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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	May 03, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
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 Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		184,157,016

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2019

Dec. 31, 2018

Assets:

Property, plant and equipment, net

$ 3,174,744

$ 3,209,006

Cash and cash equivalents

104,684

38,026

Accounts receivable, net

76,462

104,063

Goodwill

692,886

692,385

Intangible assets, net

377,475

432,821

Straight-line revenue receivable

370

61,785

Derivative asset

9,357

31,043

Other assets, net

120,748

23,808

Assets held for sale, net

140,580

Total Assets

4,697,306

4,592,937

Liabilities:

Accounts payable, accrued expenses and other liabilities, net

195,704

94,179

Accrued interest payable

70,922

28,097

Deferred revenue

761,120

726,262

Dividends payable

9,800

113,744

Deferred income taxes

31,490

52,434

Finance lease obligations

54,276

^[1]

55,282

Contingent consideration

60,797

83,401

Notes and other debt, net

4,920,645

4,846,233

Liabilities held for sale, net

56,082

Total liabilities

6,160,836

5,999,632

Commitments and contingencies (Note 14)

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: 182,670 shares at March 31, 2019 and 180,536 at December 31, 2018

Additional paid-in capital

790,347

757,517

Accumulated other comprehensive income

9,661

30,105

Distributions in excess of accumulated earnings

(2,442,564)

(2,373,218)

Total Uniti shareholders' deficit

(1,642,538)

(1,585,578)

Noncontrolling interests - operating partnership units

91,756

92,375

Total shareholders' deficit

(1,550,782)

(1,493,203)

Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit

4,697,306

4,592,937

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

$ 87,252

$ 86,508

[1]	Amounts are exclusive of lease arrangements that are classified in Liabilities Held for Sale.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
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	182,670,000	180,536,000
Common stock, shares outstanding	182,670,000	180,536,000
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
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total revenues	$ 261,031	$ 246,915
Costs and Expenses:
Interest expense	84,458	77,607
Depreciation and amortization	103,827	114,721
General and administrative expense	24,226	22,520
Operating expense (exclusive of depreciation and amortization)	38,418	29,904
Transaction related costs	6,669	5,913
Other (income) expense	(3,113)	(3,885)
Total costs and expenses	254,485	246,780
Income before income taxes	6,546	135
Income tax expense (benefit)	4,054	(1,096)
Net income	2,492	1,231
Net income attributable to noncontrolling interests	50	21
Net income attributable to shareholders	2,442	1,210
Participating securities' share in earnings	(28)	(679)
Dividends declared on convertible preferred stock	(656)	(656)
Amortization of discount on convertible preferred stock	(745)	(745)
Net income (loss) attributable to common shareholders	$ 1,013	$ (870)
Earnings (loss) per common share:
Basic	$ 0.01
Diluted	$ 0.01	$ (0.01)
Weighted-average number of common shares outstanding:
Basic	182,219	174,892
Diluted	182,222	175,499
Leasing
Revenues:
Total revenues	$ 176,083	$ 172,774
Costs and Expenses:
Depreciation and amortization	73,754	86,744
Fiber Infrastructure
Revenues:
Total revenues	76,833	66,967
Costs and Expenses:
Depreciation and amortization	28,258	25,905
Tower
Revenues:
Total revenues	5,080	3,370
Costs and Expenses:
Depreciation and amortization	1,414	1,477
Consumer CLEC
Revenues:
Total revenues	3,035	3,804
Costs and Expenses:
Depreciation and amortization	$ 346	$ 498

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 2,492	$ 1,231
Other comprehensive (loss) income:
Unrealized (loss) gain on derivative contracts	(21,686)	35,268
Changes in foreign currency translation	780	4,565
Other comprehensive (loss) income:	(20,906)	39,833
Comprehensive (loss) income	(18,414)	41,064
Comprehensive (loss) income attributable to noncontrolling interest	(412)	940
Comprehensive (loss) income attributable to common shareholders	$ (18,002)	$ 40,124

- Definition

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

+ References

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+ Details

Condensed Consolidated Statements of Shareholders' Deficit (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Distributions in Excess of Accumulated Earnings	Noncontrolling Interest
Beginning balance, value at Dec. 31, 2017	$ (1,207,142)	$ 17	$ 644,328	$ 7,821	$ (1,960,715)	$ 101,407
Beginning balance, shares at Dec. 31, 2017		174,851,514
Impact of change in accounting standard, net of tax	1,859				1,859
Net income	1,231				1,210	21
Amortization of discount on convertible preferred stock	(745)		(745)
Other comprehensive income (loss)	39,833			38,914		919
Common stock dividends declared	(105,069)				(105,069)
Distributions to noncontrolling interest	(2,479)					(2,479)
Convertible preferred stock dividends	(656)				(656)
Net share settlement	(659)		(390)		(269)
Stock-based compensation	2,210		2,210
Stock-based compensation, shares		118,132
Ending balance, value at Mar. 31, 2018	(1,271,617)	$ 17	645,403	46,735	(2,063,640)	99,868
Ending balance, shares at Mar. 31, 2018		174,969,646
Beginning balance, value at Dec. 31, 2018	(1,493,203)	$ 18	757,517	30,105	(2,373,218)	92,375
Beginning balance, shares at Dec. 31, 2018		180,535,971
Impact of change in accounting standard, net of tax	(63,110)				(63,110)
Net income	2,492				2,442	50
At-the-market issuance of common stock, net of offering costs	21,641		21,641
At-the-market issuance of common stock, net of offering, shares		1,176,186
Amortization of discount on convertible preferred stock	(745)		(745)
Other comprehensive income (loss)	(20,906)			(20,444)		(462)
Common stock dividends declared	(8,022)				(8,022)
Distributions to noncontrolling interest	(207)					(207)
Convertible preferred stock dividends	(656)				(656)
Net share settlement	(1,579)		(1,579)
Stock-based compensation	1,888		1,888
Stock-based compensation, shares		279,152
Equity settled contingent consideration	11,178		11,178
Equity settled contingent consideration, in shares		645,385
Issuance of common stock - employee stock purchase plan	447		447
Issuance of common stock - employee stock purchase plan, in shares		33,800
Ending balance, value at Mar. 31, 2019	$ (1,550,782)	$ 18	$ 790,347	$ 9,661	$ (2,442,564)	$ 91,756
Ending balance, shares at Mar. 31, 2019		182,670,494

Condensed Consolidated Statements of Shareholders' Deficit (unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2019 $ / shares
Statement Of Stockholders Equity [Abstract]
Common stock dividends declared per share	$ 0.05

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flow from operating activities
Net income	$ 2,492	$ 1,231
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	103,827	114,721
Amortization of deferred financing costs and debt discount	6,873	6,034
Deferred income taxes	(2,063)	(1,502)
Straight-line revenues	(723)	(4,592)
Stock-based compensation	1,888	2,210
Change in fair value of contingent consideration	(3,256)	(3,864)
Other	637	921
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	25,603	6,409
Other assets	(974)	(4,621)
Accounts payable, accrued expenses and other liabilities	54,598	39,919
Net cash provided by operating activities	188,902	156,866
Cash flow from investing activities
Acquisition of businesses, net of cash acquired	(4,210)
NMS asset acquisitions		(962)
Other capital expenditures	(79,458)	(51,143)
Net cash used in investing activities	(83,668)	(52,105)
Cash flow from financing activities
Principal payments on debt	(5,270)	(5,270)
Dividends paid	(110,348)	(105,920)
Payments of contingent consideration	(8,170)	(12,662)
Distributions paid to noncontrolling interest	(2,479)	(2,479)
Borrowings under revolving credit facility	139,000	70,000
Payments under revolving credit facility	(30,000)	(50,000)
Capital lease payments	(1,006)	(899)
Payments for financing costs	(36,191)
Common stock issuance, net of costs	21,641
Employee stock purchase program	446
Net share settlement	(1,579)	(658)
Net cash used in financing activities	(33,956)	(107,888)
Effect of exchange rates on cash and cash equivalents	154	263
Cash and cash equivalents, held for sale	(4,774)
Net increase (decrease) in cash and cash equivalents	66,658	(2,864)
Cash and cash equivalents at beginning of period	38,026	59,765
Cash and cash equivalents at end of period	104,684	56,901
Non-cash investing and financing activities:
Property and equipment acquired but not yet paid	19,065	18,078
Tenant capital improvements	29,651	$ 47,352
Settlement of contingent consideration through non-cash consideration	$ 11,178

Organization and Description of Business

3 Months Ended

Mar. 31, 2019

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”) was incorporated in the state of Maryland on September 4, 2014. We are an 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. We manage 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 March 31, 2019, 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

3 Months Ended

Mar. 31, 2019

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

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

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018 (“Annual Report”), filed with the SEC on March 18, 2019. 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.

Going Concern—In accordance with Accounting Standards Update ("ASU") 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (Subtopic 205-40), the Company’s management has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued.

We are party to a Master Lease agreement (the “Master Lease”) with Windstream Holdings, Inc. (“Windstream Holdings” and together with its consolidated subsidiaries “Windstream”), from which 68.2% of our revenue for the year ended December 31, 2018 was derived. Windstream was involved in litigation with an entity who acquired certain Windstream debt securities and thereafter issued a notice of default as to such securities related to our spin-off from Windstream (the “Spin-Off”). Windstream challenged the matter in federal court and a trial was held in July 2018. On February 15, 2019, the federal court judge issued a ruling against Windstream, finding that Windstream’s attempts to waive such default were not valid, that an “event of default” occurred with respect to such debt securities, and that the holder’s acceleration of such debt in December 2017 was effective. In response to the adverse outcome, on February 25, 2019, Windstream filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.

In bankruptcy, Windstream has the option to assume or reject the Master Lease. Because the Master Lease is a single indivisible Master Lease with a single rent payment, it must be assumed or rejected in whole and cannot be sub-divided by facility or market. A significant amount of Windstream’s revenue is generated from the use of our network included in the Master Lease, and we believe that the Master Lease is essential to Windstream’s operations. Furthermore, Windstream is designated as a “carrier of last resort” in certain markets where it utilizes the Master Lease to provide service to its customers, and Windstream would require approval from the Public Utility Commissions and the Federal Communications Commission to cease providing service in those markets. As a result, we believe the probability of Windstream rejecting the Master Lease in bankruptcy to be remote. However, a rejection of the Master Lease, or even a temporary disruption in payments to us, may require us to fund certain expenses and obligations (e.g., real estate taxes, insurance and maintenance expenses) to preserve the value of our properties, and could materially adversely affect our consolidated results of operations, liquidity and financial condition, including our ability to service debt, comply with debt covenants and pay dividends to our stockholders as required to maintain our status as a REIT. As a result, conditions or events have been identified that raise substantial doubt about the Company’s ability to continue as a going concern.

The Company has considered the mitigating effects of management’s plans to alleviate the substantial doubt about the ability to continue as going concern in the event there is a disruption in the payments due to us under the Master Lease prior to Windstream’s assumption or rejection of the lease. Those plans include deferring, reducing or delaying cash dividends and capital expenditures, if necessary, paying one or more dividends that are required to maintain our REIT status in shares to the extent allowed under the IRS REIT rules, curtailing acquisition activities, accessing the capital markets and identifying alternative sources of liquidity. Based on our analysis, including consideration of the timing of petitioners’ requirements to make post-petition lease payments under U.S. bankruptcy law, we believe that we have adequate liquidity to continue to fund our operations for twelve months after the issuance of the financial statements, however see discussion below regarding the upcoming maturity of our Revolving Credit Facility.

Although management has concluded the probability of a rejection of the Master Lease to be remote, and has noted the absence of any provision in the Master Lease that contemplates renegotiation of the lease and the lack of any ability of the bankruptcy court to unilaterally reset the rent or terms of the lease, it is difficult to predict what could occur in Windstream’s bankruptcy restructuring, including potential claims against us by Windstream or its creditors. The Company has evaluated its ability to continue as a going concern in light of the possibility of a consensual renegotiation of the Master Lease, and the impact of any renegotiated lease on our compliance with our debt covenants. We note that our Credit Agreement prohibits the Company from amending the Master Lease that, among other provisions, pro forma for any such amendment, would result in a consolidated secured leverage ratio that exceeds 5.0 to 1.0. Furthermore, management has no intention to enter into a lease amendment that would violate our debt covenants.

However, because there can be no certainty as of the outcome of Windstream’s decision to assume or reject the Master Lease, uncertainties exist as to the outcome or impacts of any potential consensual renegotiation of the Master Lease. In addition, our Revolving Credit Facility matures on April 24, 2020. . If we are not successful in extending or refinancing the Revolving Credit Facility, our current cash balances as of March 31, 2019 are not sufficient to repay all of outstanding borrowings. Therefore, substantial doubt exists about our ability to continue as a going concern within one year after the issuance of the financial statements.

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Concentration of Credit Risks—Revenue under the Master Lease provided 65.5% and 70.0% of our revenue for the three months ended March 31, 2019 and 2018, respectively. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Master Lease, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to pay dividends and service debt if Windstream were to default under the Master Lease or otherwise experiences operating or liquidity difficulties and becomes unable to generate sufficient cash to make payments to us.

Windstream is a publicly traded company and is subject to the periodic filing requirements of the Securities Exchange Act of 1934, as amended. Windstream filings can be found at www.sec.gov. Windstream filings are not incorporated by reference in this Quarterly Report on Form 10-Q.

Straight-Line Revenue Receivable—As discussed in “Recently Issued Accounting Standards” in this Note 2, we have adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update ("ASU") No. 2016-02, Leases (“ASC 842”) effective January 1, 2019. This standard supersedes prior guidance regarding the evaluation of collectability of lease receivables, including straight-line revenue receivables. We have evaluated the collectability of our straight-line revenue receivable associated with the Master Lease in accordance with ASC 842, and in light of Windstream’s pending bankruptcy, we concluded that the receivable should be written-off. As a result, effective January 1, 2019, the Master Lease will be accounted for on a cash basis in accordance with ASC 842, until a time at which there is more certainty regarding Windstream’s decision to assume or reject the Master Lease. We have reflected the write off as a $61.5 million adjustment to equity resulting from a change in accounting standard.

Reclassifications—Certain prior year asset categories and related amounts in Note 8 have been reclassified to conform with current year presentation.

Recently Issued Accounting Standards

Leases—Effective January 1, 2019, we account for leases in accordance with ASC 842. The 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 comprised of amortization on the right-of-use asset (“ROU”) and interest expense recognized based on an effective interest method, or as a single lease cost recognized 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. The accounting for lessors remains largely unchanged. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today.

We determine if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (i) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (ii) the customer has the right to control the use of the identified asset.

We enter into lease contracts including ground, towers, equipment, office, colocation and fiber lease arrangements, in which we are the lessee, and service contracts that may include embedded leases. Operating leases where we are the lessor are included in Leasing, Fiber Infrastructure and Tower revenues on our Condensed Consolidated Statements of Income.

From time to time we enter into direct financing lease arrangements that include (i) a lessee obligation to purchase the leased equipment at the end of the lease term, (ii) a bargain purchase option, (iii) a lease term having a duration that is for the major part of the remaining economic life of the leased equipment or (iv) provides for minimum lease payments with a present value amounting to substantially all of the fair value of the leased asset at the date of lease inception.

ROU assets and lease liabilities related to operating leases where we are the lessee are included in other assets and accounts payable, accrued expenses and other liabilities, respectively, on our Condensed Consolidated Balance Sheets. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date.

ROU assets and lease liabilities related to finance leases where we are the lessee are included in property, plant and equipment, net and finance lease obligations, respectively, on our Condensed Consolidated Balance Sheets. The lease liabilities are initially measured in the same manner as operating leases and are subsequently measured at amortized cost using the effective interest method. ROU assets for finance leases are amortized on a straight-line basis over the remaining lease term.

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

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

ii.

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

iii.

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

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

The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received.

For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

For finance leases, the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to us, or we are reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized and presented separately from interest expense on the lease liability.

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

We monitor for events or changes in circumstances that require a reassessment of a lease. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in profit or loss.

We have lease agreements which include lease and nonlease components. For both leases where we are a lessor and leases where we are a lessee, we have elected to combine lease and nonlease components for all lease contracts. Nonlease components that are combined with lease components are primarily maintenance services related to the leased asset. Where we are the lessor, we determine whether the lease or nonlease component is the predominant component on a case-by-case basis. For all existing leases where we are the lessor, ASC Topic 842 has been applied to all combined components.

We have elected not to recognize ROU assets and lease liabilities for all short-term leases that have a lease term of 12 months or less. We recognize the lease payments associated with our short-term leases as an expense on a straight-line basis over the lease term.

We have elected to exclude sales taxes from lease payments in arrangements where we are a lessor.

We adopted ASC 842 using a modified retrospective transition approach as of the effective date as permitted by the amendments in ASU 2018-11, Leases (Topic 842): Target Improvements, which provides an alternative modified retrospective transition method. As a result, we were not required to adjust our comparative period financial information for effects of the standard or make the new required lease disclosures for periods before the date of adoption (i.e. January 1, 2019). We have elected to adopt the package of transition practical expedients and, therefore, have not reassessed (i) whether existing or expired contracts contain a lease, (ii) lease classification for existing or expired leases or (iii) the accounting for initial direct costs that were previously capitalized. We elected the practical expedient to use hindsight for leases existing at the adoption date. Further, we elected to adopt the amendments in ASU 2018-01: Land Easement Practical Expedient for Transition to Topic 842, which permits an entity to elect an optional transaction practical expedient to not evaluate land easements that exist or expire before the Company’s adoption of ASC 842 and that were not previously accounted for as leases under ASC 840, Leases (“ASC 840”).

In connection with the adoption of ASC 842, we have recorded an adjustment to equity of $63.1 million, net of tax for the cumulative effect from a change in accounting standard. Of this amount, $61.5 million related to the write-off of the Master Lease straight-line revenue receivable, and $1.6 million relates to the establishment of the ROU assets and lease liabilities.

Revenues

3 Months Ended

Mar. 31, 2019

Revenue From Contract With Customer [Abstract]

Revenues

Note 3. Revenues

The following is a description of principal activities, separated by reportable segments (see Note 13), from which the Company generates its revenues.

Leasing

Leasing revenue represents the results from our leasing program, Uniti Leasing, which is engaged in the acquisition of mission-critical communications assets and leasing them back to anchor customers on either an exclusive or shared-tenant basis. Due to the nature of these activities, they are outside the scope of the guidance of Topic 606, and are recognized under other applicable guidance, including ASC 842 and ASC 840 for periods prior to January 1, 2019. See Note 4.

Fiber Infrastructure

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

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

ii.

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

iii.

Small cell contracts provide improved network connection to areas that may not require or accommodate a tower. Small cell arrangements typically contain five streams of revenue: site development, radio frequency (“RF”) design, dark fiber lease, construction services, and maintenance services. Site development, RF design and construction are each separate services and are considered distinct performance obligations under Topic 606. Dark fiber and associated maintenance services constitute a lease, and as such, they are outside the scope of Topic 606 and are governed by other applicable guidance.

iv.

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

Dark fiber arrangements represent operating leases under ASC 842 and are outside the scope of Topic 606. When (i) a customer makes an advance payment or (ii) a customer is contractually obligated to pay any amounts in advance, which is not deemed a separate performance obligation, deferred leasing revenue is recorded. This leasing revenue is recognized ratably over the expected term of the contract, unless the pattern of service suggests otherwise.

vi.

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

Towers

The Towers segment represents the operations of our towers business, Uniti Towers, through which we acquire and construct tower and tower-related real estate, which we then lease to our customers in the United States and Latin America. Revenue from our towers business qualifies as a lease under ASC 842, and ASC 840 for periods prior to January 1, 2019, and is outside the scope of Topic 606.

Consumer CLEC

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

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue stream.

	Three Months Ended March 31,
(Thousands)	2019		2018
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Fiber Infrastructure
Lit backhaul	$	32,205	$	33,346
Enterprise and wholesale		16,729		15,418
E-Rate and government		21,995		14,230
Other		1,009		990
Fiber Infrastructure	$	71,938	$	63,984
Consumer CLEC		3,035		3,804
Total revenue from contracts with customers		74,973		67,788
Revenue accounted for under other applicable guidance		186,058		179,127
Total revenue	$	261,031	$	246,915

At March 31, 2019, and December 31, 2018, lease receivables were $19.5 million and $45.5 million, respectively, and receivables from contracts with customers were $52.1 million and $57.1 million, respectively.

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

Contract assets primarily consist of unbilled construction revenue where we are utilizing our costs incurred as the measure of progress of satisfying our performance obligation. When the contract price is invoiced, the related unbilled receivable is reclassified to trade accounts receivable, where the balance will be settled upon the collection of the invoiced amount. Contract liabilities are generally comprised of upfront fees charged to the customer for the cost of establishing the necessary components of the Company’s network prior to the commencement of use by the customer. Fees charged to customers for the recurring use of the Company’s network are recognized during the related periods of service. Upfront fees that are billed in advance of providing services are deferred until such time the customer accepts the Company’s network and then are recognized as service revenues ratably over a period in which substantive services required under the revenue arrangement are expected to be performed, which is the initial term of the arrangement. During the three months ended March 31, 2019, we recognized revenues of $1.4 million that was included in the December 31, 2018 contract liabilities balance.

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

(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2018	$	5,540	$	15,473
Balance at March 31, 2019	$	7,067	$	16,057

Transaction Price Allocated to Remaining Performance Obligations

Performance obligations within contracts to stand ready to provide services are typically satisfied over time or as those services are provided. Contract liabilities primarily relate to deferred revenue from non-recurring charges. The deferred revenue is recognized, and the liability reduced, over the contract term as the Company completes the performance obligation. As of March 31, 2019, our future revenues (i.e., transaction price related to remaining performance obligations) under contract accounted for under Topic 606 totaled $632.7 million, of which $555.5 million is related to contracts that are currently being invoiced and have an average remaining contract term of 2.5 years, while $77.2 million represents our backlog for sales bookings which have yet to be installed and have an average remaining contract term of 4.3 years.

Practical Expedients and Exemptions

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

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

Leases

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Leases

Note 4. Leases

Lessor Accounting

We lease communications towers, ground, communications equipment, office and dark fiber lease arrangements to tenants under operating leases. Our leases have initial lease terms ranging from 5 year to 20 years, most of which includes options to extend or renew the leases for 5 to 80 years, and some of which may include options to terminate the leases within 1 to 6 months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

The components of lease income for the quarter ended March 31, 2019 are as follows:

(Thousands)

Three Months Ended

March 31, 2019

Lease income - operating leases

186,058

Future minimum lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms are as follows:

(Thousands)	March 31, 2019⁽¹⁾		December 31, 2018⁽²⁾
2019	$	531,571	$	724,269
2020		702,017		693,596
2021		704,644		696,713
2022		706,867		699,561
2023		709,507		702,663
Thereafter		4,712,760		4,706,951
Total lease receivables	$	8,067,366	$	8,223,753
⁽¹⁾ Total lease receivables include $7.5 billion relating to the Master Lease with Windstream, which is on non-accrual basis of accounting as of March 31, 2019.
⁽²⁾ Prior period amounts have not been adjusted under the modified retrospective transition approach.

The underlying assets under operating leases where we are the lessor as of March 31, 2019 are summarized as follows:

(Thousands)	March 31, 2019
Land	$	26,672
Building and improvements		329,160
Real property interest		34,878
Poles		251,235
Fiber		2,546,030
Equipment		202
Copper		3,732,409
Conduit		89,740
Tower assets		94,219
Capital lease assets		26,524
Other assets		10,279
		7,141,348
Less: accumulated depreciation		(4,816,500	)
Underlying assets under operating leases, net	$	2,324,848

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three months ended March 31, 2019 is summarized as follows:

(Thousands)

Three Months Ended

March 31, 2019

Depreciation expense for underlying assets under operating leases

76,274

Lessee Accounting

We have commitments under operating leases for communications towers, ground, colocation and dark fiber lease arrangements. We also have finance leases for dark fiber lease arrangements and other communications equipment. Our leases have initial lease terms ranging from less than one year to 30 years, most of which includes options to extend or renew the leases for less than one year to 85 years, and some of which may include options to terminate the leases within 1 to 6 months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

As of March 31, 2019, we have short term lease commitments amounting to approximately $1.0 million, for colocation and dark fiber arrangements.

The components of lease cost for the quarter ended March 31, 2019 are as follows:

(Thousands)	Three Months Ended March 31, 2019
Finance lease cost
Amortization of ROU assets	$	1,006
Interest on lease liabilities		1,069
Total Finance Lease Cost		2,075
Operating lease cost		6,587
Short-term lease cost		1,191
Variable lease cost		798
Total lease cost	$	10,651

Amounts reported in the Condensed Consolidated Balance Sheets for leases where we are the lessee as of March 31, 2019 were as follows:

(Thousands)	Location on Condensed Consolidated Balance Sheets	March 31, 2019
Operating leases
ROU Asset	Other assets, net	$	97,039
ROU Liability	Accounts payable, accrued expenses and other liabilities, net		103,868

Finance leases
ROU Asset	Property, plant and equipment, net	$	128,098
ROU Liability	Finance lease obligations		54,276

Weighted-average remaining lease term
Operating leases		9.5 years
Finance leases		13.9 years

Weighted-average discount rate
Operating leases			9.5	%
Finance leases			7.8	%

Other information related to leases as of March 31, 2019 are as follows:

(Thousands)	Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	1,069
Operating cash flows from operating leases		6,519
Financing cash flows from finance leases		1,006

Future lease payments under non-cancellable leases as of March 31, 2019 are as follows:

(Thousands)	Operating Leases ⁽¹⁾			Finance Leases ⁽¹⁾
2019	$	17,479		$	6,238
2020		21,884			7,447
2021		20,476			6,697
2022		17,900			6,566
2023		15,836			6,549
Thereafter		79,497			55,407
Total undiscounted lease payments	$	173,072		$	88,904
Less: imputed interest		(69,204	)		(34,628	)
Total lease liabilities	$	103,868		$	54,276
⁽¹⁾ Amounts are exclusive of lease arrangements that are classified in Liabilities Held for Sale.

Future minimum rental payments under non-cancellable operating leases as of December 31, 2018⁽¹⁾ were as follows:

(Thousands)
2019	$	10,585
2020		7,543
2021		4,815
2022		3,186
2023		2,382
Thereafter		15,269
Total	$	43,780
⁽¹⁾ Prior period amounts have not been adjusted under the modified retrospective transition approach.

Future minimum rental payments under capital leases in effect as of December 31, 2018⁽¹⁾ were as follows:

(Thousands)
2019	$	8,683
2020		7,357
2021		6,638
2022		6,484
2023		6,457
Thereafter		52,533
Total minimum payments		88,152
Less amount representing interest		(32,870	)
Total	$	55,282
⁽¹⁾ Prior period amounts have not been adjusted under the modified retrospective transition approach.

For the three months ended March 31, 2019, we recognized $2.5 million of sublease income in our Condensed Consolidated Statement of Income.

Future sublease rentals as of March 31, 2019 are as follows:

(Thousands)	Sublease Rentals
2019	$	13,021
2020		8,372
2021		8,396
2022		8,421
2023		8,446
Thereafter		92,527
Total	$	139,183

Business Combinations and Asset Acquisitions

3 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

Business Combinations and Asset Acquisitions

Note 5. Business Combinations and Asset Acquisitions

2019 Transactions

JKM Consulting Inc. (M² Connections)

On March 25, 2019, we acquired 100% of the outstanding equity of JKM Consulting Inc. d/b/a M² Connections (“M²”) for cash consideration of $5.5 million. M² is a dark fiber and internet access provider primarily to educational institutions in Alabama. This acquisition strengthens Uniti Fiber’s relationships with new E-Rate customers. 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 of $1.8 million within our Fiber Infrastructure segment. See Note 13. For federal income tax purposes, the transaction was treated as a taxable acquisition. Thus, all of the goodwill is expected to be deductible for tax purposes. The financial results of M² are included in the Fiber Infrastructure segment from the date of acquisition and were not material, individually or in the aggregate, to our results of operations and therefore, pro forma financial information has not been presented.

2018 Transactions

Information Transport Solutions, Inc.

On October 19, 2018, we acquired 100% of the outstanding equity of Information Transport Solutions, Inc. (“ITS”) for cash consideration of $58.3 million. ITS is a full-service managed services provider of technology solutions, primarily to educational institutions in Alabama and Florida. This acquisition expands Uniti Fiber’s product offerings and strengthens relationships with new and existing E-Rate customers. 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 13. During the first quarter of 2019, certain contractual working capital adjustments resulted in a $1.3 million reduction of the purchase price and goodwill. The following is a summary of the estimated fair values of the assets acquired and liabilities assumed:

	(thousands)
Property, plant and equipment	$	4,270
Cash and cash equivalents		5,931
Accounts receivable		3,909
Other assets		7,238
Goodwill		9,941
Intangible assets		30,254
Accounts payable, accrued expenses and other liabilities		(2,645	)
Deferred revenue		(567	)
Total purchase consideration	$	58,331

The goodwill arising from the transaction is primarily attributable to strategic opportunities that arose from the acquisition of ITS, including strengthening relationships with new and existing E-Rate customers and anticipated incremental sales and cost savings. For federal income tax purposes, the transaction was treated as a taxable acquisition. Thus, all of the goodwill is expected to be deductible for tax purposes.

We acquired an intangible asset that was assigned to customer relationships of $30.3 million (14 year life). The Company determined the useful life for the customer relationship by applying an income approach (using the multi-period excess earnings method with a discount rate commensurate to the risk of the asset) and resulted from two key considerations: attrition rate and cumulative present value of cash flows, including assessing the period over which the asset is expected to contribute to the Company’s future cash flows.

Assets and Liabilities Held for Sale

3 Months Ended

Mar. 31, 2019

Discontinued Operations And Disposal Groups [Abstract]

Assets and Liabilities Held for Sale

Note 6. Assets and Liabilities Held for Sale

On February 19, 2019, the Company announced it had agreed to sell Uniti Towers’ Latin America business (“LATAM”) to an entity controlled by Phoenix Towers International (“PTI”) for cash consideration of approximately $100 million. As of March 31, 2019, the sale of LATAM met the criteria to be classified as held for sale. The Company classified LATAM’s assets and liabilities separately on the Condensed Consolidated Balance Sheet as of March 31, 2019.

The following table presents the assets and liabilities associated with the LATAM business classified as held for sale as of March 31, 2019:

(Thousands)	March 31, 2019
Assets:
Cash and cash equivalents	$	4,774
Property, plant and equipment, net		48,125
Intangible assets, net		49,513
ROU assets, net		26,786
Other assets		4,152
Total Assets	$	133,350

Liabilities:
Intangible liabilities, net	$	2,649
Deferred tax liability		18,287
ROU Liabilities		26,538
Other liabilities		8,608
Total Liabilities	$	56,082

The LATAM business is included in the results of the Towers segment. The sale does not represent a strategic shift that will have a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation. The transaction closed on April 2, 2019. See Note 17 for further details on the subsequent completed sale of LATAM.

On January 15, 2019, the Company entered into an operating company/property company (“OpCo-PropCo”) transaction with Macquarie Infrastructure Partners (“MIP”) to acquire Bluebird Network, LLC (“Bluebird”). MIP operates within the Macquarie Infrastructure and Real Assets ("MIRA") division of Macquarie Group. In the transaction, Uniti has agreed to purchase the Bluebird fiber network and MIP has agreed to purchase the Bluebird operations. In addition, Uniti has agreed to sell Uniti Fiber’s Midwest operations to MIP, while Uniti will retain its existing Midwest fiber network. As of March 31, 2019, the sale of the Midwest operations met the criteria to be classified as held for sale. As a result, the Company classified $7.5 million of net property, plant and equipment to assets held for sale on the Condensed Consolidated Balance Sheet as of March 31, 2019. The Midwest operations that will be sold to MIP are currently reported in our Fiber Infrastructure segment. The sale does not represent a strategic shift that will have a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation. These transactions are subject to regulatory and other closing conditions and are expected to close by the end of the third quarter of 2019.

The Company had no assets or liabilities classified as held for sale as of December 31, 2018.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 7. Fair Value of Financial Instruments

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

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

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

Level 3 – Unobservable inputs for the asset or liability.

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

The following table summarizes the fair value of our financial instruments at March 31, 2019 and December 31, 2018:

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At March 31, 2019
Assets
Derivative asset	$	9,357	$	-	$	9,357	$	-
Total	$	9,357	$	-	$	9,357	$	-

Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	2,009,024	$	-	$	2,009,024	$	-
Senior secured notes - 6.00%, due April 15, 2023		518,375		-		518,375		-
Senior unsecured notes - 8.25%, due October 15, 2023		996,225		-		996,225		-
Senior unsecured notes - 7.125%, due December 15, 2024		516,000		-		516,000		-
Senior secured revolving credit facility, variable rate, due April 24, 2020		748,925		-		748,925		-
Contingent consideration		60,797		-		-		60,797
Total	$	4,849,346	$	-	$	4,788,549	$	60,797

(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, 2018
Assets
Derivative asset	$	31,043	$	-	$	31,043	$	-
Total	$	31,043	$	-	$	31,043	$	-

Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	1,877,303	$	-	$	1,877,303	$	-
Senior secured notes - 6.00%, due April 15, 2023		504,625		-		504,625		-
Senior unsecured notes - 8.25%, due October 15, 2023		965,700		-		965,700		-
Senior unsecured notes - 7.125%, due December 15, 2024		496,500		-		496,500		-
Senior secured revolving credit facility, variable rate, due April 24, 2020		639,936		-		639,936		-
Contingent consideration		83,401		-		-		83,401
Total	$	4,567,465	$	-	$	4,484,064	$	83,401

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

The total principal balance of our outstanding notes and other debt was $5.07 billion at March 31, 2019, with a fair value of $4.79 billion. The estimated fair value of our outstanding notes and other debt was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as Level 2 inputs within the fair value hierarchy. Derivative assets are carried at fair value. See Note 9. The fair value of an interest rate swap is determined based on the present value of expected future cash flows using observable, quoted LIBOR swap rates for the full term of the swap and also incorporate credit valuation adjustments to appropriately reflect both Uniti’s own non-performance risk and non-performance risk of the respective counterparties. The Company has determined that the majority of the inputs used to value its derivative assets fall within Level 2 of the fair value hierarchy; however the associated credit valuation adjustments utilized Level 3 inputs, such as estimates of credit spreads, to evaluate the likelihood of default by the Company and its counterparties. As of March 31, 2019, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustment is not significant to the overall value of the derivatives. As such, the Company classifies its derivative assets valuation in Level 2 of the fair value hierarchy.

The merger agreement related to the July 3, 2017 acquisition of Hunt Telecommunications, LLC (“Hunt”) contained a contingent consideration arrangement (the “Hunt Contingent Consideration”) upon the achievement of certain defined revenue milestones. The fair value of the Hunt Contingent Consideration was determined using the closing price of our common shares in the active market and probability of expected declared dividends and is classified as Level 3. In accordance with the merger agreement, Uniti common shares will be used to satisfy the contingent consideration payment, and on January 4, 2019, we settled the Hunt Contingent Consideration in full satisfaction of the obligation through the issuance of 645,385 common shares having a fair value of $11.2 million.

We acquired Tower Cloud, Inc. (“Tower Cloud”) on August 31, 2016. As part of the Tower Cloud acquisition, we may be obligated to pay contingent consideration upon achievement of certain defined operational and financial milestones. At the Company’s discretion, a combination of cash and Uniti common shares may be used to satisfy the contingent consideration payments, provided that at least 50% of the aggregate amount of payments is satisfied in cash. We recorded the estimated fair value of future contingent consideration of $60.8 million as of March 31, 2019. The fair value of the contingent consideration as of March 31, 2019, was determined using a discounted cash flow model and probability adjusted estimates of the future operational milestones and is classified as Level 3. During the three months ended March 31, 2019 and 2018, we paid $8.2 million and $12.7 million, respectively, for the achievement of certain milestones in accordance with the Tower Cloud merger agreement.

Changes in the fair value of contingent consideration arrangements are recorded in our Condensed Consolidated Statement of Income in the period in which the change occurs. For the three months ended March 31, 2019, there was a $3.3 million decrease in the fair value of the contingent consideration that was recorded in Other (income) expense on the Condensed Consolidated Statements of Income.

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

(Thousands)		December 31, 2018				Transfers into Level 3				(Gain)/Loss included in earnings				Settlements				March 31, 2019
Contingent consideration		$	83,401			$	-			$	(3,256	)		$	(19,348	)		$	60,797

- 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

3 Months Ended

Mar. 31, 2019

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

Note 8. Property, Plant and Equipment

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

(Thousands)	Depreciable Lives			March 31, 2019			December 31, 2018
Land	Indefinite			$	27,567		$	29,304
Building and improvements	3 - 40 years				342,883			340,238
Real property interests		(1	)		34,878			34,878
Poles	30 years				251,235			248,989
Fiber	30 years				3,086,635			3,005,304
Equipment	5 - 7 years				251,894			256,838
Copper	20 years				3,732,409			3,721,649
Conduit	30 years				89,740			89,692
Tower assets	20 years				98,941			120,073
Capital lease assets		(1	)		128,098			123,017
Other assets	15 - 20 years				11,762			11,524
Corporate assets	3 - 7 years				4,140			4,214
Construction in progress		(1	)		114,814			137,585
					8,174,996			8,123,305
Less accumulated depreciation					(5,000,252	)		(4,914,299	)
Net property, plant and equipment				$	3,174,744		$	3,209,006
(1) See our Annual Report for property, plant and equipment accounting policies.

Depreciation expense for the three months ended March 31, 2019 and 2018 was $97.5 million and $108.2 million, respectively.

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 9. 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 $2.06 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 Sheets:

(Thousands)		Location on Condensed Consolidated Balance Sheets		March 31, 2019				December 31, 2018
Interest rate swaps		Derivative asset		$	9,357			$	31,043

As of March 31, 2019 and December 31, 2018, all of the interest rate swaps were valued in net unrealized gain positions and recognized as asset balances within the derivative asset balance. For the three months ended March 31, 2019, the amount recorded in other comprehensive income related to the unrealized loss on derivative instruments was $19.6 million. For the three months ended March 31, 2018, the amount recorded in other comprehensive income related to the unrealized gain on derivative instruments was $32.7 million. The amount reclassified out of other comprehensive income into interest expense on our Condensed Consolidated Statement of Income for the three months ended March 31, 2019, was a benefit of $2.1 million. The amount reclassified out of other comprehensive income into interest expense on our Condensed Consolidated Statement of Income for the three months ended March 31, 2018, was $2.6 million. For the three months ended March 31, 2019 and 2018, there was no ineffective portion of the change in fair value derivatives.

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next twelve months, beginning April 1, 2019, we estimate that $8.2 million will be reclassified as a benefit to interest expense.

Goodwill and Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets and Liabilities

Note 10. Goodwill and Intangible Assets and Liabilities

Changes in the carrying amount of goodwill occurring during the three months ended March 31, 2019, are as follows:

(Thousands)	Fiber Infrastructure			Total
Goodwill at December 31, 2018	$	692,385		$	692,385
Goodwill purchase accounting adjustments - See Note 4		(1,269	)		(1,269	)
Goodwill associated with 2019 acquisitions		1,770			1,770
Goodwill at March 31, 2019		692,886			692,886

The carrying value of the intangible assets is as follows:

(Thousands)	March 31, 2019								December 31, 2018
	Original Cost			Cumulative Translation Adjustment		Accumulated Amortization			Original Cost			Cumulative Translation Adjustment			Accumulated Amortization
Indefinite life intangible assets:
Trade name	$	2,000		$	-	$	-		$	2,000		$	-		$	-

Finite life intangible assets:
Customer lists⁽³⁾		450,597			-		(75,122	)		451,997			-			(69,393	)
Tenant contracts⁽³⁾		-			-		-			37,386			411			(3,293	)
Network⁽¹⁾⁽³⁾		-			-		-			13,541			144			(1,192	)
Acquired below-market leases⁽³⁾		-			-		-			1,509			-			(289	)

Total intangible assets		452,597								506,988
Less: Accumulated amortization		(75,122	)							(74,167	)
Total intangible assets, net	$	377,475							$	432,821

Finite life intangible liabilities:
Acquired above-market leases⁽³⁾	$	-		$	-	$	-		$	3,440		$	(182	)	$	(624	)


Total intangible liabilities		-								3,258
Less: Accumulated amortization		-								(624	)
Total intangible liabilities, net⁽²⁾	$	-							$	2,634

(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.

(3)	Uniti Towers’ Latin American intangible assets were recorded as held for sale as of March 31, 2019. See Note 6.

As of March 31, 2019, the remaining weighted average amortization period of the Company’s intangible assets was 17.9 years. Amortization expense for the three months ended March 31, 2019 and 2018 was $6.3 million and $6.5 million, respectively.

Amortization expense is estimated to be $23.2 million for the full year of 2019, $23.7 million in 2020, $23.3 million in 2021, $22.9 million in 2022, and $22.8 million for 2023.

Notes and Other Debt

3 Months Ended

Mar. 31, 2019

Long Term Debt [Abstract]

Notes and Other Debt

Note 11. Notes and Other Debt

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

Notes and other debt is as follows:

(Thousands)	March 31, 2019			December 31, 2018
Principal amount	$	5,069,538		$	4,965,808
Less unamortized discount, premium and debt issuance costs		(148,893	)		(119,575	)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	4,920,645		$	4,846,233

Notes and other debt at March 31, 2019 and December 31, 2018 consisted of the following:

	March 31, 2019					December 31, 2018
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs			Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured term loan B - variable rate, due October 24, 2022 (discount is based on imputed interest rate of 7.47%)	$	2,060,538		(92,264	)	$	2,065,808	$	(70,337	)
Senior secured notes - 6.00%, due April 15, 2023 (discount is based on imputed interest rate of 6.29%)		550,000		(6,754	)		550,000		(7,116	)
Senior unsecured notes - 8.25%, due October 15, 2023 (discount is based on imputed interest rate of 9.06%)		1,110,000		(33,428	)		1,110,000		(34,900	)
Senior unsecured notes - 7.125% due December 15, 2024		600,000		(6,999	)		600,000		(7,222	)
Senior secured revolving credit facility, variable rate, due April 24, 2020		749,000		(9,448	)		640,000		-
Total	$	5,069,538	$	(148,893	)	$	4,965,808	$	(119,575	)

At March 31, 2019, 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) $749 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”).

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 5.00% 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.

The Borrowers are subject to customary covenants under the Credit Agreement, including an obligation to maintain a consolidated secured leverage ratio, as defined in the Credit Agreement, not to exceed 5.00 to 1.00. We are permitted, subject to customary conditions, to incur (i) incremental term loan borrowings and/or increased commitments under the Credit Agreement in an unlimited amount, so long as, on a pro forma basis after giving effect to any such borrowings or increases, our consolidated secured leverage ratio, as defined in the Credit Agreement, does not exceed 4.00 to 1.00 and (ii) other indebtedness, so long as, on a pro forma basis after giving effect to any such indebtedness, our consolidated total leverage ratio, as defined in the Credit Agreement, does not exceed 6.50 to 1.00 and our consolidated secured leverage ratio, as defined in the Credit Agreement, does not exceed 4.00 to 1.00. In addition, the Credit Agreement contains customary events of default, including a cross default provision whereby the failure of the Borrowers or certain of their subsidiaries to make payments under other debt obligations, or the occurrence of certain events affecting those other borrowing arrangements, could trigger an obligation to repay any amounts outstanding under the Credit Agreement. In particular, a repayment obligation could be triggered if (i) the Borrowers or certain of their subsidiaries fail to make a payment when due of any principal or interest on any other indebtedness aggregating $75.0 million or more, or (ii) an event occurs that causes, or would permit the holders of any other indebtedness aggregating $75.0 million or more to cause, such indebtedness to become due prior to its stated maturity. As of March 31, 2019, the Borrowers were in compliance with all of the covenants under the Credit Agreement.

On March 18, 2019, we received a limited waiver from our lenders under our Credit Agreement, waiving an event of default related solely to the receipt of a going concern opinion from our auditors for our 2018 audited financial statements. The limited waiver was issued in connection with the fourth amendment (the “Amendment”) to our Credit Agreement. During the pendency of Windstream’s bankruptcy, or at such earlier time when certain other conditions are specified, the Amendment generally limits our ability under the Credit Agreement to (i) prepay unsecured indebtedness and (ii) pay cash dividends in excess of 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains. The Amendment also increased the interest rate on our Term Loan Facility, which will now bear a rate of LIBOR, subject to a 1.0% floor, plus an applicable margin equal to 5.0%, a 200 basis point increase over our previous rate. This increase will be in effect through the remaining term of the facility, which matures on October 24, 2022.

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

Our Revolving Credit Facility matures on April 24, 2020, and we have begun evaluating potential refinancing options. However, there can be no assurances that any debt refinancing would be on similar or more favorable terms than our existing arrangements. This would include the risk that interest rates could increase and/or there may be changes to our existing covenants and/or available borrowings. If we are unsuccessful in refinancing the Revolving Credit Facility on terms acceptable to the Company, there could be a material adverse impact on our consolidated results of operations, financial condition and/or liquidity. See Note 2.

The Notes

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

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

Deferred Financing Cost

Deferred financing costs were incurred in connection with the issuance of the Notes and the Facilities. These costs are amortized using the effective interest method over the term of the related indebtedness, and are included in interest expense in our Condensed Consolidated Statements of Income. For the three months ended March 31, 2019 and 2018, we recognized $3.8 million and $3.6 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs.

Earnings Per Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Note 12. Earnings Per Share

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

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

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

The July 3, 2017 merger agreement for our acquisition of Hunt provides for the issuance of additional common shares upon the achievement of certain defined revenue milestones. See Note 7. 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. On January 4, 2019, we settled the Hunt Contingent Consideration in full satisfaction of the obligation through the issuance of 645,385 common shares having a fair value of $11.2 million.

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

	Three Months Ended March 31,
(Thousands, except per share data)	2019			2018
Basic earnings per share:
Numerator:
Net income attributable to shareholders	$	2,442		$	1,210
Less: Income allocated to participating securities		(28	)		(469	)
Income allocated to participating securities on share settled contingent consideration arrangements		-			(210	)
Dividends declared on convertible preferred stock		(656	)		(656	)
Amortization of discount on convertible preferred stock		(745	)		(745	)
Net income (loss) attributable to common shares	$	1,013		$	(870	)
Denominator:
Basic weighted-average common shares outstanding		182,219			174,892
Basic earnings per common share	$	0.01		$	-

	Three Months Ended March 31,
(Thousands, except per share data)	2019			2018
Diluted earnings per share:
Numerator:
Net income attributable to shareholders	$	2,442		$	1,210
Less: Income allocated to participating securities		(28	)		(469	)
Dividends declared on convertible preferred stock		(656	)		(656	)
Amortization of discount on convertible preferred stock		(745	)		(745	)
Mark-to-market gain on share settled contingent consideration arrangements		-			(994	)
Net income (loss) attributable to common shares	$	1,013		$	(1,654	)
Denominator:
Basic weighted-average common shares outstanding		182,219			174,892
Contingent consideration (See Note 4)		-			607
Effect of dilutive non-participating securities		3			-
Weighted-average shares for dilutive earnings per common share		182,222			175,499
Dilutive earnings (loss) per common share	$	0.01		$	(0.01	)

For the three months ended March 31, 2019, 261,543 non-participating securities were excluded from the computation of diluted earnings per share, as the performance conditions were not met. For the three months ended March 31, 2018, 405,063 non-participating securities were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive.

Segment Information

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Information

Note 13. Segment Information

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

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

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

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

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

Selected financial data related to our segments is presented below for the three months ended March 31, 2019 and 2018:

	Three Months Ended March 31, 2019
(Thousands)	Leasing		Fiber Infrastructure		Towers		Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	176,083	$	76,833	$	5,080	$	3,035	$	-		$	261,031

Adjusted EBITDA	$	174,751	$	30,000	$	325	$	646	$	(5,447	)	$	200,275
Less:
Interest expense													84,458
Depreciation and amortization		73,754		28,258		1,414		346		55			103,827
Other income													(3,113	)
Transaction related costs													6,669
Stock-based compensation													1,888
Income tax expense													4,054
Net income												$	2,492

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

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

Commitments and Contingencies

3 Months Ended

Mar. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 14. 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 to us by Windstream. If Windstream assumes the Separation and Distribution Agreement and/or the Master Lease in bankruptcy, it would be obligated to honor all indemnification claims arising under such agreement. If the Separation and Distribution Agreement and or the Master Lease are rejected in Windstream’s bankruptcy, any claims on the applicable indemnity would be treated as unsecured claims, and, if that were to occur, there can be no assurance we would receive any related indemnification payments from Windstream in connection with the applicable indemnity claims.

Under the terms of the tax matters agreement entered into on April 24, 2015 by the Company, Windstream Services, LLC and Windstream (the “Tax Matters Agreement”), 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 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 condensed consolidated balance sheet.

Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2019

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive (Loss) Income

Note 15. Accumulated Other Comprehensive (Loss) Income

Changes in accumulated other comprehensive (loss) income by component is as follows for the three months ended March 31, 2019 and 2018:

	Three Months Ended March 31,
(Thousands)	2019			2018
Cash flow hedge changes in fair value gain (loss):
Balance at beginning of period attributable to common shareholders	$	30,042		$	6,793
Other comprehensive (loss) income before reclassifications		(19,626	)		32,670
Amounts reclassified from accumulated other comprehensive income		(2,060	)		2,598
Balance at end of period		8,356			42,061
Less: Other comprehensive (loss) income attributable to noncontrolling interest		(479	)		1,256
Balance at end of period attributable to common shareholders		8,835			40,805
Foreign currency translation gain (loss):
Balance at beginning of period attributable to common shareholders		63			1,393
Translation adjustments		780			4,565
Balance at end of period		843			5,958
Less: Other comprehensive income attributable to noncontrolling interest		17			28
Balance at end of period attributable to common shareholders		826			5,930
Accumulated other comprehensive income at end of period	$	9,661		$	46,735

Capital Stock

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Capital Stock

Note 16. Capital Stock

We have an effective shelf registration statement on file with the SEC (the “Registration Statement”) to offer and sell various securities from time to time. Under the Registration Statement, we have established an at-the-market common stock offering program (the “ATM Program”) to sell shares of common stock having an aggregate offering price of up to $250.0 million. As of March 31, 2019, the Company has issued and sold an aggregate of 6.7 million shares of common stock at a weighted average price of $19.92 per share under the ATM Program, receiving net proceeds of $131.2 million, after commissions of $1.7 million and other offering costs.

Subsequent Events

3 Months Ended

Mar. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

Note 17. Subsequent Events

On April 2, 2019, the Company completed the sale of the Uniti Towers’ Latin American business to an entity controlled by Phoenix Towers International (“PTI”). At closing, PTI acquired approximately 500 towers located across Mexico, Colombia and Nicaragua. Total consideration was approximately $100 million.

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

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Going Concern

Concentration of Credit Risks

Straight-Line Revenue Receivable

Reclassifications

Reclassifications—Certain prior year asset categories and related amounts in Note 8 have been reclassified to conform with current year presentation.

Recently Issued Accounting Standards

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

ii.

iii.

We have elected to exclude sales taxes from lease payments in arrangements where we are a lessor.

Revenues (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Revenues Disaggregated by Revenue Stream

The following table presents our revenues disaggregated by revenue stream.

	Three Months Ended March 31,
(Thousands)	2019		2018
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Fiber Infrastructure
Lit backhaul	$	32,205	$	33,346
Enterprise and wholesale		16,729		15,418
E-Rate and government		21,995		14,230
Other		1,009		990
Fiber Infrastructure	$	71,938	$	63,984
Consumer CLEC		3,035		3,804
Total revenue from contracts with customers		74,973		67,788
Revenue accounted for under other applicable guidance		186,058		179,127
Total revenue	$	261,031	$	246,915

Schedule of Contract Assets and Contract Liabilities

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

(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2018	$	5,540	$	15,473
Balance at March 31, 2019	$	7,067	$	16,057

Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Components of Lease Income

The components of lease income for the quarter ended March 31, 2019 are as follows:

(Thousands)

Three Months Ended

March 31, 2019

Lease income - operating leases

186,058

Future Minimum Lease Payments to be Received under Non-Cancellable Operating Leases

Future minimum lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms are as follows:

(Thousands)	March 31, 2019⁽¹⁾		December 31, 2018⁽²⁾
2019	$	531,571	$	724,269
2020		702,017		693,596
2021		704,644		696,713
2022		706,867		699,561
2023		709,507		702,663
Thereafter		4,712,760		4,706,951
Total lease receivables	$	8,067,366	$	8,223,753
⁽¹⁾ Total lease receivables include $7.5 billion relating to the Master Lease with Windstream, which is on non-accrual basis of accounting as of March 31, 2019.
⁽²⁾ Prior period amounts have not been adjusted under the modified retrospective transition approach.

Schedule of Underlying Assets under Operating Leases

The underlying assets under operating leases where we are the lessor as of March 31, 2019 are summarized as follows:

(Thousands)	March 31, 2019
Land	$	26,672
Building and improvements		329,160
Real property interest		34,878
Poles		251,235
Fiber		2,546,030
Equipment		202
Copper		3,732,409
Conduit		89,740
Tower assets		94,219
Capital lease assets		26,524
Other assets		10,279
		7,141,348
Less: accumulated depreciation		(4,816,500	)
Underlying assets under operating leases, net	$	2,324,848

Schedule of Depreciation Expense for Underlying Assets under Operating Leases

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three months ended March 31, 2019 is summarized as follows:

(Thousands)

Three Months Ended

March 31, 2019

Depreciation expense for underlying assets under operating leases

76,274

Components of Lease Cost

The components of lease cost for the quarter ended March 31, 2019 are as follows:

(Thousands)	Three Months Ended March 31, 2019
Finance lease cost
Amortization of ROU assets	$	1,006
Interest on lease liabilities		1,069
Total Finance Lease Cost		2,075
Operating lease cost		6,587
Short-term lease cost		1,191
Variable lease cost		798
Total lease cost	$	10,651

Summary of Amounts Reported in Condensed Consolidated Balance Sheets for Leases

Amounts reported in the Condensed Consolidated Balance Sheets for leases where we are the lessee as of March 31, 2019 were as follows:

(Thousands)	Location on Condensed Consolidated Balance Sheets	March 31, 2019
Operating leases
ROU Asset	Other assets, net	$	97,039
ROU Liability	Accounts payable, accrued expenses and other liabilities, net		103,868

Finance leases
ROU Asset	Property, plant and equipment, net	$	128,098
ROU Liability	Finance lease obligations		54,276

Weighted-average remaining lease term
Operating leases		9.5 years
Finance leases		13.9 years

Weighted-average discount rate
Operating leases			9.5	%
Finance leases			7.8	%

Schedule of Other Information Related to Leases

Other information related to leases as of March 31, 2019 are as follows:

(Thousands)	Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	1,069
Operating cash flows from operating leases		6,519
Financing cash flows from finance leases		1,006

Future Lease Payments Under Non-Cancellable Operating and Finance Leases

Future lease payments under non-cancellable leases as of March 31, 2019 are as follows:

(Thousands)	Operating Leases ⁽¹⁾			Finance Leases ⁽¹⁾
2019	$	17,479		$	6,238
2020		21,884			7,447
2021		20,476			6,697
2022		17,900			6,566
2023		15,836			6,549
Thereafter		79,497			55,407
Total undiscounted lease payments	$	173,072		$	88,904
Less: imputed interest		(69,204	)		(34,628	)
Total lease liabilities	$	103,868		$	54,276
⁽¹⁾ Amounts are exclusive of lease arrangements that are classified in Liabilities Held for Sale.

Schedule of Future Minimum Rental Payments Under Non-cancellable Operating Leases

Future minimum rental payments under non-cancellable operating leases as of December 31, 2018⁽¹⁾ were as follows:

(Thousands)
2019	$	10,585
2020		7,543
2021		4,815
2022		3,186
2023		2,382
Thereafter		15,269
Total	$	43,780
⁽¹⁾ Prior period amounts have not been adjusted under the modified retrospective transition approach.

Schedule of Future Minimum Rental Payments Under Capital Leases

Future minimum rental payments under capital leases in effect as of December 31, 2018⁽¹⁾ were as follows:

(Thousands)
2019	$	8,683
2020		7,357
2021		6,638
2022		6,484
2023		6,457
Thereafter		52,533
Total minimum payments		88,152
Less amount representing interest		(32,870	)
Total	$	55,282
⁽¹⁾ Prior period amounts have not been adjusted under the modified retrospective transition approach.

Future Sublease Rentals

Future sublease rentals as of March 31, 2019 are as follows:

(Thousands)	Sublease Rentals
2019	$	13,021
2020		8,372
2021		8,396
2022		8,421
2023		8,446
Thereafter		92,527
Total	$	139,183

Business Combinations and Asset Acquisitions (Tables)

3 Months Ended

Mar. 31, 2019

Information Transport Solutions, 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	$	4,270
Cash and cash equivalents		5,931
Accounts receivable		3,909
Other assets		7,238
Goodwill		9,941
Intangible assets		30,254
Accounts payable, accrued expenses and other liabilities		(2,645	)
Deferred revenue		(567	)
Total purchase consideration	$	58,331

Assets and Liabilities Held for Sale (Tables)

3 Months Ended

Mar. 31, 2019

Assets And Liabilities Held For Sale [Abstract]

Schedule of Assets and Liabilities Classified as Held for Sale

The following table presents the assets and liabilities associated with the LATAM business classified as held for sale as of March 31, 2019:

(Thousands)	March 31, 2019
Assets:
Cash and cash equivalents	$	4,774
Property, plant and equipment, net		48,125
Intangible assets, net		49,513
ROU assets, net		26,786
Other assets		4,152
Total Assets	$	133,350

Liabilities:
Intangible liabilities, net	$	2,649
Deferred tax liability		18,287
ROU Liabilities		26,538
Other liabilities		8,608
Total Liabilities	$	56,082

- Definition

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

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+ Details

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value Valuation of Financial Instruments

The following table summarizes the fair value of our financial instruments at March 31, 2019 and December 31, 2018:

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At March 31, 2019
Assets
Derivative asset	$	9,357	$	-	$	9,357	$	-
Total	$	9,357	$	-	$	9,357	$	-

Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	2,009,024	$	-	$	2,009,024	$	-
Senior secured notes - 6.00%, due April 15, 2023		518,375		-		518,375		-
Senior unsecured notes - 8.25%, due October 15, 2023		996,225		-		996,225		-
Senior unsecured notes - 7.125%, due December 15, 2024		516,000		-		516,000		-
Senior secured revolving credit facility, variable rate, due April 24, 2020		748,925		-		748,925		-
Contingent consideration		60,797		-		-		60,797
Total	$	4,849,346	$	-	$	4,788,549	$	60,797

(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, 2018
Assets
Derivative asset	$	31,043	$	-	$	31,043	$	-
Total	$	31,043	$	-	$	31,043	$	-

Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	1,877,303	$	-	$	1,877,303	$	-
Senior secured notes - 6.00%, due April 15, 2023		504,625		-		504,625		-
Senior unsecured notes - 8.25%, due October 15, 2023		965,700		-		965,700		-
Senior unsecured notes - 7.125%, due December 15, 2024		496,500		-		496,500		-
Senior secured revolving credit facility, variable rate, due April 24, 2020		639,936		-		639,936		-
Contingent consideration		83,401		-		-		83,401
Total	$	4,567,465	$	-	$	4,484,064	$	83,401

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, 2018				Transfers into Level 3				(Gain)/Loss included in earnings				Settlements				March 31, 2019
Contingent consideration		$	83,401			$	-			$	(3,256	)		$	(19,348	)		$	60,797

- 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)

3 Months Ended

Mar. 31, 2019

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			March 31, 2019			December 31, 2018
Land	Indefinite			$	27,567		$	29,304
Building and improvements	3 - 40 years				342,883			340,238
Real property interests		(1	)		34,878			34,878
Poles	30 years				251,235			248,989
Fiber	30 years				3,086,635			3,005,304
Equipment	5 - 7 years				251,894			256,838
Copper	20 years				3,732,409			3,721,649
Conduit	30 years				89,740			89,692
Tower assets	20 years				98,941			120,073
Capital lease assets		(1	)		128,098			123,017
Other assets	15 - 20 years				11,762			11,524
Corporate assets	3 - 7 years				4,140			4,214
Construction in progress		(1	)		114,814			137,585
					8,174,996			8,123,305
Less accumulated depreciation					(5,000,252	)		(4,914,299	)
Net property, plant and equipment				$	3,174,744		$	3,209,006
(1) See our Annual Report for property, plant and equipment accounting policies.

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2019

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 Sheets:

(Thousands)		Location on Condensed Consolidated Balance Sheets		March 31, 2019				December 31, 2018
Interest rate swaps		Derivative asset		$	9,357			$	31,043

Goodwill and Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

Changes in the carrying amount of goodwill occurring during the three months ended March 31, 2019, are as follows:

(Thousands)	Fiber Infrastructure			Total
Goodwill at December 31, 2018	$	692,385		$	692,385
Goodwill purchase accounting adjustments - See Note 4		(1,269	)		(1,269	)
Goodwill associated with 2019 acquisitions		1,770			1,770
Goodwill at March 31, 2019		692,886			692,886

Schedule of Carrying Value of Other Intangible Assets

The carrying value of the intangible assets is as follows:

(Thousands)	March 31, 2019								December 31, 2018
	Original Cost			Cumulative Translation Adjustment		Accumulated Amortization			Original Cost			Cumulative Translation Adjustment			Accumulated Amortization
Indefinite life intangible assets:
Trade name	$	2,000		$	-	$	-		$	2,000		$	-		$	-

Finite life intangible assets:
Customer lists⁽³⁾		450,597			-		(75,122	)		451,997			-			(69,393	)
Tenant contracts⁽³⁾		-			-		-			37,386			411			(3,293	)
Network⁽¹⁾⁽³⁾		-			-		-			13,541			144			(1,192	)
Acquired below-market leases⁽³⁾		-			-		-			1,509			-			(289	)

Total intangible assets		452,597								506,988
Less: Accumulated amortization		(75,122	)							(74,167	)
Total intangible assets, net	$	377,475							$	432,821

Finite life intangible liabilities:
Acquired above-market leases⁽³⁾	$	-		$	-	$	-		$	3,440		$	(182	)	$	(624	)


Total intangible liabilities		-								3,258
Less: Accumulated amortization		-								(624	)
Total intangible liabilities, net⁽²⁾	$	-							$	2,634

(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.

(3)	Uniti Towers’ Latin American intangible assets were recorded as held for sale as of March 31, 2019. See Note 6.

Notes and Other Debt (Tables)

3 Months Ended

Mar. 31, 2019

Long Term Debt [Abstract]

Schedule of Notes and Other Debt

Notes and other debt is as follows:

(Thousands)	March 31, 2019			December 31, 2018
Principal amount	$	5,069,538		$	4,965,808
Less unamortized discount, premium and debt issuance costs		(148,893	)		(119,575	)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	4,920,645		$	4,846,233

Notes and other debt at March 31, 2019 and December 31, 2018 consisted of the following:

	March 31, 2019					December 31, 2018
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs			Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured term loan B - variable rate, due October 24, 2022 (discount is based on imputed interest rate of 7.47%)	$	2,060,538		(92,264	)	$	2,065,808	$	(70,337	)
Senior secured notes - 6.00%, due April 15, 2023 (discount is based on imputed interest rate of 6.29%)		550,000		(6,754	)		550,000		(7,116	)
Senior unsecured notes - 8.25%, due October 15, 2023 (discount is based on imputed interest rate of 9.06%)		1,110,000		(33,428	)		1,110,000		(34,900	)
Senior unsecured notes - 7.125% due December 15, 2024		600,000		(6,999	)		600,000		(7,222	)
Senior secured revolving credit facility, variable rate, due April 24, 2020		749,000		(9,448	)		640,000		-
Total	$	5,069,538	$	(148,893	)	$	4,965,808	$	(119,575	)

- Definition

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

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-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
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-Topic 942
-SubTopic 470
-Section 50
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-Topic 835
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-Section 55
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-Section 50
-Paragraph 3
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+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted

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

	Three Months Ended March 31,
(Thousands, except per share data)	2019			2018
Basic earnings per share:
Numerator:
Net income attributable to shareholders	$	2,442		$	1,210
Less: Income allocated to participating securities		(28	)		(469	)
Income allocated to participating securities on share settled contingent consideration arrangements		-			(210	)
Dividends declared on convertible preferred stock		(656	)		(656	)
Amortization of discount on convertible preferred stock		(745	)		(745	)
Net income (loss) attributable to common shares	$	1,013		$	(870	)
Denominator:
Basic weighted-average common shares outstanding		182,219			174,892
Basic earnings per common share	$	0.01		$	-

	Three Months Ended March 31,
(Thousands, except per share data)	2019			2018
Diluted earnings per share:
Numerator:
Net income attributable to shareholders	$	2,442		$	1,210
Less: Income allocated to participating securities		(28	)		(469	)
Dividends declared on convertible preferred stock		(656	)		(656	)
Amortization of discount on convertible preferred stock		(745	)		(745	)
Mark-to-market gain on share settled contingent consideration arrangements		-			(994	)
Net income (loss) attributable to common shares	$	1,013		$	(1,654	)
Denominator:
Basic weighted-average common shares outstanding		182,219			174,892
Contingent consideration (See Note 4)		-			607
Effect of dilutive non-participating securities		3			-
Weighted-average shares for dilutive earnings per common share		182,222			175,499
Dilutive earnings (loss) per common share	$	0.01		$	(0.01	)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Selected financial data related to our segments is presented below for the three months ended March 31, 2019 and 2018:

	Three Months Ended March 31, 2019
(Thousands)	Leasing		Fiber Infrastructure		Towers		Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	176,083	$	76,833	$	5,080	$	3,035	$	-		$	261,031

Adjusted EBITDA	$	174,751	$	30,000	$	325	$	646	$	(5,447	)	$	200,275
Less:
Interest expense													84,458
Depreciation and amortization		73,754		28,258		1,414		346		55			103,827
Other income													(3,113	)
Transaction related costs													6,669
Stock-based compensation													1,888
Income tax expense													4,054
Net income												$	2,492

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

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

Accumulated Other Comprehensive (Loss) Income (Tables)

3 Months Ended

Mar. 31, 2019

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

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

Changes in accumulated other comprehensive (loss) income by component is as follows for the three months ended March 31, 2019 and 2018:

	Three Months Ended March 31,
(Thousands)	2019			2018
Cash flow hedge changes in fair value gain (loss):
Balance at beginning of period attributable to common shareholders	$	30,042		$	6,793
Other comprehensive (loss) income before reclassifications		(19,626	)		32,670
Amounts reclassified from accumulated other comprehensive income		(2,060	)		2,598
Balance at end of period		8,356			42,061
Less: Other comprehensive (loss) income attributable to noncontrolling interest		(479	)		1,256
Balance at end of period attributable to common shareholders		8,835			40,805
Foreign currency translation gain (loss):
Balance at beginning of period attributable to common shareholders		63			1,393
Translation adjustments		780			4,565
Balance at end of period		843			5,958
Less: Other comprehensive income attributable to noncontrolling interest		17			28
Balance at end of period attributable to common shareholders		826			5,930
Accumulated other comprehensive income at end of period	$	9,661		$	46,735

Organization and Description of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019 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) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Jan. 01, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Summary Of Significant Accounting Policies [Line Items]
Consolidated secured leverage ratio		500.00%
Impact of change in accounting standard, net of tax		$ (63,110)	$ 1,859
Accounting Standards Update ("ASU") No. 2016-02
Summary Of Significant Accounting Policies [Line Items]
Write off adjustment to equity resulting from change in accounting standard	$ 61,500
Impact of change in accounting standard, net of tax	63,100
Right of use assets and lease liabilities	$ 1,600
Senior Secured Revolving Credit Facility
Summary Of Significant Accounting Policies [Line Items]
Debt instrument, maturity date		Apr. 24, 2020		Apr. 24, 2020
Windstream \| Revenue
Summary Of Significant Accounting Policies [Line Items]
Master lease revenue percentage		65.50%	70.00%	68.20%

Revenues - Revenues Disaggregated by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 74,973	$ 67,788
Total revenues	261,031	246,915
Fiber Infrastructure
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	71,938	63,984
Total revenues	76,833	66,967
Fiber Infrastructure \| Lit Backhaul
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	32,205	33,346
Fiber Infrastructure \| Enterprise and Wholesale
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	16,729	15,418
Fiber Infrastructure \| E-Rate and Government
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	21,995	14,230
Fiber Infrastructure \| Other
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	1,009	990
Consumer CLEC
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	3,035	3,804
Total revenues	3,035	3,804
ASC 2014-09
Disaggregation Of Revenue [Line Items]
Total revenues	$ 186,058	$ 179,127

Revenues - Additional Information (Details) - ASC 2014-09 - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue Recognition [Line Items]
Lease receivables	$ 19.5	$ 45.5
Receivables from contracts with customers	52.1	$ 57.1
Revenue recognized that was included in the contract liabilty	1.4
Future revenues under contract	632.7
Contracts currently being invoiced	555.5
Backlog for sales bookings	$ 77.2
Average remaining contract term of backlog sales bookings	4 years 3 months 18 days

Revenues - Schedule of Contract Assets and Contract Liabilities (Details) - ASC 2014-09 $ in Thousands	Mar. 31, 2019 USD ($)
Deferred Revenue Arrangement [Line Items]
Balance, Contract Assets at December 31, 2018	$ 5,540
Balance, Contract Assets at March 31,2019	7,067
Balance, Contract Liabilities at December 31, 2018	15,473
Balance, Contract Liabilities at March 31,2019	$ 16,057

Revenues - Additional Information (Details 1)	Mar. 31, 2019
ASC 2014-09 \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01
Revenue Recognition [Line Items]
Average remaining contract term	2 years 6 months

Leases - Additional Information (Details) $ in Millions	3 Months Ended
Leases - Additional Information (Details) $ in Millions	Mar. 31, 2019 USD ($)
Leases [Line Items]
Lessor, operating lease, existence of option to extend [true false]	true
Lessor, lease option to extend, description	options to extend or renew the leases for 5 to 80 years
Lessor, operating lease, existence of option to terminate [true false]	true
Lessor, lease option to terminate, description	options to terminate the leases within 1 to 6 months
Lessee, operating lease, existence of option to extend [true false]	true
Lessee, lease option to extend, description	options to extend or renew the leases for less than one year to 85 years
Lessee, operating lease, existence of option to terminate [true false]	true
Lessee, option to terminate, description	options to terminate the leases within 1 to 6 months
Short term lease commitments	$ 1.0
Sublease income	$ 2.5
Minimum
Leases [Line Items]
Lessor, initial lease term	5 years
Lessor, lease renewal term	5 years
Lessor operating lease, termination	1 month
Lessee, initial lease term	1 year
Lessee, lease renewal term	1 year
Lessee, lease option to terminate, description	1 month
Maximum
Leases [Line Items]
Lessor, initial lease term	20 years
Lessor, lease renewal term	80 years
Lessor operating lease, termination	6 months
Lessee, initial lease term	30 years
Lessee, lease renewal term	85 years
Lessee, lease option to terminate, description	6 months

Leases - Components of Lease Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Leases [Abstract]
Lease income - operating leases	$ 186,058

Leases - Future Minimum Lease Payments to be Received under Non-Cancellable Operating Leases (Details) - USD ($)
$ in Thousands

Mar. 31, 2019

^[1]

Dec. 31, 2018

^[2]

Leases [Abstract]

2019

$ 531,571

$ 724,269

2020

702,017

693,596

2021

704,644

696,713

2022

706,867

699,561

2023

709,507

702,663

Thereafter

4,712,760

4,706,951

Total lease receivables

$ 8,067,366

$ 8,223,753

[1]	Total lease receivables include $7.5 billion relating to the Master Lease with Windstream, which is on non-accrual basis of accounting as of March 31, 2019.
[2]	Prior period amounts have not been adjusted under the modified retrospective transition approach

Leases - Future Minimum Lease Payments to be Received under Non-Cancellable Operating Leases (Parenthetical) (Details) - USD ($)
$ in Thousands

Mar. 31, 2019

Dec. 31, 2018

^[2]

Lessee Lease Description [Line Items]

Total lease receivables

$ 8,067,366

^[1]

$ 8,223,753

Master Lease

Lessee Lease Description [Line Items]

Total lease receivables

$ 7,500,000

[1]	Total lease receivables include $7.5 billion relating to the Master Lease with Windstream, which is on non-accrual basis of accounting as of March 31, 2019.
[2]	Prior period amounts have not been adjusted under the modified retrospective transition approach

Leases - Schedule of Underlying Assets under Operating Leases (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Lessor Lease Description [Line Items]
Underlying assets under operationg leases, gross	$ 7,141,348
Less: accumulated depreciation	(4,816,500)
Underlying assets under operating leases, net	2,324,848
Land
Lessor Lease Description [Line Items]
Underlying assets under operationg leases, gross	26,672
Building and Improvements
Lessor Lease Description [Line Items]
Underlying assets under operationg leases, gross	329,160
Real Property Interests
Lessor Lease Description [Line Items]
Underlying assets under operationg leases, gross	34,878
Poles
Lessor Lease Description [Line Items]
Underlying assets under operationg leases, gross	251,235
Fiber
Lessor Lease Description [Line Items]
Underlying assets under operationg leases, gross	2,546,030
Equipment
Lessor Lease Description [Line Items]
Underlying assets under operationg leases, gross	202
Copper
Lessor Lease Description [Line Items]
Underlying assets under operationg leases, gross	3,732,409
Conduit
Lessor Lease Description [Line Items]
Underlying assets under operationg leases, gross	89,740
Tower assets
Lessor Lease Description [Line Items]
Underlying assets under operationg leases, gross	94,219
Capital lease assets
Lessor Lease Description [Line Items]
Underlying assets under operationg leases, gross	26,524
Other assets
Lessor Lease Description [Line Items]
Underlying assets under operationg leases, gross	$ 10,279

Leases - Schedule of Depreciation Expense for Underlying Assets under Operating Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Leases [Abstract]
Depreciation expense for underlying assets under operating leases	$ 76,274

Leases - Components of Lease Cost (Details) $ in Thousands	3 Months Ended
Leases - Components of Lease Cost (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Leases [Abstract]
Amortization of ROU assets	$ 1,006
Interest on lease liabilities	1,069
Total Finance Lease Cost	2,075
Operating lease cost	6,587
Short-term lease cost	1,191
Variable lease cost	798
Total lease cost	$ 10,651

Leases - Summary of Amounts Reported in Condensed Consolidated Balance Sheets for Leases (Details) - USD ($)
$ in Thousands

Mar. 31, 2019

Dec. 31, 2018

Operating leases

ROU Asset

$ 97,039

Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]

us-gaap:OtherAssets

ROU Liability

^[1]

$ 103,868

Operating Lease, Liability, Statement of Financial Position [Extensible List]

us-gaap:AccountsPayableAndOtherAccruedLiabilities

Finance leases

ROU Asset

$ 128,098

Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]

us-gaap:PropertyPlantAndEquipmentNet

ROU Liability

$ 54,276

^[1]

$ 55,282

Weighted-average remaining lease term

Operating leases

9 years 6 months

Finance leases

13 years 10 months 24 days

Weighted-average discount rate

Operating leases

9.50%

Finance leases

7.80%

[1]	Amounts are exclusive of lease arrangements that are classified in Liabilities Held for Sale.

Leases - Schedule of Other Information Related to Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$ 1,069
Operating cash flows from operating leases	6,519
Financing cash flows from finance leases	$ 1,006

Leases - Future Lease Payments under Non-Cancellable Leases (Details) - USD ($)
$ in Thousands

Mar. 31, 2019

Dec. 31, 2018

Leases [Abstract]

2019

^[1]

$ 17,479

2020

^[1]

21,884

2021

^[1]

20,476

2022

^[1]

17,900

2023

^[1]

15,836

Thereafter

^[1]

79,497

Total undiscounted lease payments

^[1]

173,072

Less: imputed interest

^[1]

(69,204)

Total lease liabilities

^[1]

103,868

2019

^[1]

6,238

2020

^[1]

7,447

2021

^[1]

6,697

2022

^[1]

6,566

2023

^[1]

6,549

Thereafter

^[1]

55,407

Total undiscounted lease payments

^[1]

88,904

Less: imputed interest

^[1]

(34,628)

Total lease liabilities

$ 54,276

^[1]

$ 55,282

[1]	Amounts are exclusive of lease arrangements that are classified in Liabilities Held for Sale.

Leases - Schedule of Future Minimum Rental Payments Under Non-cancellable Operating Leases (Details)
$ in Thousands

Dec. 31, 2018

USD ($)

^[1]

Leases [Abstract]

$ 10,585

7,543

4,815

3,186

2,382

15,269

$ 43,780

[1]	Prior period amounts have not been adjusted under the modified retrospective transition approach

Leases - Schedule of Future Minimum Rental Payments Under Capital Leases (Details)
$ in Thousands

Dec. 31, 2018

USD ($)

^[1]

Leases [Abstract]

$ 8,683

7,357

6,638

6,484

6,457

52,533

Total minimum payments

88,152

Less amount representing interest

(32,870)

Total

$ 55,282

[1]	Prior period amounts have not been adjusted under the modified retrospective transition approach

Leases - Future Sublease Rentals (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Leases [Abstract]
2019	$ 13,021
2020	8,372
2021	8,396
2022	8,421
2023	8,446
Thereafter	92,527
Total	$ 139,183

Business Combinations and Asset Acquisitions - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended
	Mar. 25, 2019	Oct. 19, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Business Acquisition [Line Items]
Cash paid for business acquisition				$ 962
Goodwill			$ 692,886		$ 692,385
Reduction of purchase price and goodwill			$ (1,269)
JKM Consulting Inc.
Business Acquisition [Line Items]
Business acquisition date			Mar. 25, 2019
Percentage of equity acquired	100.00%
Cash paid for business acquisition	$ 5,500
Goodwill	$ 1,800
Information Transport Solutions, Inc.
Business Acquisition [Line Items]
Business acquisition date			Oct. 19, 2018
Percentage of equity acquired		100.00%
Cash paid for business acquisition		$ 58,300
Goodwill		9,941
Reduction of purchase price and goodwill			$ (1,300)
Finite-lived intangible assets acquired		30,254
Information Transport Solutions, Inc. \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 30,300
Acquired finite-lived intangible assets, weighted average useful life		14 years

Business Combinations and Asset Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Oct. 19, 2018
Business Acquisition [Line Items]
Goodwill	$ 692,886	$ 692,385
Information Transport Solutions, Inc.
Business Acquisition [Line Items]
Property, plant and equipment			$ 4,270
Cash and cash equivalents			5,931
Accounts receivable			3,909
Other assets			7,238
Goodwill			9,941
Intangible assets			30,254
Accounts payable, accrued expenses and other liabilities			(2,645)
Deferred revenue			(567)
Total purchase consideration			$ 58,331

Assets and Liabilities Held for Sale - Additional Information (Details) - USD ($)	Mar. 31, 2019	Feb. 19, 2019	Dec. 31, 2018
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets classified as held for sale			$ 0
Liabilities classified as held for sale			$ 0
Uniti Towers Business \| Latin American
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Sale of business for cash consideration		$ 100,000,000
Uniti Towers Business \| Latin American \| Disposal Group, Held for Sale, Not qualified as Discontinued Operation
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Property plant and equipment, net	$ 48,125,000
Assets classified as held for sale	133,350,000
Liabilities classified as held for sale	56,082,000
Uniti Fiber’s Midwest operations \| Disposal Group, Held for Sale, Not qualified as Discontinued Operation
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Property plant and equipment, net	$ 7,500,000

Assets and Liabilities Held for Sale - Schedule of Assets and Liabilities Classified as Held for Sale (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Assets:
Total Assets		$ 0
Liabilities:
Total Liabilities		$ 0
Disposal Group, Held for Sale, Not qualified as Discontinued Operation \| Uniti Towers Business \| Latin American
Assets:
Cash and cash equivalents	$ 4,774,000
Property, plant and equipment, net	48,125,000
Intangible assets, net	49,513,000
ROU assets, net	26,786,000
Other assets	4,152,000
Total Assets	133,350,000
Liabilities:
Intangible liabilities, net	2,649,000
Deferred tax liability	18,287,000
ROU Liabilities	26,538,000
Other liabilities	8,608,000
Total Liabilities	$ 56,082,000

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Derivative asset	$ 9,357	$ 31,043
Total	9,357	31,043
Liabilities
Contingent consideration	60,797	83,401
Total	4,849,346	4,567,465
Prices with Other Observable Inputs (Level 2)
Assets
Derivative asset	9,357	31,043
Total	9,357	31,043
Liabilities
Total	4,788,549	4,484,064
Prices with Unobservable Inputs (Level 3)
Liabilities
Contingent consideration	60,797	83,401
Total	60,797	83,401
Senior Secured Term Loan B Facility
Liabilities
Senior secured loan	2,009,024	1,877,303
Senior Secured Term Loan B Facility \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan	2,009,024	1,877,303
6.00% Senior Secured Notes
Liabilities
Senior notes	518,375	504,625
6.00% Senior Secured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	518,375	504,625
8.25% Senior Unsecured Notes
Liabilities
Senior notes	996,225	965,700
8.25% Senior Unsecured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	996,225	965,700
7.125% Senior Unsecured Notes
Liabilities
Senior notes	516,000	496,500
7.125% Senior Unsecured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	516,000	496,500
Senior Secured Revolving Credit Facility
Liabilities
Senior secured loan	748,925	639,936
Senior Secured Revolving Credit Facility \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan	$ 748,925	$ 639,936

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Parenthetical) (Details)		3 Months Ended	12 Months Ended
	Mar. 18, 2019	Mar. 31, 2019	Dec. 31, 2018
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	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
	Jan. 04, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Aug. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount of outstanding notes and other debt		$ 5,069,538		$ 4,965,808
Estimated fair value of future contingent consideration		60,797		$ 83,401
Payments of contingent consideration		8,170	$ 12,662
Increase (decrease) in fair value of contingent consideration liability		(3,256)	(3,864)
Tower Cloud, Inc.
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimated fair value of future contingent consideration		60,800
Payments of contingent consideration		8,200	$ 12,700
Tower Cloud, Inc. \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of aggregate amount of contingent consideration payments					50.00%
Hunt Telecommunications, LLC
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration settled through issuance of common shares	645,385
Contingent consideration settled through issuance of common shares, fair value	$ 11,200
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		$ 4,790,000

Fair Value of Financial Instruments - Roll Forward of Liabilities Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Fair Value Disclosures [Abstract]
Contingent consideration, beginning balance	$ 83,401
(Gain)/Loss included in earnings	(3,256)
Settlements	(19,348)
Contingent consideration, ending balance	$ 60,797

Property, Plant and Equipment - Schedule of Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 8,174,996	$ 8,123,305
Less accumulated depreciation	(5,000,252)	(4,914,299)
Net property, plant and equipment	3,174,744	3,209,006
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	27,567	29,304
Building and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 342,883	340,238
Building and Improvements \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	3 years
Building and Improvements \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	40 years
Real Property Interests
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 34,878	34,878
Poles
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 251,235	248,989
Fiber
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 3,086,635	3,005,304
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 251,894	256,838
Equipment \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	5 years
Equipment \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Copper
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Property, plant and equipment, gross	$ 3,732,409	3,721,649
Conduit
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 89,740	89,692
Tower assets
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Property, plant and equipment, gross	$ 98,941	120,073
Capital Lease Assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	128,098	123,017
Other assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 11,762	11,524
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	$ 4,140	4,214
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	$ 114,814	$ 137,585

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Property Plant And Equipment [Abstract]
Depreciation expense	$ 97.5	$ 108.2

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)		3 Months Ended
	Apr. 27, 2015	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivative instruments		$ 19,600,000	$ (32,700,000)
Interest expense		84,458,000	77,607,000
Ineffective portion of change in fair value derivatives		0	0
Amounts reported in AOCI that will be reclassified into interest expense during the next twelve months		8,200,000
Reclassification Out of Other Comprehensive Income \| Designated as Cash Flow Hedges
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest expense		$ 2,100,000	$ 2,600,000
Interest Rate Swap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional value	$ 2,060,000,000
Derivative, maturity date	Oct. 24, 2022
Derivative, weighted average fixed rate paid	2.105%
Interest Rate Swap \| Minimum
Derivative Instruments And Hedging Activities Disclosures [Line Items]
LIBOR, variable rate	1.00%

Derivative Instruments and Hedging Activities - Summary of Fair Value of Derivative Instruments and Presentation in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivatives Fair Value [Line Items]
Derivative asset	$ 9,357	$ 31,043
Interest Rate Swap
Derivatives Fair Value [Line Items]
Derivative asset	$ 9,357	$ 31,043

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Goodwill [Line Items]
Goodwill at December 31, 2018	$ 692,385
Goodwill purchase accounting adjustments	(1,269)
Goodwill associated with acquisitions	1,770
Goodwill at March 31, 2019	692,886
Fiber Infrastructure
Goodwill [Line Items]
Goodwill at December 31, 2018	692,385
Goodwill purchase accounting adjustments	(1,269)
Goodwill associated with acquisitions	1,770
Goodwill at March 31, 2019	$ 692,886

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

12 Months Ended

Dec. 31, 2018

Mar. 31, 2019

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

Total intangible assets, Original Cost

$ 506,988

$ 452,597

Less: Accumulated amortization

(74,167)

(75,122)

Total intangible assets, net

432,821

377,475

Trade Names

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

Indefinite life intangible assets, Original Cost

2,000

Customer Lists

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

Finite life intangible assets, Original Cost

^[1]

451,997

450,597

Less: Accumulated amortization

^[1]

(69,393)

$ (75,122)

Tenant Contracts

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

Finite life intangible assets, Original Cost

^[1]

37,386

Less: Accumulated amortization

^[1]

(3,293)

Finite life intangible assets, Cumulative translation adjustment

^[1]

411

Network

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

Finite life intangible assets, Original Cost

^[1],[2]

13,541

Less: Accumulated amortization

^[1],[2]

(1,192)

Finite life intangible assets, Cumulative translation adjustment

^[1],[2]

144

Acquired Below-market Leases

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

Finite life intangible assets, Original Cost

^[1]

1,509

Less: Accumulated amortization

^[1]

(289)

Above Market Leases [Member]

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

Acquired above-market leases(3)

^[1]

3,440

Finite life intangible liabilities, Cost

3,258

Less: Accumulated amortization

(624)

Total intangible liabilities, net

^[3]

2,634

Finite life intangible liabilities, Cumulative translation adjustment

^[1]

$ (182)

[1]	Uniti Towers’ Latin American intangible assets were recorded as held for sale as of March 31, 2019. See Note 6.
[2]	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.
[3]	Recorded in accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet.

Goodwill and Intangible Assets and Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Remaining weighted average amortization period of intangible assets	17 years 10 months 24 days
Amortization	$ 6.3	$ 6.5
Estimated amortization expense for 2019	23.2
Estimated amortization expense for 2020	23.7
Estimated amortization expense for 2021	23.3
Estimated amortization expense for 2022	22.9
Estimated amortization expense for 2023	$ 22.8

Notes and Other Debt - Schedule of Notes and Other Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal amount of notes and other debt	$ 5,069,538	$ 4,965,808
Less unamortized discount, premium and debt issuance costs	(148,893)	(119,575)
Notes and other debt less unamortized discount, premium and debt issuance costs	4,920,645	4,846,233
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Principal amount of notes and other debt	2,060,538	2,065,808
Less unamortized discount, premium and debt issuance costs	(92,264)	(70,337)
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Principal amount of notes and other debt	550,000	550,000
Less unamortized discount, premium and debt issuance costs	(6,754)	(7,116)
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Principal amount of notes and other debt	1,110,000	1,110,000
Less unamortized discount, premium and debt issuance costs	(33,428)	(34,900)
Senior Unsecured Notes - 7.125% Due December 15, 2024
Debt Instrument [Line Items]
Principal amount of notes and other debt	600,000	600,000
Less unamortized discount, premium and debt issuance costs	(6,999)	(7,222)
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount of notes and other debt	749,000	$ 640,000
Less unamortized discount, premium and debt issuance costs	$ (9,448)

Notes and Other Debt - Schedule of Notes and Other Debt (Parenthetical) (Details)		3 Months Ended	12 Months Ended
	Mar. 18, 2019	Mar. 31, 2019	Dec. 31, 2018
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 24, 2022	Oct. 24, 2022	Oct. 24, 2022
Debt instrument, imputed interest rate		7.47%	7.47%
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Debt instrument, maturity date		Apr. 15, 2023	Apr. 15, 2023
Debt instrument, imputed interest rate		6.29%	6.29%
Issuance senior notes, stated percentage		6.00%	6.00%
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Debt instrument, maturity date		Oct. 15, 2023	Oct. 15, 2023
Debt instrument, imputed interest rate		9.06%	9.06%
Issuance senior notes, stated percentage		8.25%	8.25%
Senior Unsecured Notes - 7.125% Due December 15, 2024
Debt Instrument [Line Items]
Debt instrument, maturity date		Dec. 15, 2024	Dec. 15, 2024
Issuance senior notes, stated percentage		7.125%	7.125%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, maturity date		Apr. 24, 2020	Apr. 24, 2020

Notes and Other Debt - Additional Information (Details) - USD ($) $ in Thousands						3 Months Ended		12 Months Ended
	Mar. 18, 2019	May 08, 2017	Dec. 15, 2016	Jun. 09, 2016	Apr. 25, 2015	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Apr. 28, 2017	Apr. 24, 2015
Debt Instrument [Line Items]
Debt instrument amount						$ 5,069,538		$ 4,965,808
Consolidated secured leverage ratio						500.00%
Percentage of pay cash dividends in excess of taxable income	90.00%
Amortization of deferred financing costs						$ 3,800	$ 3,600
Maximum
Debt Instrument [Line Items]
Consolidated secured leverage ratio									500.00%
Consolidated total leverage ratio									650.00%
Maximum \| Pro Forma
Debt Instrument [Line Items]
Consolidated secured leverage ratio									400.00%
CSL Capital, LLC
Debt Instrument [Line Items]
Debt instrument, debt default, description of violation or event of default						In particular, a repayment obligation could be triggered if (i) the Borrowers or certain of their subsidiaries fail to make a payment when due of any principal or interest on any other indebtedness aggregating $75.0 million or more, or (ii) an event occurs that causes, or would permit the holders of any other indebtedness aggregating $75.0 million or more to cause, such indebtedness to become due prior to its stated maturity.
Debt Instrument, debt default, amount									$ 75,000
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument amount						$ 2,060,538		$ 2,065,808
Debt instrument, maturity date	Oct. 24, 2022					Oct. 24, 2022		Oct. 24, 2022
Senior Secured Term Loan B Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	5.00%
Issuance senior notes, floor rate	1.00%
Debt instrument, increase in basis spread on variable rate	2.00%
Senior Secured Term Loan B Facility \| CSL Capital, LLC
Debt Instrument [Line Items]
Issuance of senior notes, principal amount						$ 2,140,000
Debt amortization percentage						1.00%
Senior Secured Term Loan B Facility \| CSL Capital, LLC \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						5.00%
Senior Secured Term Loan B Facility \| CSL Capital, LLC \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Issuance senior notes, stated percentage						1.00%
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Debt instrument amount						$ 550,000		$ 550,000
Debt instrument, maturity date						Apr. 15, 2023		Apr. 15, 2023
Issuance senior notes, stated percentage						6.00%		6.00%
Senior Secured Notes - 6.00% Due April 15, 2023 \| CSL Capital, LLC
Debt Instrument [Line Items]
Issuance of senior notes, principal amount				$ 150,000		$ 550,000				$ 400,000
Notes issued price percentage at par				99.25%	100.00%
Senior Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Debt instrument amount						$ 1,110,000
Debt instrument, maturity date						Oct. 15, 2023
Issuance senior notes, stated percentage						8.25%
Senior Unsecured Notes - 7.125% Due December 15, 2024
Debt Instrument [Line Items]
Debt instrument amount						$ 600,000		$ 600,000
Debt instrument, maturity date						Dec. 15, 2024		Dec. 15, 2024
Issuance senior notes, stated percentage						7.125%		7.125%
Senior Unsecured Notes - 7.125% Due December 15, 2024 \| CSL Capital, LLC
Debt Instrument [Line Items]
Debt instrument amount						$ 600,000
Issuance of senior notes, principal amount		$ 200,000	$ 400,000
Notes issued price percentage at par		100.50%	100.00%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument amount						$ 749,000		$ 640,000
Debt instrument, maturity date						Apr. 24, 2020		Apr. 24, 2020
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 Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Debt instrument amount						$ 1,110,000		$ 1,110,000
Debt instrument, maturity date						Oct. 15, 2023		Oct. 15, 2023
Issuance senior notes, stated percentage						8.25%		8.25%
Senior Unsecured Notes - 8.25% Due October 15, 2023 \| CSL Capital, LLC
Debt Instrument [Line Items]
Issuance of senior notes, principal amount										$ 1,110,000
Notes issued price percentage at par					97.055%

Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Jan. 04, 2019	May 02, 2016	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred stock, par value			$ 0.0001		$ 0.0001
Non-Participating Securities
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted earnings per share			261,543	405,063
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
Hunt Telecommunications, LLC
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Contingent consideration settled through issuance of common shares	645,385
Contingent consideration settled through issuance of common shares, fair value	$ 11.2

Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income attributable to shareholders	$ 2,442	$ 1,210
Less: Income allocated to participating securities	(28)	(469)
Income allocated to participating securities on share settled contingent consideration arrangements		(210)
Dividends declared on convertible preferred stock	(656)	(656)
Amortization of discount on convertible preferred stock	(745)	(745)
Net income (loss) attributable to common shareholders	$ 1,013	$ (870)
Denominator:
Basic weighted-average common shares outstanding	182,219	174,892
Basic earnings per common share	$ 0.01
Numerator:
Net income attributable to shareholders	$ 2,442	$ 1,210
Less: Income allocated to participating securities	(28)	(469)
Dividends declared on convertible preferred stock	(656)	(656)
Amortization of discount on convertible preferred stock	(745)	(745)
Mark-to-market gain on share settled contingent consideration arrangements		(994)
Net income (loss) attributable to common shares	$ 1,013	$ (1,654)
Denominator:
Basic weighted-average common shares outstanding	182,219	174,892
Contingent consideration		607
Effect of dilutive non-participating securities	3
Weighted-average shares for dilutive earnings per common share	182,222	175,499
Dilutive earnings (loss) per common share	$ 0.01	$ (0.01)

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2019 Segment
Segment Reporting [Abstract]
Number of reportable business segments	4

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 261,031	$ 246,915
Adjusted EBITDA	200,275	196,701
Interest expense	84,458	77,607
Depreciation and amortization	103,827	114,721
Other (income) expense	(3,113)	(3,885)
Transaction related costs	6,669	5,913
Stock-based compensation	1,888	2,210
Income tax expense (benefit)	4,054	(1,096)
Net income	2,492	1,231
Leasing
Segment Reporting Information [Line Items]
Revenues	176,083	172,774
Adjusted EBITDA	174,751	172,369
Depreciation and amortization	73,754	86,744
Fiber Infrastructure
Segment Reporting Information [Line Items]
Revenues	76,833	66,967
Adjusted EBITDA	30,000	29,195
Depreciation and amortization	28,258	25,905
Towers
Segment Reporting Information [Line Items]
Revenues	5,080	3,370
Adjusted EBITDA	325	(463)
Depreciation and amortization	1,414	1,477
Consumer CLEC
Segment Reporting Information [Line Items]
Revenues	3,035	3,804
Adjusted EBITDA	646	913
Depreciation and amortization	346	498
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA	(5,447)	(5,313)
Depreciation and amortization	$ 55	$ 97

Commitments and Contingencies - Additional Information (Details)	Mar. 31, 2019 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Obligations under tax matters agreement	$ 0

Accumulated Other Comprehensive (Loss) Income - Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period attributable to common shareholders	$ (1,585,578)
Changes in foreign currency translation	780	$ 4,565
Ending balance, value	(1,550,782)	(1,271,617)
Balance at end of period attributable to common shareholders	(1,642,538)
Accumulated other comprehensive income at end of period	9,661	46,735	$ 30,105
Cash Flow Hedge Changes in Fair Value Gain (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period attributable to common shareholders	30,042	6,793
Other comprehensive (loss) income before reclassifications	(19,626)	32,670
Amounts reclassified from accumulated other comprehensive income	(2,060)	2,598
Ending balance, value	8,356	42,061
Less: Other comprehensive (loss) income attributable to noncontrolling interest	(479)	1,256
Balance at end of period attributable to common shareholders	8,835	40,805
Foreign Currency Translation Gain (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period attributable to common shareholders	63	1,393
Changes in foreign currency translation	780	4,565
Ending balance, value	843	5,958
Less: Other comprehensive (loss) income attributable to noncontrolling interest	17	28
Balance at end of period attributable to common shareholders	$ 826	$ 5,930

Capital Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Schedule Of Capitalization Equity [Line Items]
Aggregate offering price of common stock	$ 18	$ 18
Proceeds from issuance of common stock, net of issuance costs	21,641
ATM Program
Schedule Of Capitalization Equity [Line Items]
Proceeds from issuance of common stock, net of issuance costs	131,200
Payments for stock issuance costs, commissions	1,700
ATM Program \| Maximum
Schedule Of Capitalization Equity [Line Items]
Aggregate offering price of common stock	$ 250,000
ATM Program \| Common Stock
Schedule Of Capitalization Equity [Line Items]
Issued and sold common stock shares	6,700,000
Weighted average price per share	$ 19.92

Subsequent Events - Additional Information (Details) - Uniti Towers Business - Latin American $ in Millions	Apr. 02, 2019 USD ($) Tower	Feb. 19, 2019 USD ($)
Subsequent Event [Line Items]
Sale of business operation, consideration		$ 100
Subsequent Events
Subsequent Event [Line Items]
Sale of business operation, consideration	$ 100
Number of towers sold \| Tower	500