	)
Tenant contracts		40,117			(1,216	)		-			-
Network⁽¹⁾		14,526			(440	)		-			-
Acquired below-market leases		1,509			(101	)		-			-

Total intangible assets		479,896						190,642
Less: Accumulated amortization		(41,877	)					(30,058	)
Total intangible assets, net	$	438,019					$	160,584

Finite life intangible liabilities:
Acquired above-market leases	$	3,571		$	(238	)	$	-		$	-

Finite life intangible liabilities:
Acquired above-market leases		3,571						-
Less: Accumulated amortization		(238	)					-
Total intangible liabilities, net⁽²⁾	$	3,333					$	-

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.

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

Notes and Other Debt (Tables)

9 Months Ended

Sep. 30, 2017

Long Term Debt [Abstract]

Schedule of Notes and Other Debt

Notes and other debt is as follows:

(Thousands)	September 30, 2017			December 31, 2016
Principal amount	$	4,512,157		$	4,167,967
Less unamortized discount, premium and debt issuance costs		(150,194	)		(139,753	)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	4,361,963		$	4,028,214

Notes and other debt at September 30, 2017 and December 31, 2016 consisted of the following:

	September 30, 2017					December 31, 2016
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs			Principal		Unamortized Discount 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%)	$	2,092,157		(91,302	)	$	2,107,967	$	(78,699	)
Senior secured notes - 6.00%, due April 15, 2023 (discount is based on imputed interest rate of 6.29%)		550,000		(8,961	)		550,000		(9,817	)
Senior unsecured notes - 8.25%, due October 15, 2023 (discount is based on imputed interest rate of 9.06%)		1,110,000		(42,062	)		1,110,000		(45,599	)
Senior unsecured notes - 7.125% due December 15, 2024		600,000		(7,869	)		400,000		(5,638	)
Senior secured revolving credit facility, variable rate, due April 24, 2020		160,000		-			-		-
Total	$	4,512,157	$	(150,194	)	$	4,167,967	$	(139,753	)

- Definition

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

+ References

Reference 1: http://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)

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted

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


	Three Months Ended September 30,						Nine Months Ended September 30,
(Thousands, except per share data)	2017			2016			2017			2016
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	4,728		$	(2,343	)	$	(31,732	)	$	4,158
Less: Income allocated to participating securities		(388	)		(407	)		(1,156	)		(1,164	)
Dividends declared on convertible preferred stock		(656	)		(649	)		(1,968	)		(1,087	)
Amortization of discount on convertible preferred stock		(745	)		(745	)		(2,235	)		(1,241	)
Net income (loss) attributable to common shares	$	2,939		$	(4,144	)	$	(37,091	)	$	666
Denominator:
Basic weighted-average common shares outstanding		174,818			153,878			166,624			151,578
Basic earnings (loss) per common share	$	0.02		$	(0.03	)	$	(0.22	)	$	0.00


	Three Months Ended September 30,						Nine Months Ended September 30,
(Thousands, except per share data)	2017			2016			2017			2016
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	4,728		$	(2,343	)	$	(31,732	)	$	4,158
Less: Income allocated to participating securities		(388	)		(407	)		(1,156	)		(1,164	)
Dividends declared on convertible preferred stock		(656	)		(649	)		(1,968	)		(1,087	)
Amortization of discount on convertible preferred stock		(745	)		(745	)		(2,235	)		(1,241	)
Mark-to-market gain on share settled contingent consideration arrangements		(6,964	)		-			(6,964	)		-
Net (loss) income attributable to common shares	$	(4,025	)	$	(4,144	)	$	(44,055	)	$	666
Denominator:
Basic weighted-average common shares outstanding		174,818			153,878			166,624			151,578
Contingent consideration (See Note 4)		581			-			192			-
Effect of dilutive non-participating securities		-			-			-			138
Weighted-average shares for dilutive earnings per common share		175,399			153,878			166,816			151,716
Dilutive (loss) earnings per common share	$	(0.02	)	$	(0.03	)	$	(0.26	)	$	0.00

Segment Information (Tables)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The Company’s business segment information is presented below. Prior year information has been recast to conform to the current year presentation.

	Three Months Ended September 30, 2017
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	171,673	$	66,363	$	2,796		$	4,378	$	-		$	245,210

Adjusted EBITDA	$	171,215	$	28,348	$	(98	)	$	1,025	$	(5,552	)	$	194,938
Less:
Interest expense														78,784
Depreciation and amortization		87,320		24,050		1,326			652		96			113,444
Other income														(3,933	)
Transaction related costs														8,512
Stock-based compensation														1,968
Income tax benefit														(8,672	)
Net income													$	4,835

Capital expenditures⁽¹⁾	$	-	$	59,723	$	10,284		$	-	$	7		$	70,014

	Three Months Ended September 30, 2016
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	169,366	$	25,219	$	159			5,496	$	-		$	200,240

Adjusted EBITDA	$	169,075	$	9,273	$	(258	)	$	1,213	$	(3,627	)	$	175,676
Less:
Interest expense														70,522
Depreciation and amortization		86,007		9,701		106			814		95			96,723
Other expense														-
Transaction related costs														9,315
Stock-based compensation														1,331
Income tax expense														128
Net loss													$	(2,343	)

Capital expenditures⁽¹⁾	$	-	$	6,877	$	2,860		$	-	$	15		$	9,752

	Nine Months Ended September 30, 2017
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	512,893	$	136,158	$	6,679		$	13,966	$	-		$	669,696

Adjusted EBITDA	$	511,803	$	52,533	$	(1,075	)	$	3,514	$	(15,265	)	$	551,510
Less:
Interest expense														227,235
Depreciation and amortization		261,037		50,618		3,505			1,955		289			317,404
Other expense														9,638
Transaction related costs														32,213
Stock-based compensation														5,621
Income tax benefit														(8,976	)
Net loss													$	(31,625	)

Capital expenditures⁽¹⁾	$	-	$	103,497	$	89,984		$	-	$	46		$	193,527

	Nine Months Ended September 30, 2016
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	506,945		38,995		271			17,277	$	-		$	563,488

Adjusted EBITDA	$	505,912	$	14,773	$	(857	)	$	3,875	$	(10,678	)	$	513,025
Less:
Interest expense														204,607
Depreciation and amortization		257,059		15,448		216			2,443		282			275,448
Other expense														-
Transaction related costs														24,435
Stock-based compensation														3,478
Income tax expense														899
Net income													$	4,158

Capital expenditures⁽¹⁾	$	-	$	10,278	$	8,771		$	-	$	155		$	19,204

Summary of Total Assets by Business Segment

Total assets by business segment as of September 30, 2017 and December 31, 2016 are as follows:

(Thousands)	September 30, 2017		December 31, 2016
Leasing	$	2,140,087	$	2,238,517
Fiber Infrastructure		1,962,682		914,082
Towers		140,350		18,004
Consumer CLEC		14,518		14,239
Corporate		34,573		133,910
Total of reportable segments	$	4,292,210	$	3,318,752

Accumulated Other Comprehensive (Loss) Income (Tables)

9 Months Ended

Sep. 30, 2017

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 nine months ended September 30, 2017:

(Thousands)	Currency Translation Adjustment			Changes in Fair Value of Effective Cash Flow Hedge			Total
Beginning balance at December 31, 2016	$	(267	)	$	(6,102	)	$	(6,369	)
Other comprehensive income (loss) before reclassifications		5,074			(20,591	)		(15,517	)
Amounts reclassified from accumulated other comprehensive income		-			16,251			16,251
Net other comprehensive income (loss)		4,807			(10,442	)		(5,635	)
Less: Other comprehensive income attributable to noncontrolling interest		2			41			43
Ending balance at September 30, 2017	$	4,805		$	(10,483	)	$	(5,678	)

Organization and Description of Business - Additional Information (Details)	9 Months Ended
	Sep. 30, 2017 Segment
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%

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017 USD ($) Segment	Jan. 31, 2017 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of Reportable Segments \| Segment	4
NMS
Summary Of Significant Accounting Policies [Line Items]
Unrecognized tax benefits \| $	$ 5.3	$ 5.3

Business Combinations and Asset Acquisitions - Additional Information (Details)					3 Months Ended				9 Months Ended
	Jul. 03, 2017 USD ($) shares	Jan. 31, 2017 USD ($) Tower	Aug. 31, 2016 USD ($) shares	May 02, 2016 USD ($) shares	Sep. 30, 2017 USD ($) Tower	Sep. 30, 2017 USD ($) Tower	Mar. 31, 2017 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2017 USD ($) Tower	Sep. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)
Business Acquisition [Line Items]
Cash paid for business acquisition									$ 68,557,000
Total revenues					$ 245,210,000			$ 200,240,000	669,696,000	$ 563,488,000
Contingent consideration					104,117,000	$ 104,117,000			104,117,000		$ 98,600,000
Reduction of purchase price and goodwill									$ (248,000)
NMS
Business Acquisition [Line Items]
Business acquisition date									Jan. 31, 2017
Number of wireless towers owned \| Tower		366
Cash paid for business acquisition		$ 62,600,000
Deferred Tax Liabilities		18,400,000
Unrecognized tax benefits		5,300,000			$ 5,300,000	$ 5,300,000			$ 5,300,000
Intangible assets		52,437,000
Acquired below-market leases intangible liability		$ 3,440,000
Acquired finite-lived intangible liability, weighted average useful life		10 years
Number of towers construction completed \| Tower					43	43			43
Payment for acquisition									$ 4,100,000
NMS \| Network
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 13,500,000
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		$ 1,500,000
Acquired finite-lived intangible assets, weighted average useful life		10 years
NMS \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 37,400,000
Acquired finite-lived intangible assets, weighted average useful life		22 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	$ 638,000,000
Intangible assets	$ 160,100,000
Percentage of equity acquired	100.00%
Total revenues						$ 22,400,000
Operating loss						1,900,000
Business combination, transaction related costs					$ 2,100,000				$ 14,500,000
Decrease to the valuation allowance					8,000,000
Southern Light, LLC \| Common Stock
Business Acquisition [Line Items]
Issuance of shares \| shares	2,500,000
Fair value of shares issued for acquisition	$ 64,300,000
Southern Light, LLC \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets	$ 160,100,000
Acquired finite-lived intangible assets, weighted average useful life	15 years
Hunt Telecommunications, LLC
Business Acquisition [Line Items]
Business acquisition date									Jul. 03, 2017
Cash paid for business acquisition	$ 130,200,000
Intangible assets	$ 73,000,000
Percentage of equity acquired	100.00%
Total revenues						7,900,000
Operating loss						1,400,000
Business combination, transaction related costs					2,000,000				$ 5,700,000
Additional contingent consideration	$ 17,000,000
Contingent consideration	$ 16,400,000				9,500,000	9,500,000			$ 9,500,000
Hunt Telecommunications, LLC \| Common Stock
Business Acquisition [Line Items]
Issuance of shares \| shares	1,600,000
Fair value of shares issued for acquisition	$ 41,600,000
Hunt Telecommunications, LLC \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets	$ 73,000,000
Acquired finite-lived intangible assets, weighted average useful life	18 years
Tower Cloud, Inc.
Business Acquisition [Line Items]
Business acquisition date									Aug. 31, 2016
Cash paid for business acquisition			$ 187,500,000
Intangible assets			$ 116,218,000
Percentage of equity acquired			100.00%
Additional contingent consideration			$ 130,000,000
Contingent consideration			$ 98,600,000		$ 94,600,000	$ 94,600,000			$ 94,600,000
Reduction of purchase price and goodwill							$ (200,000)
Tower Cloud, Inc. \| Minimum
Business Acquisition [Line Items]
Percentage of aggregate amount of contingent consideration payments			50.00%
Tower Cloud, Inc. \| Common Stock
Business Acquisition [Line Items]
Issuance of shares \| shares			1,900,000
Fair value of shares issued for acquisition			$ 58,500,000
PEG Bandwidth, LLC
Business Acquisition [Line Items]
Business acquisition date									May 02, 2016
Cash paid for business acquisition				$ 322,500,000
Intangible assets				$ 38,000,000
Percentage of equity acquired				100.00%
PEG Bandwidth, LLC \| 3% Series A Convertible Preferred Stock
Business Acquisition [Line Items]
Issuance of shares \| shares				87,500
Fair value of shares issued for acquisition				$ 78,600,000
Percentage of dividend rate on convertible preferred stock				3.00%
PEG Bandwidth, LLC \| Common Stock
Business Acquisition [Line Items]
Issuance of shares \| shares				1,000,000
Fair value of shares issued for acquisition				$ 23,200,000

Business Combinations and Asset Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jul. 03, 2017	Jan. 31, 2017	Dec. 31, 2016	Aug. 31, 2016	May 02, 2016
Business Acquisition [Line Items]
Goodwill	$ 672,368			$ 262,334
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		$ 279,658
Cash and cash equivalents		1,992
Accounts receivable		11,139
Goodwill		318,007
Other assets		1,287
Intangible assets		160,100
Accounts payable, accrued expenses and other liabilities		(19,546)
Deferred revenue		(38,134)
Deferred income taxes		(9,004)
Capital lease obligations		(3,189)
Total purchase consideration		702,310
Hunt Telecommunications, LLC
Business Acquisition [Line Items]
Property, plant and equipment		59,639
Cash and cash equivalents		2,281
Accounts receivable		4,905
Goodwill		92,275
Other assets		2,875
Intangible assets		73,000
Accounts payable, accrued expenses and other liabilities		(2,349)
Deferred revenue		(3,800)
Deferred income taxes		(40,391)
Capital lease obligations		(164)
Total purchase consideration		$ 188,271
Tower Cloud, Inc.
Business Acquisition [Line Items]
Property, plant and equipment					$ 163,680
Cash and cash equivalents					14,346
Accounts receivable					3,043
Goodwill					117,032
Other assets					2,595
Intangible assets					116,218
Accounts payable, accrued expenses and other liabilities					(16,782)
Deferred revenue					(23,900)
Deferred income taxes					(24,866)
Capital lease obligations					(6,750)
Total purchase consideration					$ 344,616
PEG Bandwidth, LLC
Business Acquisition [Line Items]
Property, plant and equipment						$ 293,030
Cash and cash equivalents						7,003
Accounts receivable						6,584
Goodwill						145,054
Other assets						5,161
Intangible assets						38,000
Accounts payable, accrued expenses and other liabilities						(8,643)
Deferred revenue						(12,700)
Capital lease obligations						(49,195)
Total purchase consideration						$ 424,294

Business Combinations and Asset Acquisitions - Unaudited Pro Forma Summary of Financial Results (Details) - Hunt Telecommunications, LLC - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Business Acquisition [Line Items]
Pro forma revenue	$ 245,860	$ 231,545	$ 733,967	$ 654,475
Pro forma net income (loss) attributable to common shareholders	$ 5,534	$ (4,633)	$ (23,961)	$ (1,058)
Pro forma net income (loss) per common share	$ 0.03	$ (0.03)	$ (0.14)	$ (0.01)

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Liabilities
Derivative liability	$ 10,442	$ 6,102
Contingent consideration	104,117	98,600
Total	4,218,051	4,394,138
Senior Secured Term Loan B Facility
Liabilities
Senior secured loan	1,935,245	2,139,586
6.00% Senior Secured Notes
Liabilities
Senior notes	523,188	569,250
8.25% Senior Unsecured Notes
Liabilities
Senior notes	979,575	1,176,600
7.125% Senior Unsecured Notes
Liabilities
Senior notes	505,500	404,000
Senior Secured Revolving Credit Facility
Liabilities
Senior secured loan	159,984
Prices with Other Observable Inputs (Level 2)
Liabilities
Derivative liability	10,442	6,102
Total	4,113,934	4,295,538
Prices with Other Observable Inputs (Level 2) \| Senior Secured Term Loan B Facility
Liabilities
Senior secured loan	1,935,245	2,139,586
Prices with Other Observable Inputs (Level 2) \| 6.00% Senior Secured Notes
Liabilities
Senior notes	523,188	569,250
Prices with Other Observable Inputs (Level 2) \| 8.25% Senior Unsecured Notes
Liabilities
Senior notes	979,575	1,176,600
Prices with Other Observable Inputs (Level 2) \| 7.125% Senior Unsecured Notes
Liabilities
Senior notes	505,500	404,000
Prices with Other Observable Inputs (Level 2) \| Senior Secured Revolving Credit Facility
Liabilities
Senior secured loan	159,984
Prices with Unobservable Inputs (Level 3)
Liabilities
Contingent consideration	104,117	98,600
Total	$ 104,117	$ 98,600

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
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	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Jul. 03, 2017	Dec. 31, 2016	Aug. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount of outstanding notes and other debt	$ 4,512,157	$ 4,512,157		$ 4,167,967
Estimated fair value of future contingent consideration	104,117	104,117		$ 98,600
Payments of contingent consideration		19,999
Increase (decrease) in fair value of contingent consideration liability	(3,900)	9,091
Hunt Telecommunications, LLC
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimated fair value of future contingent consideration	9,500	9,500	$ 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	94,600	94,600			$ 98,600
Payments of contingent consideration	1,200	20,000
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	$ 4,100,000	$ 4,100,000

Fair Value of Financial Instruments - Roll Forward of Liabilities Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
Fair Value Disclosures [Abstract]
Contingent consideration, beginning balance	$ 98,600
Transfers into Level 3	16,425
(Gain)/Loss included in earnings	9,091
Settlements	(19,999)
Contingent consideration, ending balance	$ 104,117

Property, Plant and Equipment - Schedule of Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 7,418,714	$ 6,751,076
Less accumulated depreciation	(4,381,245)	(4,081,039)
Net property, plant and equipment	$ 3,037,469	2,670,037
Land
Property Plant And Equipment [Line Items]
Depreciable Lives	Indefinite
Property, plant and equipment, gross	$ 26,898	26,833
Building and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 324,692	318,967
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	$ 26,782	12,265
Real Property Interests \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	50 years
Real Property Interests \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	99 years
Poles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 242,248	234,393
Poles \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	13 years
Poles \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	40 years
Fiber
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 2,587,647	2,243,822
Fiber \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Fiber \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	40 years
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 200,542	130,945
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]
Property, plant and equipment, gross	$ 3,626,505	3,538,566
Copper \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Copper \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	40 years
Conduit
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 91,179	90,540
Conduit \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	13 years
Conduit \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	47 years
Tower assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 59,162	4,307
Tower assets \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Tower assets \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	49 years
Capital Lease Assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 97,283	89,723
Other assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 6,806	5,299
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	$ 2,888	2,731
Corporate assets \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	3 years
Corporate assets \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Construction in progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 126,082	$ 52,685

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Property Plant And Equipment [Abstract]
Depreciation expense	$ 107.1	$ 95.0	$ 305.8	$ 271.7

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Apr. 27, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Unrealized loss on derivative instruments		$ (2,900,000)	$ (7,800,000)	$ (20,600,000)	$ (81,200,000)
Ineffective portion of change in fair value derivatives		0	0	0	0
Amounts reported in AOCI that will be reclassified into interest expense during the next twelve months		21,700,000		21,700,000
Interest Expense
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Reclassification out of other comprehensive income into interest expense		$ 4,700,000	$ 6,000,000	$ 16,300,000	$ 17,800,000
Interest Rate Swap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional value	$ 2,120,000,000
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	Sep. 30, 2017	Dec. 31, 2016
Derivatives Fair Value [Line Items]
Derivative liability	$ 10,442	$ 6,102
Interest Rate Swap
Derivatives Fair Value [Line Items]
Derivative liability	$ 10,442	$ 6,102

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
Goodwill [Line Items]
Goodwill at December 31, 2016	$ 262,334
Goodwill purchase accounting adjustments	(248)
Goodwill associated with 2017 acquisitions	410,282
Goodwill at September 30, 2017	672,368
Fiber Infrastructure
Goodwill [Line Items]
Goodwill at December 31, 2016	262,334
Goodwill purchase accounting adjustments	(248)
Goodwill associated with 2017 acquisitions	410,282
Goodwill at September 30, 2017	$ 672,368

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

Sep. 30, 2017

Dec. 31, 2016

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

Total intangible assets, Cost

$ 479,896

$ 190,642

Less: Accumulated amortization

(41,877)

(30,058)

Total intangible assets, net

438,019

160,584

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]

Finite life intangible assets, Cost

421,744

188,642

Less: Accumulated amortization

(40,120)

$ (30,058)

Tenant Contracts

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

Finite life intangible assets, Cost

40,117

Less: Accumulated amortization

(1,216)

Network

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

Finite life intangible assets, Cost

^[1]

14,526

Less: Accumulated amortization

^[1]

(440)

Acquired Below-market Leases

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

Finite life intangible assets, Cost

1,509

Less: Accumulated amortization

(101)

Acquire Above-market Leases

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

Finite life intangible assets, Cost

3,571

Less: Accumulated amortization

(238)

Total intangible liabilities, net

^[2]

$ 3,333

[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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization	$ 6.3	$ 1.7	$ 11.6	$ 3.7
Estimated amortization expense for 2017	18.3		18.3
Estimated amortization expense for 2018	25.1		25.1
Estimated amortization expense for 2019	24.5		24.5
Estimated amortization expense for 2020	24.0		24.0
Estimated amortization expense for 2021	$ 23.5		$ 23.5

Notes and Other Debt - Schedule of Notes and Other Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal amount of notes and other debt	$ 4,512,157	$ 4,167,967
Unamortized discount, premium and debt issuance costs	(150,194)	(139,753)
Notes and other debt less unamortized discount, premium and debt issuance costs	4,361,963	4,028,214
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Principal amount of notes and other debt	2,092,157	2,107,967
Unamortized discount, premium and debt issuance costs	(91,302)	(78,699)
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Principal amount of notes and other debt	550,000	550,000
Unamortized discount, premium and debt issuance costs	(8,961)	(9,817)
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
Unamortized discount, premium and debt issuance costs	(42,062)	(45,599)
Senior Unsecured Notes - 7.125% Due December 15, 2024
Debt Instrument [Line Items]
Principal amount of notes and other debt	600,000	400,000
Unamortized discount, premium and debt issuance costs	(7,869)	$ (5,638)
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount of notes and other debt	$ 160,000

Notes and Other Debt - Schedule of Notes and Other Debt (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
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		9 Months Ended		12 Months Ended
	May 08, 2017	Dec. 15, 2016	Jun. 09, 2016	Apr. 25, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Apr. 28, 2017	Apr. 27, 2017	Apr. 24, 2015
Debt Instrument [Line Items]
Amortization of deferred financing costs					$ 2,900	$ 2,000	$ 7,964	$ 5,640
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]
Credit facility outstanding amount					2,100,000		$ 2,100,000
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		$ 2,140,000
Debt amortization percentage					1.00%		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%		1.00%
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Credit facility outstanding amount					$ 550,000		$ 550,000
Debt instrument, maturity date							Apr. 15, 2023		Apr. 15, 2023
Issuance senior notes, stated percentage					6.00%		6.00%		6.00%
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Credit facility outstanding 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%		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]
Credit facility outstanding amount					$ 600,000		$ 600,000
Debt instrument, maturity date							Dec. 15, 2024		Dec. 15, 2024
Issuance senior notes, stated percentage					7.125%		7.125%		7.125%
Senior Unsecured Notes - 7.125% Due December 15, 2024 \| CSL Capital, LLC
Debt Instrument [Line Items]
Credit facility outstanding amount					$ 600,000		$ 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]
Credit facility outstanding amount					160,000		$ 160,000
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%
Senior Secured Notes - 8.25% Due October 15, 2023 \| CSL Capital, LLC
Debt Instrument [Line Items]
Issuance of senior notes, principal amount			$ 150,000		$ 550,000		$ 550,000					$ 400,000
Notes issued price percentage at par			99.25%	100.00%

Capital Stock - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Apr. 25, 2017	Sep. 30, 2017	Dec. 31, 2016
Schedule Of Capitalization Equity [Line Items]
Common stock, par value		$ 0.0001	$ 0.0001
Southern Light and Hunt \| Common Stock
Schedule Of Capitalization Equity [Line Items]
Issuance of shares	19.5
Common stock, par value	$ 0.0001
Public offering price	$ 26.50
Proceeds from issuance of public offering, before underwriting discounts and transaction costs	$ 518

Related Party Transactions - Additional Information (Details) - USD ($)				3 Months Ended				6 Months Ended	9 Months Ended
	Jun. 24, 2016	Jun. 15, 2016	Apr. 25, 2015	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Common stock, shares issued				174,821,000					174,821,000		155,139,000
General and administrative expense				$ 22,068,000	$ 10,191,000				$ 49,549,000	$ 23,619,000
Operating expenses				$ 30,172,000	$ 15,704,000				74,258,000	30,322,000
Payments related to tax withholding for share-based compensation									$ 1,752,000	$ 2,123,000
Windstream
Related Party Transaction [Line Items]
Common shares withheld to satisfy minimum statutory tax-withholding obligations								91,412
Payments related to tax withholding for share-based compensation								$ 1,900,000
Windstream \| Master Lease
Related Party Transaction [Line Items]
Leasing revenue						$ 169,000,000		337,600,000
Windstream \| Transitional Service Agreement
Related Party Transaction [Line Items]
General and administrative expense							$ 19,000
Windstream \| Common Stock
Related Party Transaction [Line Items]
Disposition of common stock in exchange for debt		14,700,000
Windstream \| Public Offering
Related Party Transaction [Line Items]
Common stock, shares issued	14,700,000
Proceeds from disposition of common stock	$ 0
Windstream \| Consumer CLEC Business \| Wholesale Master Services Agreement
Related Party Transaction [Line Items]
Operating expenses						3,200,000		6,600,000
Windstream \| Consumer CLEC Business \| Master Services Agreement
Related Party Transaction [Line Items]
Operating expenses						$ 400,000		$ 900,000
Spinoff \| Windstream \| Consumer CLEC Business
Related Party Transaction [Line Items]
Common stock, shares issued			149,800,000
Spinoff \| Windstream \| Consumer CLEC Business \| Uniti Group Inc.
Related Party Transaction [Line Items]
Common stock, ownership interest percentage			19.60%
Spinoff \| Windstream \| Consumer CLEC Business \| Share Distribution
Related Party Transaction [Line Items]
Percentage of stock distributed			80.40%

Earnings Per Share - Additional Information (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2017	Dec. 31, 2016
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	149,087	29,481
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Net income (loss) attributable to shareholders	$ 4,728	$ (2,343)	$ (31,732)	$ 4,158
Less: Income allocated to participating securities	(388)	(407)	(1,156)	(1,164)
Dividends declared on convertible preferred stock	(656)	(649)	(1,968)	(1,087)
Amortization of discount on convertible preferred stock	(745)	(745)	(2,235)	(1,241)
Net income (loss) attributable to common shareholders	$ 2,939	$ (4,144)	$ (37,091)	$ 666
Denominator:
Basic weighted-average common shares outstanding	174,818	153,878	166,624	151,578
Basic earnings (loss) per common share	$ 0.02	$ (0.03)	$ (0.22)	$ 0.00
Numerator:
Net income (loss) attributable to shareholders	$ 4,728	$ (2,343)	$ (31,732)	$ 4,158
Less: Income allocated to participating securities	(388)	(407)	(1,156)	(1,164)
Dividends declared on convertible preferred stock	(656)	(649)	(1,968)	(1,087)
Amortization of discount on convertible preferred stock	(745)	(745)	(2,235)	(1,241)
Mark-to-market gain on share settled contingent consideration arrangements	(6,964)		(6,964)
Net (loss) income attributable to common shares	$ (4,025)	$ (4,144)	$ (44,055)	$ 666
Denominator:
Basic weighted-average common shares outstanding	174,818	153,878	166,624	151,578
Contingent consideration	581		192
Effect of dilutive non-participating securities				138
Weighted-average shares for dilutive earnings per common share	175,399	153,878	166,816	151,716
Dilutive (loss) earnings per common share	$ (0.02)	$ (0.03)	$ (0.26)	$ 0.00

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2017 Segment
Segment Reporting [Abstract]
Number of reportable business segments	4

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

3 Months Ended

9 Months Ended

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2017

Sep. 30, 2016

Segment Reporting Information [Line Items]

Revenues

$ 245,210

$ 200,240

$ 669,696

$ 563,488

Adjusted EBITDA

194,938

175,676

551,510

513,025

Interest expense

78,784

70,522

227,235

204,607

Depreciation and amortization

113,444

96,723

317,404

275,448

Other (income) expense

(3,933)

9,638

Transaction related costs

8,512

9,315

32,213

24,435

Stock-based compensation

1,968

1,331

5,621

3,478

Income tax (benefit) expense

(8,672)

128

(8,976)

899

Net income (loss)

4,835

(2,343)

(31,625)

4,158

Capital expenditures

70,014

^[1]

9,752

^[2]

193,527

^[1]

19,204

^[2]

Leasing

Segment Reporting Information [Line Items]

Revenues

171,673

169,366

512,893

506,945

Adjusted EBITDA

171,215

169,075

511,803

505,912

Depreciation and amortization

87,320

86,007

261,037

257,059

Towers

Segment Reporting Information [Line Items]

Revenues

2,796

159

6,679

271

Adjusted EBITDA

(98)

(258)

(1,075)

(857)

Depreciation and amortization

1,326

106

3,505

216

Capital expenditures

10,284

^[1]

2,860

^[2]

89,984

^[1]

8,771

^[2]

Fiber Infrastructure

Segment Reporting Information [Line Items]

Revenues

66,363

25,219

136,158

38,995

Adjusted EBITDA

28,348

9,273

52,533

14,773

Depreciation and amortization

24,050

9,701

50,618

15,448

Capital expenditures

59,723

^[1]

6,877

^[2]

103,497

^[1]

10,278

^[2]

Consumer CLEC

Segment Reporting Information [Line Items]

Revenues

4,378

5,496

13,966

17,277

Adjusted EBITDA

1,025

1,213

3,514

3,875

Depreciation and amortization

652

814

1,955

2,443

Corporate

Segment Reporting Information [Line Items]

Adjusted EBITDA

(5,552)

(3,627)

(15,265)

(10,678)

Depreciation and amortization

289

282

Capital expenditures

$ 7

^[1]

$ 15

^[2]

$ 46

^[1]

$ 155

^[2]

[1]	Segment capital expenditures represents capital expenditures, the NMS asset acquisition and ground lease investments as reported in the investing activities section of the Condensed Consolidated Statements of Cash Flows.
[2]	Segment capital expenditures represents capital expenditures and ground lease investments as reported in the investing activities section of the Condensed Consolidated Statements of Cash Flows.

Segment Information - Summary of Total Assets by Business Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total assets	$ 4,292,210	$ 3,318,752
Leasing
Segment Reporting Information [Line Items]
Total assets	2,140,087	2,238,517
Fiber Infrastructure
Segment Reporting Information [Line Items]
Total assets	1,962,682	914,082
Consumer CLEC
Segment Reporting Information [Line Items]
Total assets	14,518	14,239
Towers
Segment Reporting Information [Line Items]
Total assets	140,350	18,004
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 34,573	$ 133,910

Commitments and Contingencies - Additional Information (Details)	Sep. 30, 2017 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Obligations under tax matters agreement	$ 0

Accumulated Other Comprehensive (Loss) Income (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	$ (1,402,445)
Ending balance, value	(1,239,279)
Currency Translation Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(267)
Other comprehensive income (loss) before reclassifications	5,074
Net other comprehensive income (loss)	4,807
Less: Other comprehensive income attributable to noncontrolling interest	2
Ending balance, value	4,805
Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(6,102)
Other comprehensive income (loss) before reclassifications	(20,591)
Amounts reclassified from accumulated other comprehensive income	16,251
Net other comprehensive income (loss)	(10,442)
Less: Other comprehensive income attributable to noncontrolling interest	41
Ending balance, value	(10,483)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(6,369)
Other comprehensive income (loss) before reclassifications	(15,517)
Amounts reclassified from accumulated other comprehensive income	16,251
Net other comprehensive income (loss)	(5,635)
Less: Other comprehensive income attributable to noncontrolling interest	43
Ending balance, value	$ (5,678)