☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 20-4300339 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
Page | ||||||||||||
Item 1. | Business | |||||||||||
Item 1A. | Risk Factors | |||||||||||
Item 1B. | ||||||||||||
Item 2. | Properties | |||||||||||
Item 3. | Legal Proceedings | |||||||||||
Item 4. | ||||||||||||
Item 5. | ||||||||||||
Item 6. | ||||||||||||
Item 7. | ||||||||||||
Item 7A. | ||||||||||||
Item 8. | ||||||||||||
Item 9. | ||||||||||||
Item 9A. | ||||||||||||
Item 9B. | Other Information | |||||||||||
Item 14. | Principal | |||||||||||
Item 15. | ||||||||||||
Item 16. | Form 10-K Summary | |||||||||||
•"Item 1. Business—Overview" for information regarding our site portfolio. •"Item 7. MD&A—Liquidity and Capital Resources—Material Cash Requirements" for information regarding our lease obligations. • |
"Schedule III - Schedule of Real Estate and Accumulated Depreciation" for further information on our productive properties. |
Years Ended December 31, | |||||||||||||||||||
(In thousands of dollars) | 2019(c) | 2018(c) | 2017(c) | 2016(c) | 2015(c) | ||||||||||||||
(As Restated)(d) | |||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Site rental revenues: | |||||||||||||||||||
Revenues from tenant contracts | $ | 678,150 | $ | 659,490 | $ | 616,897 | $ | 611,639 | $ | 607,276 | |||||||||
Amortization of tower installations and modifications(a) | 52,341 | 43,491 | 38,435 | 34,507 | 29,566 | ||||||||||||||
Total site rental revenues | 730,491 | 702,981 | 655,332 | 646,146 | 636,842 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Site rental costs of operations—third parties(b) | 152,619 | 149,748 | 149,764 | 151,812 | 150,225 | ||||||||||||||
Site rental costs of operations—related parties(b) | 43,281 | 40,981 | 36,655 | 33,901 | 31,859 | ||||||||||||||
Site rental costs of operations—total(b) | 195,900 | 190,729 | 186,419 | 185,713 | 182,084 | ||||||||||||||
Management fee—related party | 49,837 | 48,520 | 46,946 | 45,433 | 43,709 | ||||||||||||||
Asset write-down charges | 1,050 | 593 | 181 | 4,851 | 6,021 | ||||||||||||||
Depreciation, amortization and accretion | 207,396 | 207,528 | 207,764 | 207,826 | 205,904 | ||||||||||||||
Total operating expenses | 454,183 | 447,370 | 441,310 | 443,823 | 437,718 | ||||||||||||||
Operating income (loss) | 276,308 | 255,611 | 214,022 | 202,323 | 199,124 | ||||||||||||||
Interest expense and amortization of deferred financing costs | (39,874 | ) | (39,874 | ) | (39,874 | ) | (49,515 | ) | (53,223 | ) | |||||||||
Gains (losses) on retirement of debt | — | — | — | (10,273 | ) | — | |||||||||||||
Other income (expense) | 669 | 196 | 287 | (242 | ) | (244 | ) | ||||||||||||
Income (loss) before income taxes | 237,103 | 215,933 | 174,435 | 142,293 | 145,657 | ||||||||||||||
Benefit (provision) for income taxes | (426 | ) | (416 | ) | 614 | 668 | 733 | ||||||||||||
Net income (loss) | $ | 236,677 | $ | 215,517 | $ | 175,049 | $ | 142,961 | $ | 146,390 |
Years Ended December 31, | |||||||||||||||||||
(In thousands of dollars) | 2019(b) | 2018(b) | 2017(b) | 2016(b) | 2015(b) | ||||||||||||||
(As Restated)(c) | |||||||||||||||||||
Other Data: | |||||||||||||||||||
Summary cash flow information(a): | |||||||||||||||||||
Net cash provided by (used for) operating activities | $ | 451,069 | $ | 426,841 | $ | 394,567 | $ | 370,211 | $ | 382,252 | |||||||||
Net cash provided by (used for) investing activities | (86,610 | ) | (70,929 | ) | (48,312 | ) | (52,037 | ) | (84,941 | ) | |||||||||
Net cash provided by (used for) financing activities | (362,759 | ) | (367,976 | ) | (335,034 | ) | (319,025 | ) | (303,141 | ) | |||||||||
Balance Sheet Data (at period end): | |||||||||||||||||||
Cash and cash equivalents | $ | 20,407 | $ | 18,707 | $ | 30,771 | $ | 19,550 | $ | 20,401 | |||||||||
Property and equipment, net | 1,010,367 | 1,010,451 | 1,033,258 | 1,081,050 | 1,128,713 | ||||||||||||||
Total assets | 4,601,457 | 3,614,120 | 3,748,589 | 3,907,225 | 4,063,081 | ||||||||||||||
Total debt | 995,431 | 994,047 | 992,663 | 991,279 | 1,487,055 | ||||||||||||||
Total member's equity(a) | 2,096,954 | 2,219,198 | 2,371,657 | 2,531,642 | 2,199,234 |
◦For U.S. federal income tax purposes, CCIC operates as a REIT and, as its indirect subsidiary, our assets and operations are included in the CCIC REIT. See "Item 1A. Risk Factors" and notes 2 and 8 to our consolidated financial statements. ◦Our subsidiaries (other than Crown Castle GS III Corp.) were organized specifically to own, lease and manage certain sites, such as towers or other structures, and have no employees. ◦Management services, including those functions reasonably necessary to maintain, market, operate, manage or administer our sites, are performed by CCUSA. The management fee is equal to 7.5% of our "Operating Revenues," as defined in the Management Agreement. • |
◦Approximately 89% of our site rental revenues were derived from T-Mobile (which includes revenues previously derived from Sprint), AT&T ◦The average number of tenants per site was approximately 2.5. 13 • |
Years Ended December 31, | Percent Change | Years Ended December 31, | Percent Change | |||||||||||||||||||||||||||||||||||||||||||
(In thousands of dollars) | 2019 | 2018 | 2017 | 2019 vs. 2018 | 2018 vs. 2017 | (In thousands of dollars) | 2020 | 2019 | 2018 | 2020 vs. 2019 | 2019 vs. 2018 | |||||||||||||||||||||||||||||||||||
(As Restated)(d) | ||||||||||||||||||||||||||||||||||||||||||||||
Site rental revenues: | Site rental revenues: | |||||||||||||||||||||||||||||||||||||||||||||
Revenues from tenant contracts | $ | 678,150 | $ | 659,490 | $ | 616,897 | 3 | % | 7 | % | Revenues from tenant contracts | $ | 691,365 | $ | 678,150 | $ | 659,490 | 2 | % | 3 | % | |||||||||||||||||||||||||
Amortization of tower installations and modifications(a) | 52,341 | 43,491 | 38,435 | 20 | % | 13 | % | Amortization of tower installations and modifications(a) | 58,455 | 52,341 | 43,491 | 12 | % | 20 | % | |||||||||||||||||||||||||||||||
Total site rental revenues | 730,491 | 702,981 | 655,332 | 4 | % | 7 | % | Total site rental revenues | 749,820 | 730,491 | 702,981 | 3 | % | 4 | % | |||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||
Costs of operations(b)(c) | 195,900 | 190,729 | 186,419 | 3 | % | 2 | % | |||||||||||||||||||||||||||||||||||||||
Management fee(c) | 49,837 | 48,520 | 46,946 | 3 | % | 3 | % | |||||||||||||||||||||||||||||||||||||||
Site rental cost of operations - third parties(b) | Site rental cost of operations - third parties(b) | 155,219 | 152,619 | 149,748 | 2 | % | 2 | % | ||||||||||||||||||||||||||||||||||||||
Ground rent expenses - related parties | Ground rent expenses - related parties | 45,886 | 43,281 | 40,981 | 6 | % | 6 | % | ||||||||||||||||||||||||||||||||||||||
Site rental cost of operations - total(b) | Site rental cost of operations - total(b) | 201,105 | 195,900 | 190,729 | 3 | % | 3 | % | ||||||||||||||||||||||||||||||||||||||
Management fee - related party | Management fee - related party | 51,847 | 49,837 | 48,520 | 4 | % | 3 | % | ||||||||||||||||||||||||||||||||||||||
Asset write-down charges | 1,050 | 593 | 181 | * | * | Asset write-down charges | 424 | 1,050 | 593 | * | * | |||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 207,396 | 207,528 | 207,764 | — | % | — | % | Depreciation, amortization and accretion | 210,333 | 207,396 | 207,528 | 1 | % | — | % | |||||||||||||||||||||||||||||||
Total operating expenses | 454,183 | 447,370 | 441,310 | 2 | % | 1 | % | Total operating expenses | 463,709 | 454,183 | 447,370 | 2 | % | 2 | % | |||||||||||||||||||||||||||||||
Operating income (loss) | 276,308 | 255,611 | 214,022 | 8 | % | 19 | % | Operating income (loss) | 286,111 | 276,308 | 255,611 | 4 | % | 8 | % | |||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | (39,874 | ) | (39,874 | ) | (39,874 | ) | — | % | — | % | (39,874) | (39,874) | (39,874) | — | % | — | % | |||||||||||||||||||||||||||||
Other income (expense) | 669 | 196 | 287 | * | * | Other income (expense) | 115 | 669 | 196 | * | * | |||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 237,103 | 215,933 | 174,435 | * | * | Income (loss) before income taxes | 246,352 | 237,103 | 215,933 | 4 | % | 10 | % | |||||||||||||||||||||||||||||||||
Benefit (provision) for income taxes | (426 | ) | (416 | ) | 614 | * | * | Benefit (provision) for income taxes | (399) | (426) | (416) | * | * | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 236,677 | $ | 215,517 | $ | 175,049 | * | * | Net income (loss) | $ | 245,953 | $ | 236,677 | $ | 215,517 | 4 | % | 10 | % |
* Percentage is not meaningful. (a) | (b)Exclusive of depreciation, amortization and accretion shown separately and certain indirect costs included in the management fee. |
(In thousands of dollars) | December 31, 2019 | ||
Cash and cash equivalents | 20,407 | ||
Debt | $ | 995,431 | |
Total equity | 2,096,954 |
(In thousands of dollars) | December 31, 2020 | ||||
Cash and cash equivalents | $ | 17,439 | |||
Debt | 996,815 | ||||
Total equity | 1,936,951 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
(In thousands of dollars) | (As Restated) | (In thousands of dollars) | ||||||||||||||||||||||||||
Net cash provided by (used for): | Net cash provided by (used for): | |||||||||||||||||||||||||||
Operating activities | $ | 451,069 | $ | 426,841 | $ | 394,567 | Operating activities | $ | 443,432 | $ | 451,069 | $ | 426,841 | |||||||||||||||
Investing activities | (86,610 | ) | (70,929 | ) | (48,312 | ) | Investing activities | (40,444) | (86,610) | (70,929) | ||||||||||||||||||
Financing activities | (362,759 | ) | (367,976 | ) | (335,034 | ) | Financing activities | (405,956) | (362,759) | (367,976) | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 1,700 | $ | (12,064 | ) | $ | 11,221 | Net increase (decrease) in cash and cash equivalents | $ | (2,968) | $ | 1,700 | $ | (12,064) |
Years Ended December 31, | |||||||||||||||||
(In thousands of dollars) | 2020 | 2019 | 2018 | ||||||||||||||
Discretionary | $ | 37,408 | $ | 79,039 | $ | 63,369 | |||||||||||
Sustaining | 3,036 | 7,571 | 7,560 | ||||||||||||||
Total | $ | 40,444 | $ | 86,610 | $ | 70,929 |
Years Ended December 31, | ||||||||
(In thousands of dollars) | 2019 | 2018 | 2017 | |||||
(As Restated) | ||||||||
Discretionary(a) | 79,039 | 63,369 | 38,812 | |||||
Sustaining | 7,571 | 7,560 | 9,500 | |||||
Total | 86,610 | 70,929 | 48,312 |
(In thousands of dollars) | Years Ending December 31, | (In thousands of dollars) | Years Ending December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Obligations(a) | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Material Cash Requirements(a) | Material Cash Requirements(a) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Totals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | $ | — | $ | — | $ | — | $ | 1,000,000 | $ | — | $ | — | $ | 1,000,000 | Debt | $ | — | $ | — | $ | 1,000,000 | $ | — | $ | — | $ | — | $ | 1,000,000 | |||||||||||||||||||||||||||||||||||||||
Interest payments on debt | 38,490 | 38,490 | 38,490 | 19,245 | — | — | 134,715 | Interest payments on debt | 38,490 | 38,490 | 19,245 | — | — | — | 96,225 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease obligations(b) | 107,579 | 107,746 | 107,486 | 106,990 | 106,000 | 1,185,872 | 1,721,673 | Lease obligations(b) | 108,739 | 108,718 | 108,372 | 107,561 | 106,926 | 1,130,872 | 1,671,188 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total contractual obligations | $ | 146,069 | $ | 146,236 | $ | 145,976 | $ | 1,126,235 | $ | 106,000 | $ | 1,185,872 | $ | 2,856,388 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total material cash requirements | Total material cash requirements | $ | 147,229 | $ | 147,208 | $ | 1,127,617 | $ | 107,561 | $ | 106,926 | $ | 1,130,872 | $ | 2,767,413 |
Page | |||||
Report of Independent Registered Public Accounting Firm | |||||
Consolidated Balance Sheet as of December 31, | |||||
Consolidated Statement of Operations for each of the three years in the period ended December 31, | |||||
Consolidated Statement of Cash Flows for each of the three years in the period ended December 31, | |||||
Consolidated Statement of Changes in Member's Equity for each of the three years in the period ended December 31, | |||||
Schedule II - Valuation and Qualifying Accounts for the years ended December 31, 2020, 2019 | |||||
Schedule III - Schedule of Real Estate and Accumulated Depreciation for the years ended December 31, |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 17,439 | $ | 20,407 | ||||||||||
Receivables, net of allowance of $1,697 and $1,631, respectively | 4,712 | 3,620 | ||||||||||||
Prepaid expenses | 12,499 | 12,714 | (a) | |||||||||||
Deferred site rental receivables | 37,577 | 29,643 | (a) | |||||||||||
Other current assets | 559 | 564 | ||||||||||||
Total current assets | 72,786 | 66,948 | ||||||||||||
Deferred site rental receivables | 346,019 | 354,075 | ||||||||||||
Property and equipment, net | 951,870 | 1,010,367 | ||||||||||||
Operating lease right-of-use assets | 1,166,726 | 1,150,476 | ||||||||||||
Goodwill | 1,338,730 | 1,338,730 | ||||||||||||
Site rental contracts and tenant relationships, net | 562,823 | 676,398 | ||||||||||||
Other intangible assets, net | 2,451 | 2,558 | ||||||||||||
Long-term prepaid rent and other assets, net | 1,627 | 1,905 | ||||||||||||
Total assets | $ | 4,443,032 | $ | 4,601,457 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 1,515 | $ | 2,652 | ||||||||||
Accrued interest | 8,126 | 8,126 | ||||||||||||
Deferred revenues(b) | 71,427 | 70,217 | ||||||||||||
Other accrued liabilities | 6,107 | 6,146 | ||||||||||||
Current portion of operating lease liabilities - third parties | 40,825 | 37,164 | ||||||||||||
Current portion of operating lease liabilities - related parties | 24,211 | 20,417 | ||||||||||||
Total current liabilities | 152,211 | 144,722 | ||||||||||||
Debt | 996,815 | 995,431 | ||||||||||||
Operating lease liabilities - third parties | 850,272 | 845,960 | ||||||||||||
Operating lease liabilities - related parties | 322,817 | 314,920 | ||||||||||||
Other long-term liabilities(b) | 183,966 | 203,470 | ||||||||||||
Total liabilities | 2,506,081 | 2,504,503 | ||||||||||||
Commitments and contingencies (note 9) | 0 | 0 | ||||||||||||
Member's equity: | ||||||||||||||
Member's equity | 1,936,951 | 2,096,954 | ||||||||||||
Accumulated earnings (deficit) | 0 | 0 | ||||||||||||
Total member's equity | 1,936,951 | 2,096,954 | ||||||||||||
Total liabilities and equity | $ | 4,443,032 | $ | 4,601,457 |
December 31, | |||||||
2019 | 2018 | ||||||
(As Restated) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 20,407 | $ | 18,707 | |||
Receivables, net of allowance of $1,631 and $1,601, respectively | 3,620 | 4,327 | |||||
Prepaid expenses(a) | 29,643 | 23,155 | |||||
Deferred site rental receivables | 12,714 | 26,460 | |||||
Other current assets | 564 | 554 | |||||
Total current assets | 66,948 | 73,203 | |||||
Deferred site rental receivables | 354,075 | 343,740 | |||||
Property and equipment, net | 1,010,367 | 1,010,451 | |||||
Operating lease right-of-use assets(a) | 1,150,476 | — | |||||
Goodwill | 1,338,730 | 1,338,730 | |||||
Site rental contracts and tenant relationships, net | 676,398 | 789,974 | |||||
Other intangible assets, net(a) | 2,558 | 18,353 | |||||
Long-term prepaid rent and other assets, net(a) | 1,905 | 39,669 | |||||
Total assets | $ | 4,601,457 | $ | 3,614,120 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,652 | $ | 1,933 | |||
Accrued interest | 8,126 | 8,126 | |||||
Deferred revenues | 70,217 | 59,766 | |||||
Other accrued liabilities(a) | 6,146 | 8,866 | |||||
Current portion of operating lease liabilities - third parties(a) | 37,164 | — | |||||
Current portion of operating lease liabilities - related parties(a) | 20,417 | — | |||||
Total current liabilities | 144,722 | 78,691 | |||||
Debt | 995,431 | 994,047 | |||||
Operating lease liabilities - third parties(a) | 845,960 | — | |||||
Operating lease liabilities - related parties(a) | 314,920 | — | |||||
Deferred ground lease payable(a) | — | 112,832 | |||||
Other long-term liabilities(a) | 203,470 | 209,352 | |||||
Total liabilities | 2,504,503 | 1,394,922 | |||||
Commitments and contingencies (note 10) | |||||||
Member's equity: | |||||||
Member's equity | 2,096,954 | 2,219,198 | |||||
Accumulated earnings (deficit) | — | — | |||||
Total member's equity | 2,096,954 | 2,219,198 | |||||
Total liabilities and equity | $ | 4,601,457 | $ | 3,614,120 |
Years Ended December 31, | |||||||||||||||||||||||||
2019 | 2018 | 2017 | Years Ended December 31, | ||||||||||||||||||||||
(As Restated) | 2020 | 2019 | 2018 | ||||||||||||||||||||||
Site rental revenues: | Site rental revenues: | ||||||||||||||||||||||||
Revenues from tenant contracts | 678,150 | 659,490 | 616,897 | Revenues from tenant contracts | $ | 691,365 | $ | 678,150 | $ | 659,490 | |||||||||||||||
Amortization of tower installations and modifications(a) | 52,341 | 43,491 | 38,435 | Amortization of tower installations and modifications(a) | 58,455 | 52,341 | 43,491 | ||||||||||||||||||
Total site rental revenues | 730,491 | 702,981 | 655,332 | Total site rental revenues | 749,820 | 730,491 | 702,981 | ||||||||||||||||||
Operating expenses: | Operating expenses: | ||||||||||||||||||||||||
Site rental costs of operations—third parties(b) | 152,619 | 149,748 | 149,764 | Site rental costs of operations—third parties(b) | 155,219 | 152,619 | 149,748 | ||||||||||||||||||
Site rental costs of operations—related parties(b) | 43,281 | 40,981 | 36,655 | ||||||||||||||||||||||
Ground rent expenses—related parties | Ground rent expenses—related parties | 45,886 | 43,281 | 40,981 | |||||||||||||||||||||
Site rental costs of operations—total(b) | 195,900 | 190,729 | 186,419 | Site rental costs of operations—total(b) | 201,105 | 195,900 | 190,729 | ||||||||||||||||||
Management fee—related party | 49,837 | 48,520 | 46,946 | Management fee—related party | 51,847 | 49,837 | 48,520 | ||||||||||||||||||
Asset write-down charges | 1,050 | 593 | 181 | Asset write-down charges | 424 | 1,050 | 593 | ||||||||||||||||||
Depreciation, amortization and accretion | 207,396 | 207,528 | 207,764 | Depreciation, amortization and accretion | 210,333 | 207,396 | 207,528 | ||||||||||||||||||
Total operating expenses | 454,183 | 447,370 | 441,310 | Total operating expenses | 463,709 | 454,183 | 447,370 | ||||||||||||||||||
Operating income (loss) | 276,308 | 255,611 | 214,022 | Operating income (loss) | 286,111 | 276,308 | 255,611 | ||||||||||||||||||
Interest expense and amortization of deferred financing costs | (39,874 | ) | (39,874 | ) | (39,874 | ) | Interest expense and amortization of deferred financing costs | (39,874) | (39,874) | (39,874) | |||||||||||||||
Other income (expense) | 669 | 196 | 287 | Other income (expense) | 115 | 669 | 196 | ||||||||||||||||||
Income (loss) before income taxes | 237,103 | 215,933 | 174,435 | Income (loss) before income taxes | 246,352 | 237,103 | 215,933 | ||||||||||||||||||
Benefit (provision) for income taxes | (426 | ) | (416 | ) | 614 | Benefit (provision) for income taxes | (399) | (426) | (416) | ||||||||||||||||
Net income (loss) | 236,677 | 215,517 | 175,049 | Net income (loss) | $ | 245,953 | $ | 236,677 | $ | 215,517 |
(a)Represents the amortization of deferred revenues recorded in connection with the tower installation and modification transactions (described in note 6) that result in permanent improvements to the Company's towers. The Company receives no cash from, and is not party to, such transactions (b)Exclusive of depreciation, amortization and accretion shown separately and certain indirect costs included in the management fee. |
Years Ended December 31, | ||||||||||||||||||||||||||||
2019 | 2018 | 2017 | Years Ended December 31, | |||||||||||||||||||||||||
(As Restated) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Cash flows from operating activities(a): | Cash flows from operating activities(a): | |||||||||||||||||||||||||||
Net income (loss) | $ | 236,677 | $ | 215,517 | $ | 175,049 | Net income (loss) | $ | 245,953 | $ | 236,677 | $ | 215,517 | |||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||||
Depreciation, amortization and accretion | 207,396 | 207,528 | 207,764 | Depreciation, amortization and accretion | 210,333 | 207,396 | 207,528 | |||||||||||||||||||||
Amortization of deferred financing costs | 1,384 | 1,384 | 1,384 | Amortization of deferred financing costs | 1,384 | 1,384 | 1,384 | |||||||||||||||||||||
Asset write-down charges | 1,050 | 593 | 181 | Asset write-down charges | 424 | 1,050 | 593 | |||||||||||||||||||||
Changes in assets and liabilities: | Changes in assets and liabilities: | |||||||||||||||||||||||||||
Increase (decrease) in accounts payable | (3,102 | ) | (81 | ) | (1,110 | ) | Increase (decrease) in accounts payable | 1,824 | (3,102) | (81) | ||||||||||||||||||
Increase (decrease) in other liabilities | 18,780 | 15,648 | 779 | Increase (decrease) in other liabilities | (19,506) | 18,780 | 15,648 | |||||||||||||||||||||
Decrease (increase) in receivables | 1,887 | (1,745 | ) | 946 | Decrease (increase) in receivables | (1,092) | 1,887 | (1,745) | ||||||||||||||||||||
Decrease (increase) in other assets | (13,003 | ) | (12,003 | ) | 9,574 | Decrease (increase) in other assets | 4,112 | (13,003) | (12,003) | |||||||||||||||||||
Net cash provided by (used for) operating activities | 451,069 | 426,841 | 394,567 | Net cash provided by (used for) operating activities | 443,432 | 451,069 | 426,841 | |||||||||||||||||||||
Cash flows from investing activities(a): | ||||||||||||||||||||||||||||
Capital expenditures | (86,610 | ) | (70,929 | ) | (48,312 | ) | ||||||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | |||||||||||||||||||||||||||
Capital expenditures(b) | Capital expenditures(b) | (40,444) | (86,610) | (70,929) | ||||||||||||||||||||||||
Net cash provided by (used for) investing activities | (86,610 | ) | (70,929 | ) | (48,312 | ) | Net cash provided by (used for) investing activities | (40,444) | (86,610) | (70,929) | ||||||||||||||||||
Cash flows from financing activities(a): | ||||||||||||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | |||||||||||||||||||||||||||
Distributions to member | (362,759 | ) | (367,976 | ) | (335,034 | ) | Distributions to member | (405,956) | (362,759) | (367,976) | ||||||||||||||||||
Net cash provided by (used for) financing activities | (362,759 | ) | (367,976 | ) | (335,034 | ) | Net cash provided by (used for) financing activities | (405,956) | (362,759) | (367,976) | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,700 | (12,064 | ) | 11,221 | Net increase (decrease) in cash and cash equivalents | (2,968) | 1,700 | (12,064) | ||||||||||||||||||||
Cash and cash equivalents at beginning of year | 18,707 | 30,771 | 19,550 | Cash and cash equivalents at beginning of year | 20,407 | 18,707 | 30,771 | |||||||||||||||||||||
Cash and cash equivalents at end of year | $ | 20,407 | $ | 18,707 | $ | 30,771 | Cash and cash equivalents at end of year | $ | 17,439 | $ | 20,407 | $ | 18,707 |
Member's Equity | Accumulated Earnings (Deficit) | Total | |||||||||
Balance, December 31, 2016 (as restated) | $ | 2,531,642 | $ | — | $ | 2,531,642 | |||||
Distributions to member (note 7) (as restated)(a) | (159,985 | ) | (175,049 | ) | (335,034 | ) | |||||
Net income (loss) (as restated) | — | 175,049 | 175,049 | ||||||||
Balance, December 31, 2017 (as restated) | $ | 2,371,657 | $ | — | $ | 2,371,657 | |||||
Distributions to member (note 7) (as restated)(a) | (152,459 | ) | (215,517 | ) | (367,976 | ) | |||||
Net income (loss) (as restated) | — | 215,517 | 215,517 | ||||||||
Balance, December 31, 2018 (as restated) | $ | 2,219,198 | $ | — | $ | 2,219,198 | |||||
Other contribution from parent (note 7) | 3,838 | — | 3,838 | ||||||||
Distributions to member (note 7)(a) | (126,082 | ) | (236,677 | ) | (362,759 | ) | |||||
Net income (loss) | — | 236,677 | 236,677 | ||||||||
Balance, December 31, 2019 | $ | 2,096,954 | $ | — | $ | 2,096,954 |
Member's Equity | Accumulated Earnings (Deficit) | Total | |||||||||||||||
Balance, December 31, 2017 | $ | 2,371,657 | $ | 0 | $ | 2,371,657 | |||||||||||
Distributions to member (note 6)(a) | (152,459) | (215,517) | (367,976) | ||||||||||||||
Net income (loss) | 0 | 215,517 | 215,517 | ||||||||||||||
Balance, December 31, 2018 | $ | 2,219,198 | $ | 0 | $ | 2,219,198 | |||||||||||
Other contribution from parent (note 6) | 3,838 | 0 | 3,838 | ||||||||||||||
Distributions to member (note 6)(a) | (126,082) | (236,677) | (362,759) | ||||||||||||||
Net income (loss) | 0 | 236,677 | 236,677 | ||||||||||||||
Balance, December 31, 2019 | $ | 2,096,954 | $ | 0 | $ | 2,096,954 | |||||||||||
Distributions to member (note 6)(a) | (160,003) | (245,953) | (405,956) | ||||||||||||||
Net income (loss) | 0 | 245,953 | 245,953 | ||||||||||||||
Balance, December 31, 2020 | $ | 1,936,951 | $ | 0 | $ | 1,936,951 |
December 31, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
ASSETS | |||||||||||||||
Property and equipment, net | $ | 1,017,767 | $ | (4,584 | ) | $ | (2,732 | ) | $ | 1,010,451 | |||||
Total assets | 3,621,436 | (4,584 | ) | (2,732 | ) | 3,614,120 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Current liabilities: | |||||||||||||||
Deferred revenues(a) | 12,533 | 47,233 | — | 59,766 | |||||||||||
Total current liabilities | 31,458 | 47,233 | — | 78,691 | |||||||||||
Other long-term liabilities(a) | 50,108 | 159,244 | — | 209,352 | |||||||||||
Total liabilities | 1,188,445 | 206,477 | — | 1,394,922 | |||||||||||
Member's equity: | |||||||||||||||
Member's equity | 2,432,991 | (211,061 | ) | (2,732 | ) | 2,219,198 | |||||||||
Total member's equity | 2,432,991 | (211,061 | ) | (2,732 | ) | 2,219,198 | |||||||||
Total liabilities and equity | $ | 3,621,436 | $ | (4,584 | ) | $ | (2,732 | ) | $ | 3,614,120 |
Year Ended December 31, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Site rental revenues: | |||||||||||||||
Revenues from tenant contracts | $ | 659,490 | $ | — | $ | — | $ | 659,490 | |||||||
Amortization of tower installations and modifications(a) | — | 43,491 | — | 43,491 | |||||||||||
Total site rental revenues | 659,490 | 43,491 | — | 702,981 | |||||||||||
Operating expenses: | |||||||||||||||
Depreciation, amortization and accretion | 210,072 | (2,367 | ) | $ | (177 | ) | 207,528 | ||||||||
Total operating expenses | 449,914 | (2,367 | ) | (177 | ) | 447,370 | |||||||||
Operating income (loss) | 209,576 | 45,858 | 177 | 255,611 | |||||||||||
Income (loss) before income taxes | 169,898 | 45,858 | 177 | 215,933 | |||||||||||
Net income (loss) | $ | 169,482 | $ | 45,858 | $ | 177 | $ | 215,517 |
Year Ended December 31, 2017 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Site rental revenues: | |||||||||||||||
Revenues from tenant contracts | $ | 616,897 | $ | — | $ | — | $ | 616,897 | |||||||
Amortization of tower installations and modifications(a) | — | 38,435 | — | 38,435 | |||||||||||
Total site rental revenues | 616,897 | 38,435 | — | 655,332 | |||||||||||
Operating expenses: | |||||||||||||||
Depreciation, amortization and accretion | 210,607 | (2,710 | ) | (133 | ) | 207,764 | |||||||||
Total operating expenses | 444,153 | (2,710 | ) | (133 | ) | 441,310 | |||||||||
Operating income (loss) | 172,744 | 41,145 | 133 | 214,022 | |||||||||||
Income (loss) before income taxes | 133,157 | 41,145 | 133 | 174,435 | |||||||||||
Net income (loss) | $ | 133,771 | $ | 41,145 | $ | 133 | $ | 175,049 |
Year Ended December 31, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Cash flows from operating activities(a): | |||||||||||||||
Net income (loss) | $ | 169,482 | $ | 45,858 | $ | 177 | $ | 215,517 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation, amortization and accretion | 210,072 | (2,367 | ) | (177 | ) | 207,528 | |||||||||
Increase (decrease) in other liabilities | 4,346 | 11,302 | — | 15,648 | |||||||||||
Net cash provided by (used for) operating activities | 372,048 | 54,793 | — | 426,841 | |||||||||||
Cash flows from investing activities(a): | |||||||||||||||
Capital expenditures | (71,150 | ) | — | 221 | (70,929 | ) | |||||||||
Net cash provided by (used for) investing activities | (71,150 | ) | — | 221 | (70,929 | ) | |||||||||
Cash flows from financing activities(a): | |||||||||||||||
Distributions to member | (312,962 | ) | (54,793 | ) | (221 | ) | (367,976 | ) | |||||||
Net cash provided by (used for) financing activities | (312,962 | ) | (54,793 | ) | (221 | ) | (367,976 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (12,064 | ) | — | — | (12,064 | ) | |||||||||
Cash and cash equivalents at beginning of year | 30,771 | — | — | 30,771 | |||||||||||
Cash and cash equivalents at end of year | $ | 18,707 | $ | — | $ | — | $ | 18,707 |
Year Ended December 31, 2017 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Cash flows from operating activities(a): | |||||||||||||||
Net income (loss) | $ | 133,771 | $ | 41,145 | $ | 133 | $ | 175,049 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation, amortization and accretion | 210,607 | (2,710 | ) | (133 | ) | 207,764 | |||||||||
Increase (decrease) in other liabilities | 1,964 | (1,185 | ) | — | 779 | ||||||||||
Net cash provided by (used for) operating activities | 357,317 | 37,250 | — | 394,567 | |||||||||||
Cash flows from investing activities(a): | |||||||||||||||
Capital expenditures | (49,551 | ) | — | 1,239 | (48,312 | ) | |||||||||
Net cash provided by (used for) investing activities | (49,551 | ) | — | 1,239 | (48,312 | ) | |||||||||
Cash flows from financing activities(a): | |||||||||||||||
Distributions to member | (296,545 | ) | (37,250 | ) | (1,239 | ) | (335,034 | ) | |||||||
Net cash provided by (used for) financing activities | (296,545 | ) | (37,250 | ) | (1,239 | ) | (335,034 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 11,221 | — | — | 11,221 | |||||||||||
Cash and cash equivalents at beginning of year | 19,550 | — | — | 19,550 | |||||||||||
Cash and cash equivalents at end of year | $ | 30,771 | $ | — | $ | — | $ | 30,771 |
December 31, 2016 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Member's equity | $ | 2,739,245 | $ | (206,021 | ) | $ | (1,582 | ) | $ | 2,531,642 | |||||
Total member's equity | $ | 2,739,245 | $ | (206,021 | ) | $ | (1,582 | ) | $ | 2,531,642 | |||||
December 31, 2017 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Member's equity | $ | 2,576,471 | $ | (202,126 | ) | $ | (2,688 | ) | $ | 2,371,657 | |||||
Total member's equity | $ | 2,576,471 | $ | (202,126 | ) | $ | (2,688 | ) | $ | 2,371,657 | |||||
December 31, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Member's equity | $ | 2,432,991 | $ | (211,061 | ) | $ | (2,732 | ) | $ | 2,219,198 | |||||
Total member's equity | $ | 2,432,991 | $ | (211,061 | ) | $ | (2,732 | ) | $ | 2,219,198 |
Estimated Useful Lives | December 31, | ||||||||||||||||||||||||||
2019 | 2018 | Estimated Useful Lives | December 31, | ||||||||||||||||||||||||
(As Restated) | 2020 | 2019 | |||||||||||||||||||||||||
Land(a) | — | $ | 76,610 | $ | 72,665 | Land(a) | — | $ | 76,685 | $ | 76,610 | ||||||||||||||||
Towers | 1-20 years | 1,992,394 | 1,918,766 | Towers | 1-20 years | 2,046,165 | 1,992,394 | ||||||||||||||||||||
Construction in progress | — | 36,718 | 23,505 | Construction in progress | — | 19,075 | 36,718 | ||||||||||||||||||||
Total gross property and equipment | 2,105,722 | 2,014,936 | Total gross property and equipment | 2,141,925 | 2,105,722 | ||||||||||||||||||||||
Less accumulated depreciation | (1,095,355 | ) | (1,004,485 | ) | Less accumulated depreciation | (1,190,055) | (1,095,355) | ||||||||||||||||||||
Total property and equipment, net | $ | 1,010,367 | $ | 1,010,451 | Total property and equipment, net | $ | 951,870 | $ | 1,010,367 |
(a)Includes land owned through fee interests and perpetual easements. |
As of December 31, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Book Value | Gross Carrying Value | Accumulated Amortization | Net Book Value | ||||||||||||||||||||||||||||||
Site rental contracts and tenant relationships | $ | 2,102,864 | $ | (1,540,041) | $ | 562,823 | $ | 2,102,864 | $ | (1,426,466) | $ | 676,398 | |||||||||||||||||||||||
Other intangible assets | 12,336 | (9,885) | 2,451 | 12,336 | (9,778) | 2,558 | |||||||||||||||||||||||||||||
Total | $ | 2,115,200 | $ | (1,549,926) | $ | 565,274 | $ | 2,115,200 | $ | (1,436,244) | $ | 678,956 |
As of December 31, 2019 | As of December 31, 2018 | ||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Book Value | Gross Carrying Value | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Site rental contracts and tenant relationships | $ | 2,102,864 | $ | (1,426,466 | ) | $ | 676,398 | $ | 2,102,864 | $ | (1,312,890 | ) | $ | 789,974 | |||||||||
Other intangible assets | 12,336 | (9,778 | ) | 2,558 | 51,102 | (32,749 | ) | 18,353 | |||||||||||||||
Total | $ | 2,115,200 | $ | (1,436,244 | ) | $ | 678,956 | $ | 2,153,966 | $ | (1,345,639 | ) | $ | 808,327 |
For Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Depreciation, amortization and accretion | $ | 113,682 | $ | 113,655 | $ | 113,635 | |||||
Site rental costs of operations | — | 1,514 | 1,591 | ||||||||
Total amortization expense | $ | 113,682 | $ | 115,169 | $ | 115,226 |
For Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Depreciation, amortization and accretion | $ | 113,682 | $ | 113,682 | $ | 113,655 | |||||||||||
Site rental costs of operations(a) | 0 | 0 | 1,514 | ||||||||||||||
Total amortization expense | $ | 113,682 | $ | 113,682 | $ | 115,169 |
Years Ending December 31, | |||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||
Estimated annual amortization | $ | 113,682 | $ | 113,682 | $ | 113,682 | $ | 77,526 | $ | 70,295 |
Years Ending December 31, | |||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||||
Estimated annual amortization | $ | 113,682 | $ | 113,682 | $ | 113,682 | $ | 113,682 | $ | 77,526 |
Years Ending December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total Cash Obligations | Unamortized Deferred Financing Costs | Total Debt Outstanding | |||||||||||||||||||||||||||
Scheduled contractual maturities | $ | — | $ | — | $ | — | $ | 1,000,000 | $ | — | $ | — | $ | 1,000,000 | $ | (4,569 | ) | $ | 995,431 |
Years Ending December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total Cash Obligations | Unamortized Deferred Financing Costs | Total Debt Outstanding | |||||||||||||||||||||||||||||||||||||||||||||
Scheduled contractual maturities | $ | 0 | $ | 0 | $ | 1,000,000 | $ | 0 | $ | 0 | $ | 0 | $ | 1,000,000 | $ | (3,185) | $ | 996,815 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Interest expense on debt obligations | $ | 38,490 | $ | 38,490 | $ | 38,490 | |||||||||||
Amortization of deferred financing costs | 1,384 | 1,384 | 1,384 | ||||||||||||||
Total | $ | 39,874 | $ | 39,874 | $ | 39,874 |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Interest expense on debt obligations | $ | 38,490 | $ | 38,490 | $ | 38,490 | |||||
Amortization of deferred financing costs | 1,384 | 1,384 | 1,384 | ||||||||
Total | $ | 39,874 | $ | 39,874 | $ | 39,874 |
Level in Fair Value Hierarchy | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 17,439 | $ | 17,439 | $ | 20,407 | $ | 20,407 | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Debt | 2 | 996,815 | 1,076,000 | 995,431 | 1,046,200 |
Level in Fair Value Hierarchy | December 31, 2019 | December 31, 2018 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | 1 | $ | 20,407 | $ | 20,407 | $ | 18,707 | $ | 18,707 | ||||||||
Liabilities: | |||||||||||||||||
Debt | 2 | 995,431 | 1,046,200 | 994,047 | 990,600 |
Years Ending December 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
Tenant leases(a) | $ | 701,781 | $ | 691,203 | $ | 566,683 | $ | 518,907 | $ | 456,828 | $ | 1,205,615 | $ | 4,141,017 |
Years Ended December 31, | |||||||||||
2020 | 2019(d) | ||||||||||
Lease cost(a): | |||||||||||
Operating lease expense(b) | $ | 113,234 | $ | 111,125 | |||||||
Variable lease expense(c) | 45,755 | 45,704 | |||||||||
Total lease expense | $ | 158,989 | $ | 156,829 |
Years Ending December 31, | |||||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | |||||||||||||||||||||
Tenant leases(a) | $ | 674,904 | $ | 674,505 | $ | 661,822 | $ | 525,154 | $ | 472,165 | $ | 1,412,873 | $ | 4,421,423 |
Year Ended | |||
December 31, 2019 | |||
Lease cost(a): | |||
Operating lease expense(b) | $ | 119,775 | |
Variable lease expense(c) | 37,054 | ||
Total lease expense | $ | 156,829 |
Years Ending December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total undiscounted lease payments | Less: Imputed interest | Total operating lease liabilities | |||||||||||||||||||||||||||
Operating leases(a)(b) | $ | 107,579 | $ | 107,746 | $ | 107,486 | $ | 106,990 | $ | 106,000 | $ | 1,185,872 | $ | 1,721,673 | $ | (503,212 | ) | $ | 1,218,461 |
Years Ending December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total undiscounted lease payments | Less: Imputed interest | Total operating lease liabilities | |||||||||||||||||||||||||||||||||||||||||||||
Operating leases(a)(b) | $ | 108,739 | $ | 108,718 | $ | 108,372 | $ | 107,561 | $ | 106,926 | $ | 1,130,872 | $ | 1,671,188 | $ | (433,063) | $ | 1,238,125 |
(a)Excludes the Company's contingent payments for operating leases (such as |
Years Ending December 31, | |||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | |||||||||||||||||||||
Operating leases(a) | $ | 142,671 | $ | 144,069 | $ | 144,390 | $ | 142,144 | $ | 140,193 | $ | 1,697,442 | $ | 2,410,909 |
Years Ended December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
(As Restated) | ||||||||
Sprint | 33 | % | 35 | % | 36 | % | ||
AT&T | 22 | % | 20 | % | 20 | % | ||
T-Mobile | 20 | % | 19 | % | 19 | % | ||
Verizon Wireless | 15 | % | 15 | % | 14 | % | ||
Total | 90 | % | 89 | % | 89 | % |
For Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash payments related to operating lease liabilities(a)(b)(c) | $ | 105,933 | $ | — | $ | — | |||||
Interest paid | $ | 38,490 | $ | 38,490 | $ | 38,490 | |||||
Supplemental disclosure of non-cash operating, investing and financing activities: | |||||||||||
New ROU assets obtained in exchange for operating lease liabilities(b)(c) | $ | 101,884 | $ | — | $ | — |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
T-Mobile | 52 | % | (a) | 20 | % | 19 | % | ||||||||||
AT&T | 22 | % | 22 | % | 20 | % | |||||||||||
Verizon Wireless | 15 | % | 15 | % | 15 | % | |||||||||||
Sprint | 0 | % | 33 | % | 35 | % | |||||||||||
Total | 89 | % | 90 | % | 89 | % |
Three Months Ended(a) | |||||||||||||||
December 31 | September 30 | June 30 | March 31 | ||||||||||||
(As Restated) | |||||||||||||||
2019: | |||||||||||||||
Total site rental revenues | $ | 184,864 | $ | 185,181 | $ | 180,953 | $ | 179,493 | |||||||
Operating income (loss) | 69,803 | 71,403 | 67,394 | 67,708 | |||||||||||
Benefit (provision) for income taxes | (119 | ) | (102 | ) | (107 | ) | (98 | ) | |||||||
Net income (loss) | $ | 59,940 | $ | 61,492 | $ | 57,607 | $ | 57,638 |
Three Months Ended(a) | |||||||||||||||
December 31 | September 30 | June 30 | March 31 | ||||||||||||
(As Restated) | |||||||||||||||
2018: | |||||||||||||||
Total site rental revenues | $ | 179,306 | $ | 175,954 | $ | 174,660 | $ | 173,061 | |||||||
Operating income (loss) | 67,275 | 64,284 | 62,491 | 61,561 | |||||||||||
Benefit (provision) for income taxes | (137 | ) | (93 | ) | (93 | ) | (93 | ) | |||||||
Net income (loss) | $ | 57,303 | $ | 54,312 | $ | 52,470 | $ | 51,432 |
September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||
(As Restated) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 18,486 | $ | 17,679 | $ | 17,710 | |||||
Receivables, net of allowance | 2,348 | 1,730 | 2,811 | ||||||||
Prepaid expenses(a) | 14,883 | 18,186 | 11,569 | ||||||||
Deferred site rental receivables and other current assets | 28,413 | 29,793 | 28,917 | ||||||||
Total current assets | 64,130 | 67,388 | 61,007 | ||||||||
Deferred site rental receivables | 352,984 | 348,047 | 345,000 | ||||||||
Property and equipment, net | 1,008,702 | 1,008,991 | 1,005,579 | ||||||||
Operating lease right-of-use assets(a) | 1,135,264 | 1,104,505 | 1,094,798 | ||||||||
Goodwill | 1,338,730 | 1,338,730 | 1,338,730 | ||||||||
Other intangible assets, net(a) | 707,376 | 735,797 | 764,217 | ||||||||
Long-term prepaid rent and other assets, net(a) | 1,878 | 1,930 | 2,177 | ||||||||
Total assets | $ | 4,609,064 | $ | 4,605,388 | $ | 4,611,508 | |||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 2,164 | $ | 6,404 | $ | 1,601 | |||||
Accrued interest | 17,748 | 8,126 | 17,748 | ||||||||
Deferred revenues(b) | 66,933 | 63,973 | 61,770 | ||||||||
Other accrued liabilities(a) | 7,484 | 7,722 | 10,409 | ||||||||
Current portion of operating lease liabilities - third parties(a) | 38,176 | 35,512 | 37,662 | ||||||||
Current portion of operating lease liabilities - related parties(a) | 16,397 | 16,137 | 18,072 | ||||||||
Total current liabilities | 148,902 | 137,874 | 147,262 | ||||||||
Debt | 995,085 | 994,739 | 994,393 | ||||||||
Operating lease liabilities - third parties(a) | 827,253 | 804,386 | 795,388 | ||||||||
Operating lease liabilities - related parties(a) | 319,472 | 314,291 | 309,975 | ||||||||
Other long-term liabilities(a)(b) | 200,648 | 197,241 | 193,126 | ||||||||
Total liabilities | 2,491,360 | 2,448,531 | 2,440,144 | ||||||||
Commitments and contingencies (see note 10) | |||||||||||
Member's equity: | |||||||||||
Member's equity | 2,117,704 | 2,156,857 | 2,171,364 | ||||||||
Accumulated earnings (deficit) | — | — | — | ||||||||
Total member's equity | 2,117,704 | 2,156,857 | 2,171,364 | ||||||||
Total liabilities and equity | $ | 4,609,064 | $ | 4,605,388 | $ | 4,611,508 |
September 30, 2018 | June 30, 2018 | March 31, 2018 | |||||||||
(As Restated) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 24,236 | $ | 21,655 | $ | 28,488 | |||||
Receivables, net of allowance | 2,740 | 2,350 | 2,744 | ||||||||
Prepaid expenses(a) | 28,615 | 27,444 | 19,305 | ||||||||
Deferred site rental receivables and other current assets | 25,739 | 39,928 | 29,478 | ||||||||
Total current assets | 81,330 | 91,377 | 80,015 | ||||||||
Deferred site rental receivables | 341,633 | 325,070 | 331,907 | ||||||||
Property and equipment, net | 1,014,028 | 1,017,638 | 1,024,460 | ||||||||
Goodwill | 1,338,730 | 1,338,730 | 1,338,730 | ||||||||
Other intangible assets, net(a) | 836,156 | 864,946 | 893,735 | ||||||||
Long-term prepaid rent and other assets, net(a) | 39,252 | 38,999 | 38,789 | ||||||||
Total assets | $ | 3,651,129 | $ | 3,676,760 | $ | 3,707,636 | |||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 2,325 | $ | 2,443 | $ | 1,738 | |||||
Accrued interest | 17,748 | 8,126 | 17,748 | ||||||||
Deferred revenues(b) | 57,765 | 54,945 | 52,855 | ||||||||
Other accrued liabilities(a) | 8,835 | 9,584 | 12,589 | ||||||||
Total current liabilities | 86,673 | 75,098 | 84,930 | ||||||||
Debt | 993,701 | 993,355 | 993,009 | ||||||||
Deferred ground lease payable(a) | 111,856 | 110,349 | 109,040 | ||||||||
Other long-term liabilities(a)(b) | 207,270 | 205,835 | 206,141 | ||||||||
Total liabilities | 1,399,500 | 1,384,637 | 1,393,120 | ||||||||
Commitments and contingencies (see note 10) | |||||||||||
Member's equity: | |||||||||||
Member's equity | 2,251,629 | 2,292,123 | 2,314,516 | ||||||||
Accumulated earnings (deficit) | — | — | — | ||||||||
Total member's equity | 2,251,629 | 2,292,123 | 2,314,516 | ||||||||
Total liabilities and equity | $ | 3,651,129 | $ | 3,676,760 | $ | 3,707,636 |
September 30, 2019 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
ASSETS | |||||||||||||||
Property and equipment, net | $ | 1,015,632 | $ | (4,140 | ) | $ | (2,790 | ) | $ | 1,008,702 | |||||
Total assets | 4,615,994 | (4,140 | ) | (2,790 | ) | 4,609,064 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Current liabilities: | |||||||||||||||
Deferred revenues(a) | 13,390 | 53,543 | — | 66,933 | |||||||||||
Total current liabilities | 95,359 | 53,543 | — | 148,902 | |||||||||||
Other long-term liabilities(a) | 35,618 | 165,030 | — | 200,648 | |||||||||||
Total liabilities | 2,272,787 | 218,573 | — | 2,491,360 | |||||||||||
Member's equity: | |||||||||||||||
Member's equity | 2,343,207 | (222,713 | ) | (2,790 | ) | 2,117,704 | |||||||||
Total member's equity | 2,343,207 | (222,713 | ) | (2,790 | ) | 2,117,704 | |||||||||
Total liabilities and equity | $ | 4,615,994 | $ | (4,140 | ) | $ | (2,790 | ) | $ | 4,609,064 |
June 30, 2019 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
ASSETS | |||||||||||||||
Property and equipment, net | $ | 1,016,024 | $ | (4,288 | ) | $ | (2,745 | ) | $ | 1,008,991 | |||||
Total assets | 4,612,421 | (4,288 | ) | (2,745 | ) | 4,605,388 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Current liabilities: | |||||||||||||||
Deferred revenues(a) | 12,347 | 51,626 | — | 63,973 | |||||||||||
Total current liabilities | 86,248 | 51,626 | — | 137,874 | |||||||||||
Other long-term liabilities(a) | 35,001 | 162,240 | — | 197,241 | |||||||||||
Total liabilities | 2,234,665 | 213,866 | — | 2,448,531 | |||||||||||
Member's equity: | |||||||||||||||
Member's equity | 2,377,756 | (218,154 | ) | (2,745 | ) | 2,156,857 | |||||||||
Total member's equity | 2,377,756 | (218,154 | ) | (2,745 | ) | 2,156,857 | |||||||||
Total liabilities and equity | $ | 4,612,421 | $ | (4,288 | ) | $ | (2,745 | ) | $ | 4,605,388 |
For Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash payments related to operating lease liabilities(a)(b) | $ | 106,877 | $ | 105,933 | $ | 0 | |||||||||||
Interest paid | 38,490 | 38,490 | 38,490 | ||||||||||||||
Supplemental disclosure of non-cash operating, investing and financing activities: | |||||||||||||||||
New ROU assets obtained in exchange for operating lease liabilities(b) | 57,112 | 101,884 | 0 | ||||||||||||||
Increase (decrease) in accounts payable for purchases of property and equipment | (2,961) | 3,821 | 213 |
March 31, 2019 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
ASSETS | |||||||||||||||
Property and equipment, net | $ | 1,012,769 | $ | (4,436 | ) | $ | (2,754 | ) | $ | 1,005,579 | |||||
Total assets | 4,618,698 | (4,436 | ) | (2,754 | ) | 4,611,508 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Current liabilities: | |||||||||||||||
Deferred revenues(a) | 12,436 | 49,334 | — | 61,770 | |||||||||||
Total current liabilities | 97,928 | 49,334 | — | 147,262 | |||||||||||
Other long-term liabilities(a) | 34,342 | 158,784 | — | 193,126 | |||||||||||
Total liabilities | 2,232,026 | 208,118 | — | 2,440,144 | |||||||||||
Member's equity: | |||||||||||||||
Member's equity | 2,386,672 | (212,554 | ) | (2,754 | ) | 2,171,364 | |||||||||
Total member's equity | 2,386,672 | (212,554 | ) | (2,754 | ) | 2,171,364 | |||||||||
Total liabilities and equity | $ | 4,618,698 | $ | (4,436 | ) | $ | (2,754 | ) | $ | 4,611,508 |
September 30, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
ASSETS | |||||||||||||||
Property and equipment, net | $ | 1,021,517 | $ | (4,740 | ) | $ | (2,749 | ) | $ | 1,014,028 | |||||
Total assets | 3,658,618 | (4,740 | ) | (2,749 | ) | 3,651,129 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Current liabilities: | |||||||||||||||
Deferred revenues(a) | 11,709 | 46,056 | — | 57,765 | |||||||||||
Total current liabilities | 40,617 | 46,056 | — | 86,673 | |||||||||||
Above-market leases and other long-term liabilities(a) | 49,936 | 157,334 | — | 207,270 | |||||||||||
Total liabilities | 1,196,110 | 203,390 | — | 1,399,500 | |||||||||||
Member's equity: | |||||||||||||||
Member's equity | 2,462,508 | (208,130 | ) | (2,749 | ) | 2,251,629 | |||||||||
Total member's equity | 2,462,508 | (208,130 | ) | (2,749 | ) | 2,251,629 | |||||||||
Total liabilities and equity | $ | 3,658,618 | $ | (4,740 | ) | $ | (2,749 | ) | $ | 3,651,129 |
June 30, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
ASSETS | |||||||||||||||
Property and equipment, net | $ | 1,025,250 | $ | (4,897 | ) | $ | (2,715 | ) | $ | 1,017,638 | |||||
Total assets | 3,684,372 | (4,897 | ) | (2,715 | ) | 3,676,760 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Current liabilities: | |||||||||||||||
Deferred revenues(a) | 12,043 | 42,902 | — | 54,945 | |||||||||||
Total current liabilities | 32,196 | 42,902 | — | 75,098 | |||||||||||
Above-market leases and other long-term liabilities(a) | 49,688 | 156,147 | — | 205,835 | |||||||||||
Total liabilities | 1,185,588 | 199,049 | — | 1,384,637 | |||||||||||
Member's equity: | |||||||||||||||
Member's equity | 2,498,784 | (203,946 | ) | (2,715 | ) | 2,292,123 | |||||||||
Total member's equity | 2,498,784 | (203,946 | ) | (2,715 | ) | 2,292,123 | |||||||||
Total liabilities and equity | $ | 3,684,372 | $ | (4,897 | ) | $ | (2,715 | ) | $ | 3,676,760 |
March 31, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
ASSETS | |||||||||||||||
Property and equipment, net | $ | 1,032,214 | $ | (5,054 | ) | $ | (2,700 | ) | $ | 1,024,460 | |||||
Total assets | 3,715,390 | (5,054 | ) | (2,700 | ) | 3,707,636 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||||
Current liabilities: | |||||||||||||||
Deferred revenues(a) | 11,929 | 40,926 | — | 52,855 | |||||||||||
Total current liabilities | 44,004 | 40,926 | — | 84,930 | |||||||||||
Above-market leases and other long-term liabilities(a) | 49,456 | 156,685 | — | 206,141 | |||||||||||
Total liabilities | 1,195,509 | 197,611 | — | 1,393,120 | |||||||||||
Member's equity: | |||||||||||||||
Member's equity | 2,519,881 | (202,665 | ) | (2,700 | ) | 2,314,516 | |||||||||
Total member's equity | 2,519,881 | (202,665 | ) | (2,700 | ) | 2,314,516 | |||||||||
Total liabilities and equity | $ | 3,715,390 | $ | (5,054 | ) | $ | (2,700 | ) | $ | 3,707,636 |
September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | |||||||||||||||
(As Restated) | |||||||||||||||||||
Site rental revenues: | |||||||||||||||||||
Revenues from tenant contracts | $ | 171,745 | $ | 507,256 | $ | 168,189 | $ | 335,511 | $ | 167,322 | |||||||||
Amortization of tower installations and modifications(a) | 13,436 | 38,371 | 12,764 | 24,935 | 12,171 | ||||||||||||||
Total site rental revenues | 185,181 | 545,627 | 180,953 | 360,446 | 179,493 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Site rental costs of operations—third parties(b) | 38,406 | 114,212 | 38,524 | 75,806 | 37,282 | ||||||||||||||
Site rental costs of operations—related parties(b) | 10,880 | 32,210 | 10,721 | 21,330 | 10,609 | ||||||||||||||
Site rental costs of operations—total(b) | 49,286 | 146,422 | 49,245 | 97,136 | 47,891 | ||||||||||||||
Management fee—related party | 12,611 | 37,238 | 12,503 | 24,627 | 12,124 | ||||||||||||||
Asset write-down charges | — | 375 | 185 | 375 | 190 | ||||||||||||||
Depreciation, amortization and accretion | 51,881 | 155,087 | 51,626 | 103,206 | 51,580 | ||||||||||||||
Total operating expenses | 113,778 | 339,122 | 113,559 | 225,344 | 111,785 | ||||||||||||||
Operating income (loss) | 71,403 | 206,505 | 67,394 | 135,102 | 67,708 | ||||||||||||||
Interest expense and amortization of deferred financing costs | (9,969 | ) | (29,906 | ) | (9,968 | ) | (19,937 | ) | (9,969 | ) | |||||||||
Other income (expense) | 160 | 445 | 288 | 285 | (3 | ) | |||||||||||||
Income (loss) before income taxes | 61,594 | 177,044 | 57,714 | 115,450 | 57,736 | ||||||||||||||
Benefit (provision) for income taxes | (102 | ) | (307 | ) | (107 | ) | (205 | ) | (98 | ) | |||||||||
Net income (loss) | $ | 61,492 | $ | 176,737 | $ | 57,607 | $ | 115,245 | $ | 57,638 |
December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | ||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | ||||||||||||||||||
(As Restated) | |||||||||||||||||||||||
Site rental revenues: | |||||||||||||||||||||||
Revenues from tenant contracts | $ | 167,332 | $ | 165,108 | $ | 492,158 | $ | 164,056 | $ | 327,050 | $ | 162,994 | |||||||||||
Amortization of tower installations and modifications(a) | 11,974 | 10,846 | 31,517 | 10,604 | 20,671 | 10,067 | |||||||||||||||||
Total site rental revenues | 179,306 | 175,954 | 523,675 | 174,660 | 347,721 | 173,061 | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Site rental costs of operations—third parties(b) | 36,270 | 37,616 | 112,469 | 38,355 | 75,862 | 37,507 | |||||||||||||||||
Site rental costs of operations—related parties(b) | 11,512 | 10,163 | 30,478 | 9,700 | 19,306 | 9,606 | |||||||||||||||||
Site rental costs of operations—total(b) | 47,782 | 47,779 | 142,947 | 48,055 | 95,168 | 47,113 | |||||||||||||||||
Management fee—related party | 12,293 | 12,207 | 36,227 | 12,031 | 24,020 | 11,989 | |||||||||||||||||
Asset write-down charges | 249 | — | 344 | — | 344 | 344 | |||||||||||||||||
Depreciation, amortization and accretion | 51,707 | 51,684 | 155,821 | 52,083 | 104,137 | 52,054 | |||||||||||||||||
Total operating expenses | 112,031 | 111,670 | 335,339 | 112,169 | 223,669 | 111,500 | |||||||||||||||||
Operating income (loss) | 67,275 | 64,284 | 188,336 | 62,491 | 124,052 | 61,561 | |||||||||||||||||
Interest expense and amortization of deferred financing costs | (9,968 | ) | (9,969 | ) | (29,906 | ) | (9,968 | ) | (19,937 | ) | (9,969 | ) | |||||||||||
Other income (expense) | 133 | 90 | 63 | 40 | (27 | ) | (67 | ) | |||||||||||||||
Income (loss) before income taxes | 57,440 | 54,405 | 158,493 | 52,563 | 104,088 | 51,525 | |||||||||||||||||
Benefit (provision) for income taxes | (137 | ) | (93 | ) | (279 | ) | (93 | ) | (186 | ) | (93 | ) | |||||||||||
Net income (loss) | $ | 57,303 | $ | 54,312 | $ | 158,214 | $ | 52,470 | $ | 103,902 | $ | 51,432 |
Nine Months Ended September 30, 2019 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Site rental revenues: | |||||||||||||||
Revenues from tenant contracts | $ | 507,256 | $ | — | $ | — | $ | 507,256 | |||||||
Amortization of tower installations and modifications(a) | — | 38,371 | — | 38,371 | |||||||||||
Total site rental revenues | 507,256 | 38,371 | — | 545,627 | |||||||||||
Operating expenses: | |||||||||||||||
Depreciation, amortization and accretion | 157,436 | (2,208 | ) | (141 | ) | 155,087 | |||||||||
Total operating expenses | 341,471 | (2,208 | ) | (141 | ) | 339,122 | |||||||||
Operating income (loss) | 165,785 | 40,579 | 141 | 206,505 | |||||||||||
Income (loss) before income taxes | 136,324 | 40,579 | 141 | 177,044 | |||||||||||
Net income (loss) | $ | 136,017 | $ | 40,579 | $ | 141 | $ | 176,737 |
Three Months Ended September 30, 2019 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Site rental revenues: | |||||||||||||||
Revenues from tenant contracts | $ | 171,745 | $ | — | $ | — | $ | 171,745 | |||||||
Amortization of tower installations and modifications(a) | — | 13,436 | — | 13,436 | |||||||||||
Total site rental revenues | 171,745 | 13,436 | — | 185,181 | |||||||||||
Operating expenses: | |||||||||||||||
Depreciation, amortization and accretion | 52,665 | (736 | ) | (48 | ) | 51,881 | |||||||||
Total operating expenses | 114,562 | (736 | ) | (48 | ) | 113,778 | |||||||||
Operating income (loss) | 57,183 | 14,172 | 48 | 71,403 | |||||||||||
Income (loss) before income taxes | 47,374 | 14,172 | 48 | 61,594 | |||||||||||
Net income (loss) | $ | 47,272 | $ | 14,172 | $ | 48 | $ | 61,492 |
Six Months Ended June 30, 2019 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Site rental revenues: | |||||||||||||||
Revenues from tenant contracts | $ | 335,511 | $ | — | $ | — | $ | 335,511 | |||||||
Amortization of tower installations and modifications(a) | — | 24,935 | — | 24,935 | |||||||||||
Total site rental revenues | 335,511 | 24,935 | — | 360,446 | |||||||||||
Operating expenses: | |||||||||||||||
Depreciation, amortization and accretion | 104,771 | (1,472 | ) | (93 | ) | 103,206 | |||||||||
Total operating expenses | 226,909 | (1,472 | ) | (93 | ) | 225,344 | |||||||||
Operating income (loss) | 108,602 | 26,407 | 93 | 135,102 | |||||||||||
Income (loss) before income taxes | 88,950 | 26,407 | 93 | 115,450 | |||||||||||
Net income (loss) | $ | 88,745 | $ | 26,407 | $ | 93 | $ | 115,245 |
Three Months Ended June 30, 2019 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Site rental revenues: | |||||||||||||||
Revenues from tenant contracts | $ | 168,189 | $ | — | $ | — | $ | 168,189 | |||||||
Amortization of tower installations and modifications(a) | — | 12,764 | — | 12,764 | |||||||||||
Total site rental revenues | 168,189 | 12,764 | — | 180,953 | |||||||||||
Operating expenses: | |||||||||||||||
Depreciation, amortization and accretion | 52,409 | (736 | ) | (47 | ) | 51,626 | |||||||||
Total operating expenses | 114,342 | (736 | ) | (47 | ) | 113,559 | |||||||||
Operating income (loss) | 53,847 | 13,500 | 47 | 67,394 | |||||||||||
Income (loss) before income taxes | 44,167 | 13,500 | 47 | 57,714 | |||||||||||
Net income (loss) | $ | 44,060 | $ | 13,500 | $ | 47 | $ | 57,607 |
Three Months Ended March 31, 2019 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Site rental revenues: | |||||||||||||||
Revenues from tenant contracts | $ | 167,322 | $ | — | $ | — | $ | 167,322 | |||||||
Amortization of tower installations and modifications(a) | — | 12,171 | — | 12,171 | |||||||||||
Total site rental revenues | 167,322 | 12,171 | — | 179,493 | |||||||||||
Operating expenses: | |||||||||||||||
Depreciation, amortization and accretion | 52,362 | (736 | ) | (46 | ) | 51,580 | |||||||||
Total operating expenses | 112,567 | (736 | ) | (46 | ) | 111,785 | |||||||||
Operating income (loss) | 54,755 | 12,907 | 46 | 67,708 | |||||||||||
Income (loss) before income taxes | 44,783 | 12,907 | 46 | 57,736 | |||||||||||
Net income (loss) | $ | 44,685 | $ | 12,907 | $ | 46 | $ | 57,638 |
Three Months Ended December 31, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Site rental revenues: | |||||||||||||||
Revenues from tenant contracts | $ | 167,332 | $ | — | $ | — | $ | 167,332 | |||||||
Amortization of tower installations and modifications(a) | — | 11,974 | — | 11,974 | |||||||||||
Total site rental revenues | 167,332 | 11,974 | — | 179,306 | |||||||||||
Operating expenses: | |||||||||||||||
Depreciation, amortization and accretion | 52,307 | (555 | ) | (45 | ) | 51,707 | |||||||||
Total operating expenses | 112,631 | (555 | ) | (45 | ) | 112,031 | |||||||||
Operating income (loss) | 54,701 | 12,529 | 45 | 67,275 | |||||||||||
Income (loss) before income taxes | 44,866 | 12,529 | 45 | 57,440 | |||||||||||
Net income (loss) | $ | 44,729 | $ | 12,529 | $ | 45 | $ | 57,303 |
Nine Months Ended September 30, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Site rental revenues: | |||||||||||||||
Revenues from tenant contracts | $ | 492,158 | $ | — | $ | — | $ | 492,158 | |||||||
Amortization of tower installations and modifications(a) | — | 31,517 | — | 31,517 | |||||||||||
Total site rental revenues | 492,158 | 31,517 | — | 523,675 | |||||||||||
Operating expenses: | |||||||||||||||
Depreciation, amortization and accretion | 157,765 | (1,812 | ) | (132 | ) | 155,821 | |||||||||
Total operating expenses | 337,283 | (1,812 | ) | (132 | ) | 335,339 | |||||||||
Operating income (loss) | 154,875 | 33,329 | 132 | 188,336 | |||||||||||
Income (loss) before income taxes | 125,032 | 33,329 | 132 | 158,493 | |||||||||||
Net income (loss) | $ | 124,753 | $ | 33,329 | $ | 132 | $ | 158,214 |
Three Months Ended September 30, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Site rental revenues: | |||||||||||||||
Revenues from tenant contracts | $ | 165,108 | $ | — | $ | — | $ | 165,108 | |||||||
Amortization of tower installations and modifications(a) | — | 10,846 | — | 10,846 | |||||||||||
Total site rental revenues | 165,108 | 10,846 | — | 175,954 | |||||||||||
Operating expenses: | |||||||||||||||
Depreciation, amortization and accretion | 52,333 | (604 | ) | (45 | ) | 51,684 | |||||||||
Total operating expenses | 112,319 | (604 | ) | (45 | ) | 111,670 | |||||||||
Operating income (loss) | 52,789 | 11,450 | 45 | 64,284 | |||||||||||
Income (loss) before income taxes | 42,910 | 11,450 | 45 | 54,405 | |||||||||||
Net income (loss) | $ | 42,817 | $ | 11,450 | $ | 45 | $ | 54,312 |
Six Months Ended June 30, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Site rental revenues: | |||||||||||||||
Revenues from tenant contracts | $ | 327,050 | $ | — | $ | — | $ | 327,050 | |||||||
Amortization of tower installations and modifications(a) | — | 20,671 | — | 20,671 | |||||||||||
Total site rental revenues | 327,050 | 20,671 | — | 347,721 | |||||||||||
Operating expenses: | |||||||||||||||
Depreciation, amortization and accretion | 105,432 | (1,208 | ) | (87 | ) | 104,137 | |||||||||
Total operating expenses | 224,964 | (1,208 | ) | (87 | ) | 223,669 | |||||||||
Operating income (loss) | 102,086 | 21,879 | 87 | 124,052 | |||||||||||
Income (loss) before income taxes | 82,122 | 21,879 | 87 | 104,088 | |||||||||||
Net income (loss) | $ | 81,936 | $ | 21,879 | $ | 87 | $ | 103,902 |
Three Months Ended June 30, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Site rental revenues: | |||||||||||||||
Revenues from tenant contracts | $ | 164,056 | $ | — | $ | — | $ | 164,056 | |||||||
Amortization of tower installations and modifications(a) | — | 10,604 | — | 10,604 | |||||||||||
Total site rental revenues | 164,056 | 10,604 | — | 174,660 | |||||||||||
Operating expenses: | |||||||||||||||
Depreciation, amortization and accretion | 52,731 | (604 | ) | (44 | ) | 52,083 | |||||||||
Total operating expenses | 112,817 | (604 | ) | (44 | ) | 112,169 | |||||||||
Operating income (loss) | 51,239 | 11,208 | 44 | 62,491 | |||||||||||
Income (loss) before income taxes | 41,311 | 11,208 | 44 | 52,563 | |||||||||||
Net income (loss) | $ | 41,218 | $ | 11,208 | $ | 44 | $ | 52,470 |
Three Months Ended March 31, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Site rental revenues: | |||||||||||||||
Revenues from tenant contracts | $ | 162,994 | $ | — | $ | — | $ | 162,994 | |||||||
Amortization of tower installations and modifications(a) | — | 10,067 | — | 10,067 | |||||||||||
Total site rental revenues | 162,994 | 10,067 | — | 173,061 | |||||||||||
Operating expenses: | |||||||||||||||
Depreciation, amortization and accretion | 52,701 | (604 | ) | (43 | ) | 52,054 | |||||||||
Total operating expenses | 112,147 | (604 | ) | (43 | ) | 111,500 | |||||||||
Operating income (loss) | 50,847 | 10,671 | 43 | 61,561 | |||||||||||
Income (loss) before income taxes | 40,811 | 10,671 | 43 | 51,525 | |||||||||||
Net income (loss) | $ | 40,718 | $ | 10,671 | $ | 43 | $ | 51,432 |
September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||
Nine Months Ended | Six Months Ended | Three Months Ended | |||||||||
(As Restated) | |||||||||||
Cash flows from operating activities(a): | |||||||||||
Net income (loss) | $ | 176,737 | $ | 115,245 | $ | 57,638 | |||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | 155,087 | 103,206 | 51,580 | ||||||||
Amortization of deferred financing costs | 1,038 | 692 | 346 | ||||||||
Asset write-down charges | 375 | 375 | 190 | ||||||||
Changes in assets and liabilities: | |||||||||||
Increase (decrease) in accrued interest | 9,622 | — | 9,622 | ||||||||
Increase (decrease) in accounts payable | (3,844 | ) | 605 | (32 | ) | ||||||
Increase (decrease) in other liabilities | 15,477 | 9,473 | 5,968 | ||||||||
Decrease (increase) in receivables | 1,978 | 2,597 | 1,516 | ||||||||
Decrease (increase) in other asset | (14,256 | ) | (14,277 | ) | (3,675 | ) | |||||
Net cash provided by (used for) operating activities | 342,214 | 217,916 | 123,153 | ||||||||
Cash flows from investing activities(a): | |||||||||||
Capital expenditures | (64,204 | ) | (41,358 | ) | (18,678 | ) | |||||
Net cash provided by (used for) investing activities | (64,204 | ) | (41,358 | ) | (18,678 | ) | |||||
Cash flows from financing activities(a): | |||||||||||
Distributions to member | (278,231 | ) | (177,586 | ) | (105,472 | ) | |||||
Net cash provided by (used for) financing activities | (278,231 | ) | (177,586 | ) | (105,472 | ) | |||||
Net increase (decrease) in cash and cash equivalents | (221 | ) | (1,028 | ) | (997 | ) | |||||
Cash and cash equivalents at beginning of year | 18,707 | 18,707 | 18,707 | ||||||||
Cash and cash equivalents at end of year | $ | 18,486 | $ | 17,679 | $ | 17,710 |
September 30, 2018 | June 30, 2018 | March 31, 2018 | |||||||||
Nine Months Ended | Six Months Ended | Three Months Ended | |||||||||
(As Restated) | |||||||||||
Cash flows from operating activities(a) : | |||||||||||
Net income (loss) | $ | 158,214 | $ | 103,902 | $ | 51,432 | |||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | 155,821 | 104,137 | 52,054 | ||||||||
Amortization of deferred financing costs | 1,038 | 692 | 346 | ||||||||
Asset write-down charges | 344 | 344 | 344 | ||||||||
Changes in assets and liabilities: | |||||||||||
Increase (decrease) in accrued interest | 9,622 | — | 9,622 | ||||||||
Increase (decrease) in accounts payable | 500 | 449 | (171 | ) | |||||||
Increase (decrease) in other liabilities | 10,826 | 6,020 | 6,107 | ||||||||
Decrease (increase) in receivables | (158 | ) | 231 | (163 | ) | ||||||
Decrease (increase) in other assets | (12,505 | ) | (9,155 | ) | 1,485 | ||||||
Net cash provided by (used for) operating activities | 323,702 | 206,620 | 121,056 | ||||||||
Cash flows from investing activities(a) : | |||||||||||
Capital expenditures | (51,995 | ) | (32,300 | ) | (14,766 | ) | |||||
Net cash provided by (used for) investing activities | (51,995 | ) | (32,300 | ) | (14,766 | ) | |||||
Cash flows from financing activities(a): | |||||||||||
Distributions to member | (278,242 | ) | (183,436 | ) | (108,573 | ) | |||||
Net cash provided by (used for) financing activities | (278,242 | ) | (183,436 | ) | (108,573 | ) | |||||
Net increase (decrease) in cash and cash equivalents | (6,535 | ) | (9,116 | ) | (2,283 | ) | |||||
Cash and cash equivalents at beginning of year | 30,771 | 30,771 | 30,771 | ||||||||
Cash and cash equivalents at end of year | $ | 24,236 | $ | 21,655 | $ | 28,488 |
Nine Months Ended September 30, 2019 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Cash flows from operating activities(a): | |||||||||||||||
Net income (loss) | $ | 136,017 | $ | 40,579 | $ | 141 | $ | 176,737 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation, amortization and accretion | 157,436 | (2,208 | ) | (141 | ) | 155,087 | |||||||||
Changes in assets and liabilities: | |||||||||||||||
Increase (decrease) in other liabilities | 1,617 | 13,860 | — | 15,477 | |||||||||||
Net cash provided by (used for) operating activities | 289,983 | 52,231 | — | 342,214 | |||||||||||
Cash flows from investing activities(a): | |||||||||||||||
Capital expenditures | (64,403 | ) | — | 199 | (64,204 | ) | |||||||||
Net cash provided by (used for) investing activities | (64,403 | ) | — | 199 | (64,204 | ) | |||||||||
Cash flows from financing activities(a): | |||||||||||||||
Distributions to member | (225,801 | ) | (52,231 | ) | (199 | ) | (278,231 | ) | |||||||
Net cash provided by (used for) financing activities | (225,801 | ) | (52,231 | ) | (199 | ) | (278,231 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (221 | ) | — | — | (221 | ) | |||||||||
Cash and cash equivalents at beginning of year | 18,707 | — | — | 18,707 | |||||||||||
Cash and cash equivalents at end of year | $ | 18,486 | $ | — | $ | — | $ | 18,486 |
Six Months Ended June 30, 2019 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Cash flows from operating activities(a): | |||||||||||||||
Net income (loss) | $ | 88,745 | $ | 26,407 | $ | 93 | $ | 115,245 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation, amortization and accretion | 104,771 | (1,472 | ) | (93 | ) | 103,206 | |||||||||
Changes in assets and liabilities: | |||||||||||||||
Increase (decrease) in other liabilities | 908 | 8,565 | — | 9,473 | |||||||||||
Net cash provided by (used for) operating activities | 184,416 | 33,500 | — | 217,916 | |||||||||||
Cash flows from investing activities(a): | |||||||||||||||
Capital expenditures | (41,464 | ) | — | 106 | (41,358 | ) | |||||||||
Net cash provided by (used for) investing activities | (41,464 | ) | — | 106 | (41,358 | ) | |||||||||
Cash flows from financing activities(a): | |||||||||||||||
Distributions to member | (143,980 | ) | (33,500 | ) | (106 | ) | (177,586 | ) | |||||||
Net cash provided by (used for) financing activities | (143,980 | ) | (33,500 | ) | (106 | ) | (177,586 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (1,028 | ) | — | — | (1,028 | ) | |||||||||
Cash and cash equivalents at beginning of year | 18,707 | — | — | 18,707 | |||||||||||
Cash and cash equivalents at end of year | $ | 17,679 | $ | — | $ | — | $ | 17,679 |
Three Months Ended March 31, 2019 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Cash flows from operating activities(a): | |||||||||||||||
Net income (loss) | $ | 44,685 | $ | 12,907 | $ | 46 | $ | 57,638 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation, amortization and accretion | 52,362 | (736 | ) | (46 | ) | 51,580 | |||||||||
Changes in assets and liabilities: | |||||||||||||||
Increase (decrease) in other liabilities | 3,738 | 2,230 | — | 5,968 | |||||||||||
Net cash provided by (used for) operating activities | 108,752 | 14,401 | — | 123,153 | |||||||||||
Cash flows from investing activities(a): | |||||||||||||||
Capital expenditures | (18,745 | ) | — | 67 | (18,678 | ) | |||||||||
Net cash provided by (used for) investing activities | (18,745 | ) | — | 67 | (18,678 | ) | |||||||||
Cash flows from financing activities(a): | |||||||||||||||
Distributions to member | (91,004 | ) | (14,401 | ) | (67 | ) | (105,472 | ) | |||||||
Net cash provided by (used for) financing activities | (91,004 | ) | (14,401 | ) | (67 | ) | (105,472 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (997 | ) | — | — | (997 | ) | |||||||||
Cash and cash equivalents at beginning of year | 18,707 | — | — | 18,707 | |||||||||||
Cash and cash equivalents at end of year | $ | 17,710 | $ | — | $ | — | $ | 17,710 |
Nine Months Ended September 30, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Cash flows from operating activities(a): | |||||||||||||||
Net income (loss) | $ | 124,753 | $ | 33,329 | $ | 132 | $ | 158,214 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation, amortization and accretion | 157,765 | (1,812 | ) | (132 | ) | 155,821 | |||||||||
Changes in assets and liabilities: | |||||||||||||||
Increase (decrease) in other liabilities | 3,009 | 7,817 | — | 10,826 | |||||||||||
Net cash provided by (used for) operating activities | 284,368 | 39,334 | — | 323,702 | |||||||||||
Cash flows from investing activities(a): | |||||||||||||||
Capital expenditures | (52,187 | ) | — | 192 | (51,995 | ) | |||||||||
Net cash provided by (used for) investing activities | (52,187 | ) | — | 192 | (51,995 | ) | |||||||||
Cash flows from financing activities(a): | |||||||||||||||
Distributions to member | (238,716 | ) | (39,334 | ) | (192 | ) | (278,242 | ) | |||||||
Net cash provided by (used for) financing activities | (238,716 | ) | (39,334 | ) | (192 | ) | (278,242 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (6,535 | ) | — | — | (6,535 | ) | |||||||||
Cash and cash equivalents at beginning of year | 30,771 | — | — | 30,771 | |||||||||||
Cash and cash equivalents at end of year | $ | 24,236 | $ | — | $ | — | $ | 24,236 |
Six Months Ended June 30, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Cash flows from operating activities(a): | |||||||||||||||
Net income (loss) | $ | 81,936 | $ | 21,879 | $ | 87 | $ | 103,902 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation, amortization and accretion | 105,432 | (1,208 | ) | (87 | ) | 104,137 | |||||||||
Changes in assets and liabilities: | |||||||||||||||
Increase (decrease) in other liabilities | 2,992 | 3,028 | — | 6,020 | |||||||||||
Net cash provided by (used for) operating activities | 182,921 | 23,699 | — | 206,620 | |||||||||||
Cash flows from investing activities(a): | |||||||||||||||
Capital expenditures | (32,414 | ) | — | 114 | (32,300 | ) | |||||||||
Net cash provided by (used for) investing activities | (32,414 | ) | — | 114 | (32,300 | ) | |||||||||
Cash flows from financing activities(a): | |||||||||||||||
Distributions to member | (159,623 | ) | (23,699 | ) | (114 | ) | (183,436 | ) | |||||||
Net cash provided by (used for) financing activities | (159,623 | ) | (23,699 | ) | (114 | ) | (183,436 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (9,116 | ) | — | — | (9,116 | ) | |||||||||
Cash and cash equivalents at beginning of year | 30,771 | — | — | 30,771 | |||||||||||
Cash and cash equivalents at end of year | $ | 21,655 | $ | — | $ | — | $ | 21,655 |
Three Months Ended March 31, 2018 | |||||||||||||||
As Reported | Restatement Adjustments | Other Adjustments | As Restated | ||||||||||||
Cash flows from operating activities(a): | |||||||||||||||
Net income (loss) | $ | 40,718 | $ | 10,671 | $ | 43 | $ | 51,432 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation, amortization and accretion | 52,701 | (604 | ) | (43 | ) | 52,054 | |||||||||
Changes in assets and liabilities: | |||||||||||||||
Increase (decrease) in other liabilities | 4,964 | 1,143 | — | 6,107 | |||||||||||
Net cash provided by (used for) operating activities | 109,846 | 11,210 | — | 121,056 | |||||||||||
Cash flows from investing activities(a): | |||||||||||||||
Capital expenditures | (14,821 | ) | — | 55 | (14,766 | ) | |||||||||
Net cash provided by (used for) investing activities | (14,821 | ) | — | 55 | (14,766 | ) | |||||||||
Cash flows from financing activities(a): | |||||||||||||||
Distributions to member | (97,308 | ) | (11,210 | ) | (55 | ) | (108,573 | ) | |||||||
Net cash provided by (used for) financing activities | (97,308 | ) | (11,210 | ) | (55 | ) | (108,573 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (2,283 | ) | — | — | (2,283 | ) | |||||||||
Cash and cash equivalents at beginning of year | 30,771 | — | — | 30,771 | |||||||||||
Cash and cash equivalents at end of year | $ | 28,488 | $ | — | $ | — | $ | 28,488 |
2019 | 2018 | |||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2020 | 2019 | |||||||||||||||
Audit fees(a) | $ | 298,000 | $ | 258,000 | Audit fees(a) | $ | 265 | $ | 298 | |||||||||
Audit-related fees | — | — | Audit-related fees | — | — | |||||||||||||
Tax fees | — | — | Tax fees | — | — | |||||||||||||
All other fees | — | — | All other fees | — | — | |||||||||||||
Total | $ | 298,000 | $ | 258,000 | Total | $ | 265 | $ | 298 |
The list of financial statements filed as part of this report is submitted as a separate section, the index to which is located on page 23. |
Schedule II—Valuation and Qualifying Accounts for the years ended December 31, 2020, 2019 and 2018 which is located on page 46. |
Schedule III—Schedule of Real Estate and Accumulated Depreciation for the years ended December 31, 2020 and 2019, which is located on page 47. |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||||||||||||||||||||||||
3.1 | S-4 | 333-187970 | April 17, 2013 | 3.1 | ||||||||||||||||||||||||||||
3.2 | S-4 | 333-187970 | April 17, 2013 | 3.2 | ||||||||||||||||||||||||||||
4.1 | 8-K | 001-16441 | December 28, 2012 | 4.1 | ||||||||||||||||||||||||||||
4.2 | S-4 | 333-187970 | April 17, 2013 | 4.2 | ||||||||||||||||||||||||||||
10.1 | 8-K | 001-32168 | February 17, 2005 | 10.1 | ||||||||||||||||||||||||||||
10.2 | 8-K | 001-32168 | May 27, 2005 | 10.1 | ||||||||||||||||||||||||||||
10.3 | 8-K | 001-32168 | May 27, 2005 | 10.2 | ||||||||||||||||||||||||||||
10.4 | 8-K | 001-32168 | May 27, 2005 | 10.3 | ||||||||||||||||||||||||||||
10.5 | 8-K | 001-32168 | May 27, 2005 | 10.4 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||
10.6 | 8-K | 001-32168 | May 27, 2005 | 10.5 | ||||||
10.7 | 8-K | 001-32168 | May 27, 2005 | 10.6 | ||||||
10.8 | S-4 | 333-187970 | April 17, 2013 | 10.8 | ||||||
10.9 | 8-K | 001-16441 | December 28, 2012 | 10.2 | ||||||
22* | — | — | — | — | ||||||
24* | Power of Attorney (included on signature page of this annual report) | — | — | — | — | |||||
31.1* | — | — | — | — | ||||||
31.2* | — | — | — | — | ||||||
32.1** | — | — | — | — | ||||||
101* | The following financial statements from CC Holdings GS V LLC's Annual Report on Form 10-K for the year ended December 31, 2019, formatted in Inline XBRL: (i) Consolidated Balance Sheet, (ii) Consolidated Statement of Operations, (iii) Consolidated Statement of Cash Flows, (iv) Consolidated Statement of Equity, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags | — | — | — | — | |||||
104* | The cover page from CC Holdings GS V LLC's Annual Report on Form 10-K for the year ended December 31, 2019, formatted in Inline XBRL | — | — | — | — |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||||||||||||||||||||||||
10.6 | 8-K | 001-32168 | May 27, 2005 | 10.5 | ||||||||||||||||||||||||||||
10.7 | 8-K | 001-32168 | May 27, 2005 | 10.6 | ||||||||||||||||||||||||||||
10.8 | S-4 | 333-187970 | April 17, 2013 | 10.8 | ||||||||||||||||||||||||||||
10.9 | 8-K | 001-16441 | December 28, 2012 | 10.2 | ||||||||||||||||||||||||||||
22* | — | — | — | — | ||||||||||||||||||||||||||||
24* | Power of Attorney (included on signature page of this annual report) | — | — | — | — | |||||||||||||||||||||||||||
31.1* | — | — | — | — | ||||||||||||||||||||||||||||
31.2* | — | — | — | — | ||||||||||||||||||||||||||||
32.1** | — | — | — | — | ||||||||||||||||||||||||||||
101* | The following financial statements from CC Holdings GS V LLC's Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL: (i) Consolidated Balance Sheet, (ii) Consolidated Statement of Operations, (iii) Consolidated Statement of Cash Flows, (iv) Consolidated Statement of Equity, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags | — | — | — | — | |||||||||||||||||||||||||||
104* | The cover page from CC Holdings GS V LLC's Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL | — | — | — | — |
Additions | Deductions | ||||||||||||||||||||||||||||
Balance at Beginning of Year | Charged to Operations | Credited to Operations | Written Off | Balance at End of Year | |||||||||||||||||||||||||
Allowance for Doubtful Accounts Receivable: | |||||||||||||||||||||||||||||
2020 | $ | 1,631 | $ | 93 | $ | 0 | $ | (27) | $ | 1,697 | |||||||||||||||||||
2019 | $ | 1,601 | $ | 323 | $ | 0 | $ | (293) | $ | 1,631 | |||||||||||||||||||
2018 | $ | 1,300 | $ | 768 | $ | 0 | $ | (467) | $ | 1,601 |
Description | Encumbrances | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Current Period | Accumulated Depreciation at Close of Current Period | Date of Construction | Date Acquired | Life on Which Depreciation in Latest Income Statement is Computed | ||||||||||||||||||||||||
7,555 sites(1) | $ | 996,815 | (2) | (3) | (3) | $ | 2,141,925 | $ | (1,190,055) | Various | Various | Up to 20 years |
2020 | 2019 | ||||||||||
Gross amount at beginning | $ | 2,105,722 | $ | 2,014,936 | |||||||
Additions during period: | |||||||||||
Acquisitions through foreclosure | — | — | |||||||||
Other acquisitions | 0 | 0 | |||||||||
Site construction and improvements | 37,408 | 79,039 | |||||||||
Purchase of land interests | 0 | 0 | |||||||||
Sustaining capital expenditures | 3,036 | 7,571 | |||||||||
Other | 0 | 7,666 | |||||||||
Total additions | 40,444 | 94,276 | |||||||||
Deductions during period: | |||||||||||
Cost of real estate sold or disposed | (1,453) | (3,490) | |||||||||
Other | (2,788) | 0 | |||||||||
Total deductions: | (4,241) | (3,490) | |||||||||
Balance at end | $ | 2,141,925 | $ | 2,105,722 |
2020 | 2019 | ||||||||||
Gross amount of accumulated depreciation at beginning | $ | (1,095,355) | $ | (1,004,485) | |||||||
Additions during period: | |||||||||||
Depreciation | (95,628) | (93,049) | |||||||||
Other | (82) | 0 | |||||||||
Total additions | (95,710) | (93,049) | |||||||||
Deductions during period: | |||||||||||
Amount for assets sold or disposed | 1,010 | 2,179 | |||||||||
Other | 0 | 0 | |||||||||
Total deductions | 1,010 | 2,179 | |||||||||
Balance at end | $ | (1,190,055) | $ | (1,095,355) |
CC HOLDINGS GS V LLC | |||||
By: | /s/ DANIEL K. SCHLANGER | ||||
Daniel K. Schlanger | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
By: | /s/ ROBERT S. COLLINS | ||||
Robert S. Collins | |||||
Vice President and Controller | |||||
(Principal Accounting Officer) |
Name | Title | |||||||
/s/ JAY A. BROWN | President, Chief Executive Officer and Director | |||||||
Jay A. Brown | (Principal Executive Officer) | |||||||
/s/ DANIEL K. SCHLANGER | Executive Vice President, Chief Financial Officer and Director | |||||||
Daniel K. Schlanger | (Principal Financial Officer) | |||||||
/s/ KENNETH J. SIMON | Executive Vice President, General Counsel and Director | |||||||
Kenneth J. Simon | ||||||||
/s/ ROBERT S. COLLINS | Vice President and Controller | |||||||
Robert S. Collins | (Principal Accounting Officer) |
Additions | Deductions | ||||||||||||||||||
Balance at Beginning of Year | Charged to Operations | Credited to Operations | Written Off | Balance at End of Year | |||||||||||||||
Allowance for Doubtful Accounts Receivable: | |||||||||||||||||||
2019 | $ | 1,601 | $ | 323 | $ | — | $ | (293 | ) | $ | 1,631 | ||||||||
2018 | $ | 1,300 | $ | 768 | $ | — | $ | (467 | ) | $ | 1,601 | ||||||||
2017 | $ | 1,810 | $ | 662 | $ | — | $ | (1,172 | ) | $ | 1,300 |
Description | Encumbrances | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Current Period | Accumulated Depreciation at Close of Current Period | Date of Construction | Date Acquired | Life on Which Depreciation in Latest Income Statement is Computed | ||||||||
7,555 sites(1) | $ | 995,431 | (2) | (3) | (3) | $ | 2,105,722 | $ | (1,095,355 | ) | Various | Various | Up to 20 years |
2019 | 2018 | ||||||
(As Restated)(a) | |||||||
Gross amount at beginning | $ | 2,014,936 | $ | 1,946,218 | |||
Additions during period: | |||||||
Acquisitions through foreclosure | — | — | |||||
Other acquisitions | — | — | |||||
Site construction and improvements | 79,039 | 63,369 | |||||
Purchase of land interests | — | — | |||||
Sustaining capital expenditures | 7,571 | 7,560 | |||||
Other | 7,666 | — | |||||
Total additions | 94,276 | 70,929 | |||||
Deductions during period: | |||||||
Cost of real estate sold or disposed | (3,490 | ) | (2,211 | ) | |||
Other | — | — | |||||
Total deductions: | (3,490 | ) | (2,211 | ) | |||
Balance at end | $ | 2,105,722 | $ | 2,014,936 |
2019 | 2018 | ||||||
(As Restated)(a) | |||||||
Gross amount of accumulated depreciation at beginning | $ | (1,004,485 | ) | $ | (912,960 | ) | |
Additions during period: | |||||||
Depreciation | (93,049 | ) | (92,986 | ) | |||
Total additions | (93,049 | ) | (92,986 | ) | |||
Deductions during period: | |||||||
Amount for assets sold or disposed | 2,179 | 1,461 | |||||
Other | — | — | |||||
Total deductions | 2,179 | 1,461 | |||||
Balance at end | $ | (1,095,355 | ) | $ | (1,004,485 | ) |