0001564590-22-018265 | 10-Q | XBRL Viewer

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Leases - Schedule of Depreciation Expense for Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Depreciation expense for underlying assets under operating leases	$ 43,187	$ 45,913

Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive (Loss) Income

Note 14. Accumulated Other Comprehensive (Loss) Income

Changes in accumulated other comprehensive (loss) income by component is as follows for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
(Thousands)	2022			2021
Cash flow hedge changes in fair value (loss) gain:
Balance at beginning of period attributable to shareholders	$	(30,353	)	$	(30,353	)
Balance at end of period attributable to shareholders		(30,353	)		(30,353	)
Interest rate swap termination:
Balance at beginning of period attributable to shareholders		21,189			9,986
Amounts reclassified from accumulated other comprehensive income		2,830			2,829
Balance at end of period		24,019			12,815
Less: Other comprehensive income attributable to noncontrolling interest		7			42
Balance at end of period attributable to shareholders		24,012			12,773
Accumulated other comprehensive loss at end of period	$	(6,341	)	$	(17,580	)

Revenues - Schedule of Contract Assets and Contract Liabilities (Details) - ASU 2014-09 $ in Thousands	Mar. 31, 2022 USD ($)
Deferred Revenue Arrangement [Line Items]
Balance, Contract Assets at December 31, 2021	$ 4,066
Balance, Contract Assets at March 31, 2022	159
Balance, Contract Liabilities at December 31, 2021	9,099
Balance, Contract Liabilities at March 31, 2022	$ 9,869

Goodwill and Intangible Assets and Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Remaining weighted average amortization period of intangible assets	14 years 8 months 12 days
Amortization	$ 7.4	$ 4.8
Estimated amortization expense for 2022	29.7
Estimated amortization expense for 2023	29.8
Estimated amortization expense for 2024	29.7
Estimated amortization expense for 2025	29.7
Estimated amortization expense for 2026	29.7
Revenue related to amortization of below-market leases	2.7	$ 2.7
Estimated revenue due to amortization, 2022	10.7
Estimated revenue due to amortization, 2023	10.7
Estimated revenue due to amortization, 2024	10.7
Estimated revenue due to amortization, 2025	10.7
Estimated revenue due to amortization, 2026	$ 10.7
Remaining weighted average amortization period of intangible liabilities	17 years 8 months 12 days
Fiber Infrastructure
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Change in goodwill amount	$ 0.0

Organization and Description of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022 Segment
Organization And Description Of Business [Line Items]
Number of operating business segments	2
Uniti Group LP
Organization And Description Of Business [Line Items]
Percentage of partnership interests owned	99.80%

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

Mar. 31, 2022

USD ($)

^[1]

Leases [Abstract]

$ 566,495

772,167

774,111

775,326

776,735

3,033,462

Total lease receivables

$ 6,698,296

[1]	Total future minimum lease payments to be received include $5.7 billion relating to the Windstream Leases

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2022

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

Note 7. Property, Plant and Equipment

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

(Thousands)	Depreciable Lives			March 31, 2022			December 31, 2021
Land	Indefinite			$	28,683		$	28,449
Building and improvements	3 - 40 years				360,572			359,980
Poles	30 years				285,474			281,130
Fiber	30 years				4,164,962			4,107,519
Equipment	5 - 7 years				348,114			331,761
Copper	20 years				3,933,940			3,918,281
Conduit	30 years				89,859			89,859
Tower assets	20 years				8,544			8,544
Finance lease assets		(1	)		72,284			72,284
Other assets	15 - 20 years				10,578			10,652
Corporate assets	3 - 7 years				14,581			14,326
Construction in progress		(1	)		32,873			27,366
					9,350,464			9,250,151
Less accumulated depreciation					(5,803,963	)		(5,741,212	)
Net property, plant and equipment				$	3,546,501		$	3,508,939
(1) See our Annual Report for property, plant and equipment accounting policies.

Depreciation expense for the three months ended March 31, 2022 and 2021 was $64.0 million and $66.2 million, respectively.

Notes and Other Debt

3 Months Ended

Mar. 31, 2022

Long Term Debt [Abstract]

Notes and Other Debt

Note 10. Notes and Other Debt

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

Notes and other debt are as follows:

(Thousands)	March 31, 2022			December 31, 2021
Principal amount	$	5,200,000		$	5,175,000
Less unamortized discount, premium and debt issuance costs		(79,719	)		(84,463	)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	5,120,281		$	5,090,537

Notes and other debt at March 31, 2022 and December 31, 2021 consisted of the following:

	March 31, 2022					December 31, 2021
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs			Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured notes - 7.875%, due February 15, 2025 (discount is based on imputed interest rate of 8.38%)	$	2,250,000	$	(29,191	)	$	2,250,000	$	(31,411	)
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)		570,000		(8,584	)		570,000		(8,886	)
Senior unsecured notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)		345,000		(5,590	)		345,000		(6,187	)
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)		1,110,000		(20,000	)		1,110,000		(20,797	)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)		700,000		(11,407	)		700,000		(11,689	)
Senior secured revolving credit facility, variable rate, due December 10, 2024		225,000		(4,947	)		200,000		(5,493	)
Total	$	5,200,000	$	(79,719	)	$	5,175,000	$	(84,463	)

At March 31, 2022, notes and other debt included the following: (i) $225.0 million under the Revolving Credit Facility (as defined below) pursuant to the credit agreement by and among Uniti Group LP, Uniti Group Finance 2019 Inc. and CSL Capital, LLC (the “Borrowers”), the guarantors and lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent (the “Credit Agreement”); (ii) $2.25 billion aggregate principal amount of 7.875% Senior Secured Notes due 2025 (the “2025 Secured Notes”); (iii) $570.0 million aggregate principal amount of 4.75% Senior Secured Notes due 2028 (the “2028 Secured Notes”); (iv) $1.11 billion aggregate principal amount of 6.50% Senior Notes due February 15, 2029 (the “2029 Notes”); and (v) $345.0 million aggregate principal amount of 4.00% Exchangeable Senior Notes due June 15, 2024 (the “Exchangeable Notes”); and (vi) $700.0 million aggregate principal amount of 6.00% Senior Unsecured Notes due January 15, 2030 (the “2030 Notes” and collectively with the 2025 Secured Notes, the 2028 Secured Notes, the 2029 Notes and the Exchangeable Notes, the “Notes”). Until our net leverage ratio is below 5.75 : 1.00, our 2025 Secured Notes limit our ability to make cash distributions to our shareholders in amounts exceeding 90% of our good faith estimate, as of the date on which the first quarterly dividend for the relevant year is declared, of our REIT taxable income for such year, determined without regard to the dividends paid deduction and excluding any capital gains. The terms of the Notes are as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Credit Agreement

The Borrowers are party to the Credit Agreement, which provides for a $500 million revolving credit facility that will mature on December 10, 2024 (the “Revolving Credit Facility”) and provides us with the ability to obtain revolving loans as well as swingline loans and letters of credit from time to time. All obligations under the Credit Agreement are guaranteed by (i) the Company and (ii) certain of

the Operating Partnership’s subsidiaries (the “Subsidiary Guarantors”) and are secured by substantially all of the assets of the Borrowers and the Subsidiary Guarantors.

The Borrowers are subject to customary covenants under the Credit Agreement, including an obligation to maintain a consolidated secured leverage ratio, as defined in the Credit Agreement, not to exceed 5.00 to 1.00. We are permitted, subject to customary conditions, to incur other indebtedness, so long as, on a pro forma basis after giving effect to any such indebtedness, our consolidated total leverage ratio, as defined in the Credit Agreement, does not exceed 6.50 to 1.00 and, if such debt is secured, our consolidated secured leverage ratio, as defined in the Credit Agreement, does not exceed 4.00 to 1.00. In addition, the Credit Agreement contains customary events of default, including a cross default provision whereby the failure of the Borrowers or certain of their subsidiaries to make payments under other debt obligations, or the occurrence of certain events affecting those other borrowing arrangements, could trigger an obligation to repay any amounts outstanding under the Credit Agreement. In particular, a repayment obligation could be triggered if (i) the Borrowers or certain of their subsidiaries fail to make a payment when due of any principal or interest on any other indebtedness aggregating $75.0 million or more, or (ii) an event occurs that causes, or would permit the holders of any other indebtedness aggregating $75.0 million or more to cause, such indebtedness to become due prior to its stated maturity. As of March 31, 2022, the Borrowers were in compliance with all of the covenants under the Credit Agreement.

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

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

Deferred Financing Cost

Deferred financing costs were incurred in connection with the issuance of the Notes and the Revolving Credit Facility. These costs are amortized using the effective interest method over the term of the related indebtedness and are included in interest expense in our Condensed Consolidated Statements of Income (Loss). For the three months ended March 31, 2022 and 2021, we recognized $4.3 million and $4.1 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs.

Goodwill and Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets And Liabilities Disclosure [Abstract]

Goodwill and Intangible Assets and Liabilities

Note 9. Goodwill and Intangible Assets and Liabilities

There were no changes in the carrying amount of goodwill occurring during the three months ended March 31, 2022. The balance of goodwill recorded in our Fiber Infrastructure segment as of March 31, 2022 and December 31, 2021 is as follows:

(Thousands)	Fiber Infrastructure		Total
Goodwill at December 31, 2021	$	601,878	$	601,878
Goodwill at March 31, 2022	$	601,878	$	601,878

(Thousands)	March 31, 2022						December 31, 2021
	Original Cost			Accumulated Amortization			Original Cost			Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104		$	(111,579	)	$	416,104		$	(105,861	)
Contracts		52,536			(9,850	)		52,536			(8,209	)
Underlying Rights		10,497			(525	)		10,497			(437	)

Total intangible assets	$	479,137					$	479,137
Less: accumulated amortization		(121,954	)					(114,507	)
Total intangible assets, net	$	357,183					$	364,630

Finite life intangible liabilities:
Below-market leases	$	191,154			(16,042	)	$	191,154			(13,368	)

Finite life intangible liabilities:
Below-market leases	$	191,154					$	191,154
Less: accumulated amortization		(16,042	)					(13,368	)
Total intangible liabilities, net	$	175,112					$	177,786

As of March 31, 2022, the remaining weighted average amortization period of the Company’s intangible assets was 14.7 years.

Amortization expense for the three months ended March 31, 2022 and 2021 was $7.4 million and $4.8 million, respectively. Amortization expense is estimated to be $29.7 million for the full year of 2022, $29.8 million in 2023, $29.7 million in 2024, $29.7 million in 2025, and $29.7 million for 2026.

We recognize the amortization of below-market leases in revenue. Revenue related to the amortization of the below-market leases for the three months ended March 31, 2022 was $2.7 million. During the three months ended March 31, 2021, $2.7 million was recorded as a benefit to amortization expense, and subsequently reclassified to revenue during the fourth quarter of 2021. As of March 31, 2022, the remaining weighted average amortization period of the Company’s intangible liabilities was 17.7 years. Revenue due to the amortization of the below-market leases is estimated to be $10.7 million for the full year of 2022, $10.7 million in 2023, $10.7 million in 2024, $10.7 million in 2025, and $10.7 million in 2026.

Accumulated Other Comprehensive (Loss) Income (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021:

	Three Months Ended March 31,
(Thousands)	2022			2021
Cash flow hedge changes in fair value (loss) gain:
Balance at beginning of period attributable to shareholders	$	(30,353	)	$	(30,353	)
Balance at end of period attributable to shareholders		(30,353	)		(30,353	)
Interest rate swap termination:
Balance at beginning of period attributable to shareholders		21,189			9,986
Amounts reclassified from accumulated other comprehensive income		2,830			2,829
Balance at end of period		24,019			12,815
Less: Other comprehensive income attributable to noncontrolling interest		7			42
Balance at end of period attributable to shareholders		24,012			12,773
Accumulated other comprehensive loss at end of period	$	(6,341	)	$	(17,580	)

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Components of Lease Income

The components of lease income for the three months ended March 31, 2022 and 2021, respectively, are as follows:

	Three Months Ended March 31,
(Thousands)	2022		2021
Lease income - operating leases	$	221,565	$	205,195

Lease Payments to be Received under Non-Cancellable Operating Leases

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms are as of March 31, 2022 are as follows:

(Thousands)	March 31, 2022⁽¹⁾
2022	$	566,495
2023		772,167
2024		774,111
2025		775,326
2026		776,735
Thereafter		3,033,462
Total lease receivables	$	6,698,296
⁽¹⁾ Total future minimum lease payments to be received include $5.7 billion relating to the Windstream Leases.

Schedule of Underlying Assets under Operating Leases

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

(Thousands)	March 31, 2022			December 31, 2021
Land	$	26,580		$	26,593
Building and improvements		343,934			343,624
Poles		285,474			281,130
Fiber		3,317,265			3,278,276
Equipment		428			428
Copper		3,933,940			3,918,281
Conduit		89,859			89,859
Tower assets		1,397			1,397
Finance lease assets		28,126			28,126
Other assets		10,577			10,649
		8,037,580			7,978,363
Less: accumulated depreciation		(5,433,927	)		(5,391,479	)
Underlying assets under operating leases, net	$	2,603,653		$	2,586,884

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, 2022 and 2021, respectively, is summarized as follows:

	Three Months Ended March 31,
(Thousands)	2022		2021
Depreciation expense for underlying assets under operating leases	$	43,187	$	45,913

Future Lease Payments Under Non-Cancellable Operating and Finance Leases

Future lease payments under non-cancellable leases as of March 31, 2022 are as follows:

(Thousands)	Operating Leases			Finance Leases
2022	$	11,387		$	1,724
2023		13,515			2,281
2024		11,204			2,082
2025		8,590			2,021
2026		5,964			2,021
Thereafter		37,309			14,749
Total undiscounted lease payments	$	87,969		$	24,878
Less: imputed interest		(28,290	)		(9,734	)
Total lease liabilities	$	59,679		$	15,144

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Amount of Goodwill (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Goodwill [Line Items]
Goodwill at December 31, 2021	$ 601,878
Goodwill at March 31, 2022	601,878
Fiber Infrastructure
Goodwill [Line Items]
Goodwill at December 31, 2021	601,878
Goodwill at March 31, 2022	$ 601,878

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 278,034	$ 272,586
Adjusted EBITDA	224,789	214,248
Interest expense	96,172	140,581
Depreciation and amortization	71,457	70,964
Other, net	361	1,318
Transaction related and other costs	1,714	4,137
Stock-based compensation	3,312	3,335
Income tax benefit	(2,071)	(2,557)
Adjustments for equity in earnings from unconsolidated entities	986	972
Net income (loss)	52,858	(4,502)
Leasing
Segment Reporting Information [Line Items]
Revenues	204,641	194,936
Adjusted EBITDA	198,973	191,497
Depreciation and amortization	42,102	42,226
Fiber Infrastructure
Segment Reporting Information [Line Items]
Revenues	73,393	77,650
Adjusted EBITDA	31,459	29,721
Depreciation and amortization	29,319	28,670
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA	(5,643)	(6,970)
Depreciation and amortization	$ 36	$ 68

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

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)	2022			2021
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	52,730		$	(4,438	)
Less: Income allocated to participating securities		(331	)		(248	)
Dividends declared on convertible preferred stock		(5	)		(3	)
Net income (loss) attributable to common shares	$	52,394		$	(4,689	)
Denominator:
Basic weighted-average common shares outstanding		235,046			231,469
Basic earnings (loss) per common share	$	0.22		$	(0.02	)

	Three Months Ended March 31,
(Thousands, except per share data)	2022			2021
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	52,730		$	(4,438	)
Less: Income allocated to participating securities		(331	)		(248	)
Dividends declared on convertible preferred stock		(5	)		(3	)
Impact on if-converted dilutive securities		2,994			-
Net income (loss) attributable to common shares	$	55,388		$	(4,689	)
Denominator:
Basic weighted-average common shares outstanding		235,046			231,469
Effect of dilutive non-participating securities		1,226			-
Impact on if-converted dilutive securities		31,032			-
Weighted-average shares for dilutive earnings per common share		267,304			231,469
Dilutive earnings (loss) per common share	$	0.21		$	(0.02	)

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
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	235,298,000	234,779,000
Common stock, shares outstanding	235,298,000	234,779,000
Cumulative non-voting convertible preferred stock par value	$ 0.01	$ 0.01
Cumulative non-voting convertible preferred shares authorized	6,000	6,000
Cumulative non-voting convertible preferred shares issued	3,000	3,000
Cumulative non-voting convertible preferred shares outstanding	3,000	3,000

Earnings Per Share - Additional Information (Details) - Common Stock	3 Months Ended
	Mar. 31, 2021 shares
Exchangeable Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted earnings per share	30,052,433
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	762,355

Investments in Unconsolidated Entities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Variable Interest Entity, Not Primary Beneficiary
Schedule Of Equity Method Investments [Line Items]
Aggregate investment in equity method	$ 64,300,000
BB Fiber Holdings LLC
Schedule Of Equity Method Investments [Line Items]
Percentage of ownership interest in Propco under long-term, triple net lease	47.50%
Percentage of economic interest in Propco	20.00%
Current investment and maximum exposure to loss result of involvement	$ 39,600,000
BB Fiber Holdings LLC \| Variable Interest Entity, Not Primary Beneficiary
Schedule Of Equity Method Investments [Line Items]
Percentage of ownership interest	42.00%
HarmoniHarmoni \| Variable Interest Entity, Not Primary Beneficiary
Schedule Of Equity Method Investments [Line Items]
Percentage of ownership interest	7.00%
Current investment and maximum exposure to loss	$ 24,700,000
Transition service fees earned		$ 100,000
HarmoniHarmoni \| Variable Interest Entity, Not Primary Beneficiary \| Maximum
Schedule Of Equity Method Investments [Line Items]
Transition service fees earned	$ 100,000

Condensed Consolidated Statements of Shareholders' Deficit (unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect Adjustment for Adoption of New Accounting Standard	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect Adjustment for Adoption of New Accounting Standard	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated Earnings Cumulative Effect Adjustment for Adoption of New Accounting Standard	Noncontrolling Interest - OP Units	Noncontrolling Interest - Non-voting Preferred Shares
Beginning balance, value at Dec. 31, 2020	$ (2,072,376)	$ (45,310)	$ 23	$ 1,209,141	$ (59,908)	$ (20,367)	$ (3,330,455)	$ 14,598	$ 69,157	$ 125
Beginning balance, shares at Dec. 31, 2020			231,261,958
Net income (loss)	(4,502)						(4,438)		(64)
Other comprehensive income	2,829					2,787			42
Common stock dividends declared	(35,128)						(35,128)
Distributions to noncontrolling interest declared	(520)								(520)
Payments related to tax withholding for stock-based compensation	(2,306)			(2,306)
Stock-based compensation	3,335			3,335
Stock-based compensation, shares			396,481
Issuance of common stock - employee stock purchase plan	288			288
Issuance of common stock - employee stock purchase plan, in shares			35,764
Ending balance, value at Mar. 31, 2021	(2,153,690)		$ 23	1,150,550		(17,580)	(3,355,423)		68,615	125
Ending balance, shares at Mar. 31, 2021			231,694,203
Beginning balance, value at Dec. 31, 2021	(2,113,774)		$ 23	1,214,830		(9,164)	(3,333,481)		13,893	125
Beginning balance, shares at Dec. 31, 2021			234,779,247
Net income (loss)	52,858						52,730		128
Other comprehensive income	2,830					2,823			7
Common stock dividends declared	(35,905)						(35,905)
Distributions to noncontrolling interest declared	(82)								(82)
Exchange of noncontrolling interest				3,158					(3,158)
Exchange of noncontrolling interest, shares			157,733
Cumulative non-voting convertible preferred stock							(125)			125
Payments related to tax withholding for stock-based compensation	(1,525)			(1,525)
Stock-based compensation	3,312			3,312
Stock-based compensation, shares			331,686
Issuance of common stock - employee stock purchase plan	264			264
Issuance of common stock - employee stock purchase plan, in shares			29,324
Ending balance, value at Mar. 31, 2022	$ (2,092,022)		$ 23	$ 1,220,039		$ (6,341)	$ (3,316,781)		$ 10,788	$ 250
Ending balance, shares at Mar. 31, 2022			235,297,990

Revenues (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Revenues Disaggregated by Revenue Stream

The following table presents our revenues disaggregated by revenue stream.

	Three Months Ended
	March 31,
(Thousands)	2022		2021
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Fiber Infrastructure
Lit backhaul	$	19,438	$	25,044
Enterprise and wholesale		20,935		21,000
E-Rate and government		14,276		19,364
Other		661		816
Fiber Infrastructure	$	55,310	$	66,224
Leasing		1,159		1,167
Total revenue from contracts with customers		56,469		67,391
Revenue accounted for under leasing guidance
Leasing		203,482		193,769
Fiber Infrastructure		18,083		11,426
Total revenue accounted for under leasing guidance		221,565		205,195
Total revenue	$	278,034	$	272,586

Schedule of Contract Assets and Contract Liabilities

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

(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2021	$	4,066	$	9,099
Balance at March 31, 2022	$	159	$	9,869

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021:

(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, 2022
Liabilities
Senior secured notes - 7.875%, due February 15, 2025	$	2,318,873	$	-	$	2,318,873	$	-
Senior secured notes - 4.75%, due April 15, 2028		522,419		-		522,419		-
Senior unsecured notes - 6.50% , due February 15, 2029		995,226		-		995,226		-
Senior unsecured notes - 6.00%, due January 15, 2030		605,822		-		605,822		-
Exchangeable senior notes - 4.00%, due June 15, 2024		460,354		-		460,354		-
Senior secured revolving credit facility, variable rate, due December 10, 2024		224,978		-		224,978		-
Settlement payable		245,750		-		245,750		-
Derivative liability, net		7,269		-		7,269		-
Total	$	5,380,691	$	-	$	5,380,691	$	-

(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, 2021
Liabilities
Senior secured notes - 7.875%, due February 15, 2025	$	2,351,576	$	-	$	2,351,576	$	-
Senior secured notes - 4.75%, due April 15, 2028		560,857		-		560,857		-
Senior unsecured notes - 6.50% , due February 15, 2029		1,087,844		-		1,087,844		-
Senior unsecured notes - 6.00%, due January 15, 2030		659,992		-		659,992		-
Exchangeable senior notes - 4.00%, due June 15, 2024		453,104		-		453,104		-
Senior secured revolving credit facility, variable rate, due December 10, 2024		199,980		-		199,980		-
Settlement payable		254,725		-		254,725		-
Derivative liability, net		10,413		-		10,413		-
Total	$	5,578,491	$	-	$	5,578,491	$	-

- 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

Investments in Unconsolidated Entities

3 Months Ended

Mar. 31, 2022

Equity Method Investments And Joint Ventures [Abstract]

Investments in Unconsolidated Entities

Note 5. Investments in Unconsolidated Entities

As of March 31, 2022, the Company had an aggregate investment of $64.3 million in its equity method unconsolidated entities, which included a 42% interest in BB Fiber Holdings LLC (“Fiber Holdings”) and a 7% interest in Harmoni Towers LP (“Harmoni”).

Fiber Holdings

Fiber Holdings was primarily established to develop fiber networks as real estate property for long-term investment. On July 1, 2020, the Company completed the sale of an ownership stake in the entity that controls the Company’s Midwest fiber network assets (the “Propco”). Fiber Holdings has a 47.5% ownership in the Propco that is under a long-term, triple net lease with our joint venture partner. Our ownership interest in Fiber Holdings represents approximately a 20% economic interest in the Propco. The Company’s current investment and maximum exposure to loss as a result of its involvement with Fiber Holdings was approximately $39.6 million as of March 31, 2022. The Company has not provided financial support to Fiber Holdings.

Harmoni

Harmoni was primarily established to develop wireless communication towers as real estate property for long-term investment. We concluded that Harmoni is a VIE; however, the Company determined that it was not the primary beneficiary of Harmoni because the Company lacks the power to direct the activities that most significantly impact its economic performance. The Company’s current investment and maximum exposure to loss as a result of its involvement with Harmoni was approximately $24.7 million as of March 31, 2022. The Company has not provided financial support to Harmoni.

We provided transition services to Harmoni through January 31, 2022 in exchange for fees and reimbursements. Total transition service fees earned in connection with Harmoni were less than $0.1 million and $0.1 million for the three months ended March 31, 2022 and 2021, respectively, which is included in operating expense on a net basis in our Condensed Consolidated Statements of Income (Loss).

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

Mar. 31, 2022

USD ($)

Lessee Lease Description [Line Items]

Total future minimum lease payments to be received

$ 6,698,296

^[1]

Windstream

Lessee Lease Description [Line Items]

Total future minimum lease payments to be received

$ 5,700,000

[1]	Total future minimum lease payments to be received include $5.7 billion relating to the Windstream Leases

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Property, plant and equipment, net	$ 3,546,501	$ 3,508,939
Cash and cash equivalents	51,129	58,903
Accounts receivable, net	41,269	38,455
Goodwill	601,878	601,878
Intangible assets, net	357,183	364,630
Straight-line revenue receivable	48,865	41,323
Operating lease right-of-use assets, net	81,810	80,271
Other assets	81,556	38,900
Investment in unconsolidated entities	64,333	64,223
Deferred income tax assets, net	15,385	11,721
Total Assets	4,889,909	4,809,243
Liabilities:
Accounts payable, accrued expenses and other liabilities	122,157	86,868
Settlement payable (Note 13)	242,261	239,384
Intangible liabilities, net	175,112	177,786
Accrued interest payable	68,298	109,826
Deferred revenue	1,134,585	1,134,236
Derivative liability, net	7,269	10,413
Dividends payable	37,145	1,264
Operating lease liabilities	59,679	57,355
Finance lease obligations	15,144	15,348
Notes and other debt, net	5,120,281	5,090,537
Total liabilities	6,981,931	6,923,017
Commitments and contingencies (Note 13)
Shareholders' Deficit:
Preferred stock, $0.0001 par value, 50,000 shares authorized, no shares issued and outstanding
Common stock, $0.0001 par value, 500,000 shares authorized, issued and outstanding: 235,298 shares at March 31, 2022 and 234,779 at December 31, 2021	23	23
Additional paid-in capital	1,220,039	1,214,830
Accumulated other comprehensive loss	(6,341)	(9,164)
Distributions in excess of accumulated earnings	(3,316,781)	(3,333,481)
Total Uniti shareholders' deficit	(2,103,060)	(2,127,792)
Noncontrolling interests:
Operating partnership units	10,788	13,893
Cumulative non-voting convertible preferred stock, $0.01 par value, 6 shares authorized, 3 issued and outstanding	250	125
Total shareholders' deficit	(2,092,022)	(2,113,774)
Total Liabilities and Shareholders' Deficit	$ 4,889,909	$ 4,809,243

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, 2022	Mar. 31, 2021
Numerator:
Net income (loss) attributable to shareholders	$ 52,730	$ (4,438)
Less: Income allocated to participating securities	(331)	(248)
Dividends declared on convertible preferred stock	(5)	(3)
Net income (loss) attributable to common shareholders	$ 52,394	$ (4,689)
Denominator:
Basic weighted-average common shares outstanding	235,046	231,469
Basic earnings (loss) per common share	$ 0.22	$ (0.02)
Numerator:
Net income (loss) attributable to shareholders	$ 52,730	$ (4,438)
Less: Income allocated to participating securities	(331)	(248)
Dividends declared on convertible preferred stock	(5)	(3)
Impact on if-converted dilutive securities	2,994
Net income (loss) attributable to common shares	$ 55,388	$ (4,689)
Denominator:
Basic weighted-average common shares outstanding	235,046	231,469
Effect of dilutive non-participating securities	1,226
Impact on if-converted dilutive securities	31,032
Weighted-average shares for dilutive earnings per common share	267,304	231,469
Dilutive earnings (loss) per common share	$ 0.21	$ (0.02)

Notes and Other Debt (Tables)

3 Months Ended

Mar. 31, 2022

Long Term Debt [Abstract]

Schedule of Notes and Other Debt

Notes and other debt are as follows:

(Thousands)	March 31, 2022			December 31, 2021
Principal amount	$	5,200,000		$	5,175,000
Less unamortized discount, premium and debt issuance costs		(79,719	)		(84,463	)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	5,120,281		$	5,090,537

Notes and other debt at March 31, 2022 and December 31, 2021 consisted of the following:

	March 31, 2022					December 31, 2021
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs			Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured notes - 7.875%, due February 15, 2025 (discount is based on imputed interest rate of 8.38%)	$	2,250,000	$	(29,191	)	$	2,250,000	$	(31,411	)
Senior secured notes - 4.75%, due April 15, 2028 (discount is based on imputed interest rate of 5.04%)		570,000		(8,584	)		570,000		(8,886	)
Senior unsecured notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 4.77%)		345,000		(5,590	)		345,000		(6,187	)
Senior unsecured notes - 6.50%, due February 15, 2029 (discount is based on imputed interest rate of 6.83%)		1,110,000		(20,000	)		1,110,000		(20,797	)
Senior unsecured notes - 6.00% due January 15, 2030 (discount is based on imputed interest rate of 6.27%)		700,000		(11,407	)		700,000		(11,689	)
Senior secured revolving credit facility, variable rate, due December 10, 2024		225,000		(4,947	)		200,000		(5,493	)
Total	$	5,200,000	$	(79,719	)	$	5,175,000	$	(84,463	)

- 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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+ Details

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Depreciation expense	$ 64.0	$ 66.2

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

Note 12. Segment Information

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

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

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.

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

Selected financial data related to our segments is presented below for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31, 2022
(Thousands)	Leasing		Fiber Infrastructure		Corporate			Subtotal of Reportable Segments
Revenues	$	204,641	$	73,393	$	-		$	278,034

Adjusted EBITDA	$	198,973	$	31,459	$	(5,643	)	$	224,789
Less:
Interest expense									96,172
Depreciation and amortization		42,102		29,319		36			71,457
Other, net									361
Transaction related and other costs									1,714
Stock-based compensation									3,312
Income tax benefit									(2,071	)
Adjustments for equity in earnings from unconsolidated entities									986
Net income								$	52,858

	Three Months Ended March 31, 2021
(Thousands)	Leasing		Fiber Infrastructure		Corporate			Subtotal of Reportable Segments
Revenues	$	194,936	$	77,650	$	-		$	272,586

Adjusted EBITDA	$	191,497	$	29,721	$	(6,970	)	$	214,248
Less:
Interest expense									140,581
Depreciation and amortization		42,226		28,670		68			70,964
Other, net									1,318
Transaction related and other costs									4,137
Stock-based compensation									3,335
Income tax benefit									(2,557	)
Adjustments for equity in earnings from unconsolidated entities									972
Net loss								$	(4,502	)

- Definition

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

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

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

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

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 25, 2022, as amended by Amendment No. 1 thereto filed on Form 10-K/A with the SEC on March 22, 2022 (the “Annual Report”). Accordingly, significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our Annual Report.

Concentration of Credit Risks—Prior to September 2020, we were party to a long-term exclusive triple-net lease (the “Master Lease”) with Windstream Holdings, Inc. (together with Windstream Holdings II, LLC, its successor in interest, and its subsidiaries,

“Windstream”) pursuant to which a substantial portion of our real property was leased to Windstream and from which a substantial portion of our leasing revenues were derived. On September 18, 2020, Uniti and Windstream bifurcated the Master Lease and entered into two structurally similar master leases (collectively, the “Windstream Leases”), which amended and restated the Master Lease in its entirety. Revenue under the Windstream Leases provided 66.9% and 66.3% of our revenue for the three months ended March 31, 2022 and 2021, respectively. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Windstream Leases, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to pay dividends and service debt if Windstream were to default under the Windstream Leases or otherwise experiences operating or liquidity difficulties and becomes unable to generate sufficient cash to make payments to us.

Prior to its emergence from bankruptcy on September 21, 2020, Windstream was a publicly traded company subject to the periodic filing requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Windstream’s historic filings through their quarter ended June 30, 2020 can be found at www.sec.gov. Additionally, the Windstream audited financial statements as of December 31, 2021, and for the year ended December 31, 2021, as of December 31, 2020 and for the period from September 22, 2020 to December 31, 2020 and for the period from January 1, 2020 to September 21, 2020 and for the year ended December 31, 2019 are included as an exhibit to our Annual Report. On September 22, 2020, Windstream filed a Form 15 to terminate all filing obligations under Sections 12(g) and 15(d) under the Exchange Act. Windstream filings are not incorporated by reference in this Quarterly Report on Form 10-Q.

We monitor the credit quality of Windstream through numerous methods, including by (i) reviewing credit ratings of Windstream by nationally recognized credit agencies, (ii) reviewing the financial statements of Windstream that are required to be delivered to us pursuant to the Windstream Leases, (iii) monitoring news reports regarding Windstream and its business, (iv) conducting research to ascertain industry trends potentially affecting Windstream, (v) monitoring Windstream’s compliance with the terms of the Windstream Leases and (vi) monitoring the timeliness of its payments under the Windstream Leases.

As of the date of this Quarterly Report on Form 10-Q, Windstream is current on all lease payments. We note that in August 2020, Moody’s Investor Service assigned a B3 corporate family rating with a stable outlook to Windstream in connection with its post-emergence exit financing. At the same time, S&P Global Ratings assigned Windstream a B- issuer rating with a stable outlook. Both ratings remain current as of the date of this filing. In order to assist us in our continuing assessment of Windstream’s creditworthiness, we periodically receive certain confidential financial information and metrics from Windstream.

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

Recently Adopted Accounting Pronouncements

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation— Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815- 40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, which clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange (“ASU 2021-04”). ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted ASU 2021-04 effective January 1, 2022, and there was no impact on our consolidated financial statements.

In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”), which requires lessors to classify leases as operating leases if they (1) have variable lease payments that do not depend on a reference index or rate, and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. ASU 2021-05 is effective for all entities which have previously adopted Topic 842 for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted ASU 2021-05 effective January 1, 2022, and there was no impact on our consolidated financial statements.

Revenues - Additional Information (Details 1)	Mar. 31, 2022
ASU 2014-09 \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Revenue Recognition [Line Items]
Average remaining contract term for contracts currently billing	1 year 8 months 12 days

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Note 4. Leases

Lessor Accounting

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

The components of lease income for the three months ended March 31, 2022 and 2021, respectively, are as follows:

	Three Months Ended March 31,
(Thousands)	2022		2021
Lease income - operating leases	$	221,565	$	205,195

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms are as of March 31, 2022 are as follows:

(Thousands)	March 31, 2022⁽¹⁾
2022	$	566,495
2023		772,167
2024		774,111
2025		775,326
2026		776,735
Thereafter		3,033,462
Total lease receivables	$	6,698,296
⁽¹⁾ Total future minimum lease payments to be received include $5.7 billion relating to the Windstream Leases.

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

(Thousands)	March 31, 2022			December 31, 2021
Land	$	26,580		$	26,593
Building and improvements		343,934			343,624
Poles		285,474			281,130
Fiber		3,317,265			3,278,276
Equipment		428			428
Copper		3,933,940			3,918,281
Conduit		89,859			89,859
Tower assets		1,397			1,397
Finance lease assets		28,126			28,126
Other assets		10,577			10,649
		8,037,580			7,978,363
Less: accumulated depreciation		(5,433,927	)		(5,391,479	)
Underlying assets under operating leases, net	$	2,603,653		$	2,586,884

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three months ended March 31, 2022 and 2021, respectively, is summarized as follows:

	Three Months Ended March 31,
(Thousands)	2022		2021
Depreciation expense for underlying assets under operating leases	$	43,187	$	45,913

Lessee Accounting

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

As of March 31, 2022, we have short term lease commitments amounting to approximately $2.5 million.

Future lease payments under non-cancellable leases as of March 31, 2022 are as follows:

(Thousands)	Operating Leases			Finance Leases
2022	$	11,387		$	1,724
2023		13,515			2,281
2024		11,204			2,082
2025		8,590			2,021
2026		5,964			2,021
Thereafter		37,309			14,749
Total undiscounted lease payments	$	87,969		$	24,878
Less: imputed interest		(28,290	)		(9,734	)
Total lease liabilities	$	59,679		$	15,144

Notes and Other Debt - Schedule of Notes and Other Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 5,200,000	$ 5,175,000
Less unamortized discount, premium and debt issuance costs	(79,719)	(84,463)
Notes and other debt less unamortized discount, premium and debt issuance costs	5,120,281	5,090,537
Senior Secured Notes - 7.875% Due February 15, 2025
Debt Instrument [Line Items]
Debt instrument carrying amount	2,250,000	2,250,000
Less unamortized discount, premium and debt issuance costs	(29,191)	(31,411)
Senior Secured Notes - 4.75% Due April 15, 2028
Debt Instrument [Line Items]
Debt instrument carrying amount	570,000	570,000
Less unamortized discount, premium and debt issuance costs	(8,584)	(8,886)
Senior Unsecured Notes - 4.00%, Due June 15, 2024
Debt Instrument [Line Items]
Debt instrument carrying amount	345,000	345,000
Less unamortized discount, premium and debt issuance costs	(5,590)	(6,187)
Senior Unsecured Notes - 6.50%, Due February 15, 2029
Debt Instrument [Line Items]
Debt instrument carrying amount	1,110,000	1,110,000
Less unamortized discount, premium and debt issuance costs	(20,000)	(20,797)
Senior Unsecured Notes - 6.00%, Due January 15, 2030
Debt Instrument [Line Items]
Debt instrument carrying amount	700,000	700,000
Less unamortized discount, premium and debt issuance costs	(11,407)	(11,689)
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument carrying amount	225,000	200,000
Less unamortized discount, premium and debt issuance costs	$ (4,947)	$ (5,493)

Leases - Future Lease Payments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating Leases
2022	$ 11,387
2023	13,515
2024	11,204
2025	8,590
2026	5,964
Thereafter	37,309
Total undiscounted lease payments	87,969
Less: imputed interest	(28,290)
Total lease liabilities	59,679	$ 57,355
Finance Leases
2022	1,724
2023	2,281
2024	2,082
2025	2,021
2026	2,021
Thereafter	14,749
Total undiscounted lease payments	24,878
Less: imputed interest	(9,734)
Total lease liabilities	$ 15,144

Capital Stock

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Capital Stock

Note 15. Capital Stock

The limited partner equity interests in our operating partnership (commonly called “OP Units”), are exchangeable on a one-for-one basis for shares of our common stock or, at our election, cash of equivalent value. During the three months ended March 31, 2022, the Company exchanged 157,733 OP Units held by third parties for an equal number of common shares of the Company. The OP Units exchanged represented approximately 23% of the OP Units held by a third party with a carrying value of $3.2 million as of the exchange date.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 18
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08(e)(1))
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+ Details

Condensed Consolidated Statements of Shareholders' Deficit (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Stockholders Equity [Abstract]
Common stock dividends declared per share	$ 0.15	$ 0.15

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 6. 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, derivative assets and liabilities, our outstanding notes and other debt, settlement payable, contingent consideration and accounts, interest and dividends payable.

The following table summarizes the fair value of our financial instruments at March 31, 2022 and December 31, 2021:

(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, 2022
Liabilities
Senior secured notes - 7.875%, due February 15, 2025	$	2,318,873	$	-	$	2,318,873	$	-
Senior secured notes - 4.75%, due April 15, 2028		522,419		-		522,419		-
Senior unsecured notes - 6.50% , due February 15, 2029		995,226		-		995,226		-
Senior unsecured notes - 6.00%, due January 15, 2030		605,822		-		605,822		-
Exchangeable senior notes - 4.00%, due June 15, 2024		460,354		-		460,354		-
Senior secured revolving credit facility, variable rate, due December 10, 2024		224,978		-		224,978		-
Settlement payable		245,750		-		245,750		-
Derivative liability, net		7,269		-		7,269		-
Total	$	5,380,691	$	-	$	5,380,691	$	-

(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, 2021
Liabilities
Senior secured notes - 7.875%, due February 15, 2025	$	2,351,576	$	-	$	2,351,576	$	-
Senior secured notes - 4.75%, due April 15, 2028		560,857		-		560,857		-
Senior unsecured notes - 6.50% , due February 15, 2029		1,087,844		-		1,087,844		-
Senior unsecured notes - 6.00%, due January 15, 2030		659,992		-		659,992		-
Exchangeable senior notes - 4.00%, due June 15, 2024		453,104		-		453,104		-
Senior secured revolving credit facility, variable rate, due December 10, 2024		199,980		-		199,980		-
Settlement payable		254,725		-		254,725		-
Derivative liability, net		10,413		-		10,413		-
Total	$	5,578,491	$	-	$	5,578,491	$	-

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 $5.20 billion at March 31, 2022, with a fair value of $5.13 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 and liabilities are carried at fair value. See Note 8. 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 and liabilities fall within Level 2 of the fair value hierarchy; however, the associated credit valuation adjustments utilized Level 3 inputs, such as estimates of credit spreads, to evaluate the likelihood of default by the Company and its counterparties. As of March 31, 2022, 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 and liabilities valuation in Level 2 of the fair value hierarchy.

Given the limited trade activity of the Exchangeable Notes, the fair value of the Exchangeable Notes (see Note 10) is determined based on inputs that are observable in the market and have been classified as Level 2 in the fair value hierarchy. Specifically, we estimated the fair value of the Exchangeable Notes based on readily available external pricing information, quoted market prices, and current market rates for similar convertible debt instruments.

Uniti is required to make $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning the first month after Windstream’s emergence (the “Settlement Payable”). See Note 13. The Settlement Payable was recorded at fair value, using the present value of future cash flows. The future cash flows are discounted using discount rate input based on observable market data. Accordingly, we classify inputs used as Level 2 in the fair value hierarchy. The remaining Settlement Payable is $242.3 million and is reported on our Condensed Consolidated Balance Sheet at March 31, 2022. There have been no changes in the valuation methodologies used since the initial recording.

- Definition

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

+ References + Details

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
7.875% Senior Secured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage	7.875%	7.875%
Debt instrument, maturity date	Feb. 15, 2025	Feb. 15, 2025
4.75% Senior Secured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage	4.75%	4.75%
Debt instrument, maturity date	Apr. 15, 2028	Apr. 15, 2028
6.50% Senior Unsecured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage	6.50%	6.50%
Debt instrument, maturity date	Feb. 15, 2029	Feb. 15, 2029
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	Jan. 15, 2030	Jan. 15, 2030
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage	4.00%	4.00%
Debt instrument, maturity date	Jun. 15, 2024	Jun. 15, 2024
Senior Secured Revolving Credit Facility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, maturity date	Dec. 10, 2024	Dec. 10, 2024

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)			3 Months Ended
	Jun. 25, 2019	Apr. 27, 2015	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Reclassification out of other comprehensive income into interest (expense) benefit			$ (96,172,000)	$ (140,581,000)
Estimated amount to be reclassified as an increase to interest expense			$ 6,400,000
Common stock aggregate at an exercise price	$ 16.42
Warrants expiring period			2024-09
Reclassification Out of Other Comprehensive Income \| Designated as Cash Flow Hedges
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Reclassification out of other comprehensive income into interest (expense) benefit			$ 2,800,000	$ 2,800,000
Maximum
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Maximum number of shares issued pursuant to warrants	55,500,000
Maximum \| Warrants
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Anti-dilution adjustments	27,800,000
Interest Rate Swap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional value		$ 2,000,000,000.0
Derivative, maturity date		Oct. 24, 2022

Capital Stock - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) shares	Dec. 31, 2021 shares
Schedule Of Capitalization Equity [Line Items]
Common stock, shares issued	235,298,000	234,779,000
Op Units
Schedule Of Capitalization Equity [Line Items]
Common stock, shares issued	157,733
Carrying value of units exchanged held by third parties \| $	$ 3.2
Percentage of units exchanged held by third parties	23.00%
Equity interest conversion ratio	1

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 8. 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 were designated as cash flow hedges and have a notional value of $2.0 billion and mature on October 24, 2022. As result of the repayment of the Company’s senior secured term loan B facility in February 2020, the Company entered into receive-fixed interest rate swaps to offset its existing pay-fixed interest rate swaps. As a result, the Company discontinued hedge accounting as the hedge accounting requirements were no longer met. Amounts in accumulated other comprehensive (loss) income as of the date of de-designation, will be reclassified to interest expense as the hedged transactions impact earnings. Prospectively, changes in fair value of all interest rate swaps will be recorded directly to earnings.

The Company has elected to offset derivative positions that are subject to master netting arrangements with the same counterparty in our Condensed Consolidated Balance Sheets. The following tables present the gross amounts of our derivative instruments subject to master netting arrangements with the same counterparty as of March 31, 2022 and December 31, 2021:

Offsetting of Derivative Assets and Liabilities (Thousands)	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets			Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets
At March 31, 2022
Assets
Interest rate swaps	$	900	$	(900	)	$	-
Total	$	900	$	(900	)	$	-

Liabilities
Interest rate swaps	$	8,169	$	(900	)	$	7,269
Total	$	8,169	$	(900	)	$	7,269

Offsetting of Derivative Assets and Liabilities (Thousands)	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets			Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets
At December 31, 2021
Assets
Interest rate swaps	$	10,788	$	(10,788	)	$	-
Total	$	10,788	$	(10,788	)	$	-

Liabilities
Interest rate swaps	$	21,201	$	(10,788	)	$	10,413
Total	$	21,201	$	(10,788	)	$	10,413

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, 2022

December 31, 2021

Interest rate swaps

Derivative liability, net

7,269

10,413

As of March 31, 2022, all of the interest rate swaps were valued in net unrealized loss positions and recognized as liability balances within the derivative liability, net in our Condensed Consolidated Balance Sheets. As hedge accounting is no longer applied beginning in February 2020, the unrealized loss amounts are now being recorded directly to earnings. The amount reclassified out of other comprehensive income into interest expense on our Condensed Consolidated Statements of Income (Loss) for the three months ended March 31, 2022 and 2021 was $2.8 million and $2.8 million, respectively.

During the next twelve months, beginning April 1, 2022, we estimate that $6.4 million will be reclassified as an increase to interest expense.

Exchangeable Notes Hedge Transactions

On June 25, 2019, concurrently with the pricing of the Exchangeable Notes, and on June 27, 2019, concurrently with the exercise by the initial purchasers involved in the offering of the Exchangeable Notes (the “Initial Purchasers”) of their option to purchase additional Exchangeable Notes, Uniti Fiber Holdings Inc., the issuer of the Exchangeable Notes, entered into exchangeable note hedge transactions with respect to the Company’s common stock (the “Note Hedge Transactions”) with certain of the Initial Purchasers or their respective affiliates (collectively, the “Counterparties”). The Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes, the same number of shares of the Company’s common stock that initially underlie the Exchangeable Notes in the aggregate and are exercisable upon exchange of the Exchangeable Notes. The Note Hedge Transactions have an initial strike price that corresponds to the initial exchange price of the Exchangeable Notes, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes. The Note Hedge Transactions will expire upon the maturity of the Exchangeable Notes, if not earlier exercised. The Note Hedge Transactions are intended to reduce potential dilution to the Company’s common stock upon any exchange of the Exchangeable Notes and/or offset any cash payments Uniti Fiber is required to make in excess of the principal amount of exchanged Exchangeable Notes, as the case may be, in the event that the market value per share of the Company’s common stock, as measured under the Note Hedge Transactions, at the time of exercise is greater than the strike price of the Note Hedge Transactions.

The Note Hedge Transactions are separate transactions, entered into by Uniti Fiber Holdings Inc. with the Counterparties, and are not part of the terms of the Exchangeable Notes. Holders of the Exchangeable Notes will not have any rights with respect to the Note Hedge Transactions. The Note Hedge Transactions meet certain accounting criteria under GAAP, are recorded in additional paid-in capital on our Condensed Consolidated Balance Sheets and are not accounted for as derivatives that are remeasured each reporting period.

Warrant Transactions

On June 25, 2019, concurrently with the pricing of the Exchangeable Notes, and on June 27, 2019 concurrently with the exercise by the Initial Purchasers of their option to purchase additional Exchangeable Notes, the Company entered into warrant transactions to sell to the Counterparties Warrants (the “Warrants”) to acquire, subject to anti-dilution adjustments, up to approximately 27.8 million

shares of the Company’s common stock in the aggregate at an exercise price of approximately $16.42 per share. The maximum number of shares of the Company’s common stock that could be issued pursuant to the Warrants is approximately 55.5 million. The Company offered and sold the Warrants in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. If the market value per share of the Company’s common stock, as measured under the Warrants, at the time of exercise exceeds the strike price of the Warrants, the Warrants will have a dilutive effect on the Company’s common stock unless, subject to the terms of the Warrants, the Company elects to cash settle the Warrants. The Warrants will expire over a period beginning in September 2024.

The Warrants are separate transactions, entered into by the Company with the Counterparties, and are not part of the terms of the Exchangeable Notes. Holders of the Exchangeable Notes will not have any rights with respect to the Warrants. The Warrants meet certain accounting criteria under GAAP, are recorded in additional paid-in capital on our Condensed Consolidated Balance Sheets and are not accounted for as derivatives that are remeasured each reporting period.

Commitments and Contingencies - Additional Information (Details)			3 Months Ended
	Mar. 25, 2022 USD ($)	Oct. 14, 2021 USD ($)	Mar. 31, 2022 USD ($) Installment
Commitments And Contingencies [Line Items]
Settlement expense	$ 38,900,000
Obligations under tax matters agreement			$ 0
Windstream
Commitments And Contingencies [Line Items]
Cash payment in equal installments emergence from bankruptcy			$ 490,100,000
Number of installments \| Installment			20
Percentage of committed purchase of assets			9.00%
First five quarterly cash payments to be made after emergence			$ 215,400,000
Prepayment of settlement obligations under settlement agreement		$ 92,900,000
Agreement to invest growth capital improvements			1,750,000,000
Growth Capital Improvements except maintenance or repair expenditures and expenditures towards cost incurred for fiber replacements			70,000,000
Annual reimbursement commitment payments due year one			225,000,000
Annual reimbursement commitment payments due year two through four			225,000,000
Annual reimbursement commitment payments, due year five			175,000,000
Annual reimbursement commitment payments, due year six			175,000,000
Annual reimbursement commitment payments, due year seven through nine			125,000,000
Growth capital improvements fund annual limit			250,000,000
Growth capital improvements reimbursement amount			48,200,000
New lease, aggregate reimbursements made for certain growth capital improvements			$ 29,000,000.0
Annual rent adjustment for Growth Capital Funding			8.00%
Rate used for rent percentage			100.50%
Maximum funding rights allocated per year upon transfer of interests under Windstream lease			$ 20,000,000
Windstream \| General and Administrative Expense
Commitments And Contingencies [Line Items]
Settlement expense			38,900,000
Insurance recovery for settlement expense			38,900,000
Windstream \| Maximum
Commitments And Contingencies [Line Items]
New lease, aggregate reimbursements made for certain growth capital improvements			1,750,000,000
Windstream \| Equipment Loan Agreement
Commitments And Contingencies [Line Items]
New lease, aggregate reimbursements made for certain growth capital improvements			$ 25,000,000
Accrued interest rate for borrowing			8.00%
Windstream \| Equipment Loan Agreement \| Maximum
Commitments And Contingencies [Line Items]
New lease, aggregate reimbursements made for certain growth capital improvements			$ 125,000,000
Windstream \| Other Assets
Commitments And Contingencies [Line Items]
Lease incentive			900,000
Equipment Loan Facilities
Commitments And Contingencies [Line Items]
Annual reimbursement commitment payments due year one			225,000,000
Annual reimbursement commitment payments due year two through four			225,000,000
Annual reimbursement commitment payments, due year five			175,000,000
Annual reimbursement commitment payments, due year six			175,000,000
Annual reimbursement commitment payments, due year seven through nine			$ 125,000,000

Revenues

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

Revenues

Note 3. Revenues

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue stream.

	Three Months Ended
	March 31,
(Thousands)	2022		2021
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Fiber Infrastructure
Lit backhaul	$	19,438	$	25,044
Enterprise and wholesale		20,935		21,000
E-Rate and government		14,276		19,364
Other		661		816
Fiber Infrastructure	$	55,310	$	66,224
Leasing		1,159		1,167
Total revenue from contracts with customers		56,469		67,391
Revenue accounted for under leasing guidance
Leasing		203,482		193,769
Fiber Infrastructure		18,083		11,426
Total revenue accounted for under leasing guidance		221,565		205,195
Total revenue	$	278,034	$	272,586

At March 31, 2022, and December 31, 2021, lease receivables were $19.0 million and $19.4 million, respectively, and receivables from contracts with customers were $19.3 million and $14.7 million, respectively.

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

Contract assets primarily consist of unbilled construction revenue where we are utilizing our costs incurred as the measure of progress of satisfying our performance obligation. Contract assets are reported within accounts receivable, net on our Condensed Consolidated Balance Sheet. 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, 2022, we recognized revenues of $1.8 million which was included in the December 31, 2021 contract liabilities balance.

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

(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2021	$	4,066	$	9,099
Balance at March 31, 2022	$	159	$	9,869

Transaction Price Allocated to Remaining Performance Obligations

Performance obligations within contracts to stand ready to provide services are typically satisfied over time or as those services are provided. Contract liabilities primarily relate to deferred revenue from upfront customer payments. The deferred revenue is recognized, and the liability reduced, over the contract term as the Company completes the performance obligation. As of March 31, 2022, our future revenues (i.e., transaction price related to remaining performance obligations) under contract accounted for under ASC 606 totaled $441.9 million, of which $336.1 million is related to contracts that are currently being invoiced and have an average remaining contract term of 1.7 years, while $105.8 million represents our backlog for sales bookings which have yet to be installed and have an average remaining contract term of 5.6 years. We do not disclose the value of unsatisfied performance obligations for contracts that have an original expected duration of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Liabilities
Settlement payable	$ 245,750	$ 254,725
Derivative liability, net	7,269	10,413
Total	5,380,691	5,578,491
Prices with Other Observable Inputs (Level 2)
Liabilities
Settlement payable	245,750	254,725
Derivative liability, net	7,269	10,413
Total	5,380,691	5,578,491
7.875% Senior Secured Notes
Liabilities
Senior notes	2,318,873	2,351,576
7.875% Senior Secured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	2,318,873	2,351,576
4.75% Senior Secured Notes
Liabilities
Senior notes	522,419	560,857
4.75% Senior Secured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	522,419	560,857
6.50% Senior Unsecured Notes
Liabilities
Senior notes	995,226	1,087,844
6.50% Senior Unsecured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	995,226	1,087,844
6.00% Senior Secured Notes
Liabilities
Senior notes	605,822	659,992
6.00% Senior Secured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	605,822	659,992
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Liabilities
Senior notes	460,354	453,104
Exchangeable Senior Notes - 4.00%, due June 15, 2024 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	460,354	453,104
Senior Secured Revolving Credit Facility
Liabilities
Senior secured loan	224,978	199,980
Senior Secured Revolving Credit Facility \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan	$ 224,978	$ 199,980

Leases - Schedule of Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	$ 8,037,580	$ 7,978,363
Less: accumulated depreciation	(5,433,927)	(5,391,479)
Underlying assets under operating leases, net	2,603,653	2,586,884
Land
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	26,580	26,593
Building and Improvements
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	343,934	343,624
Poles
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	285,474	281,130
Fiber
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	3,317,265	3,278,276
Equipment
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	428	428
Copper
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	3,933,940	3,918,281
Conduit
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	89,859	89,859
Tower Assets
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	1,397	1,397
Finance Lease Assets
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	28,126	28,126
Other Assets
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	$ 10,577	$ 10,649

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Concentration of Credit Risks	Concentration of Credit Risks—Prior to September 2020, we were party to a long-term exclusive triple-net lease (the “Master Lease”) with Windstream Holdings, Inc. (together with Windstream Holdings II, LLC, its successor in interest, and its subsidiaries, “Windstream”) pursuant to which a substantial portion of our real property was leased to Windstream and from which a substantial portion of our leasing revenues were derived. On September 18, 2020, Uniti and Windstream bifurcated the Master Lease and entered into two structurally similar master leases (collectively, the “Windstream Leases”), which amended and restated the Master Lease in its entirety. Revenue under the Windstream Leases provided 66.9% and 66.3% of our revenue for the three months ended March 31, 2022 and 2021, respectively. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Windstream Leases, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to pay dividends and service debt if Windstream were to default under the Windstream Leases or otherwise experiences operating or liquidity difficulties and becomes unable to generate sufficient cash to make payments to us. Prior to its emergence from bankruptcy on September 21, 2020, Windstream was a publicly traded company subject to the periodic filing requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Windstream’s historic filings through their quarter ended June 30, 2020 can be found at www.sec.gov. Additionally, the Windstream audited financial statements as of December 31, 2021, and for the year ended December 31, 2021, as of December 31, 2020 and for the period from September 22, 2020 to December 31, 2020 and for the period from January 1, 2020 to September 21, 2020 and for the year ended December 31, 2019 are included as an exhibit to our Annual Report. On September 22, 2020, Windstream filed a Form 15 to terminate all filing obligations under Sections 12(g) and 15(d) under the Exchange Act. Windstream filings are not incorporated by reference in this Quarterly Report on Form 10-Q. We monitor the credit quality of Windstream through numerous methods, including by (i) reviewing credit ratings of Windstream by nationally recognized credit agencies, (ii) reviewing the financial statements of Windstream that are required to be delivered to us pursuant to the Windstream Leases, (iii) monitoring news reports regarding Windstream and its business, (iv) conducting research to ascertain industry trends potentially affecting Windstream, (v) monitoring Windstream’s compliance with the terms of the Windstream Leases and (vi) monitoring the timeliness of its payments under the Windstream Leases. As of the date of this Quarterly Report on Form 10-Q, Windstream is current on all lease payments. We note that in August 2020, Moody’s Investor Service assigned a B3 corporate family rating with a stable outlook to Windstream in connection with its post-emergence exit financing. At the same time, S&P Global Ratings assigned Windstream a B- issuer rating with a stable outlook. Both ratings remain current as of the date of this filing. In order to assist us in our continuing assessment of Windstream’s creditworthiness, we periodically receive certain confidential financial information and metrics from Windstream.
Reclassifications	Reclassifications—Certain prior year asset and liability categories and related amounts have been reclassified to conform with current year presentation.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation— Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815- 40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, which clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange (“ASU 2021-04”). ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted ASU 2021-04 effective January 1, 2022, and there was no impact on our consolidated financial statements. In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments (“ASU 2021-05”), which requires lessors to classify leases as operating leases if they (1) have variable lease payments that do not depend on a reference index or rate, and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. ASU 2021-05 is effective for all entities which have previously adopted Topic 842 for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted ASU 2021-05 effective January 1, 2022, and there was no impact on our consolidated financial statements.

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, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Derivative liability, net	$ 7,269	$ 10,413
Interest Rate Swap
Derivatives Fair Value [Line Items]
Derivative liability, net	$ 7,269	$ 10,413

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, 2022	Mar. 31, 2021	Dec. 31, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period attributable to shareholders	$ (2,127,792)
Balance at end of period attributable to shareholders	(2,103,060)
Accumulated other comprehensive loss at end of period	(6,341)		$ (9,164)
Cash Flow Hedge Changes in Fair Value (Loss) Gain
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period attributable to shareholders	(30,353)	$ (30,353)
Balance at end of period attributable to shareholders	(30,353)	(30,353)
Interest Rate Swap Termination
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period attributable to shareholders	21,189	9,986
Amounts reclassified from accumulated other comprehensive income	2,830	2,829
Balance at end of period	24,019	12,815
Less: Other comprehensive (loss) income attributable to noncontrolling interest	7	42
Balance at end of period attributable to shareholders	24,012	12,773
Accumulated other comprehensive loss at end of period	$ (6,341)	$ (17,580)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 210
-SubTopic 10
-Section S99
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 11. Earnings Per Share

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

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

The dilutive effect of the Exchangeable Notes is calculated by using the “if-converted” method. This assumes an add-back of interest, net of income taxes, to net income attributable to shareholders as if the securities were converted at the beginning of the reporting period (or at time of issuance, if later) and the resulting common shares included in number of weighted average shares. The dilutive effect of the Warrants (see Note 8) is calculated using the treasury-stock method. During the three months ended March 31, 2022 and 2021, the Warrants were excluded from diluted shares outstanding because the exercise price exceeded the average market price of our common stock for the reporting period.

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

	Three Months Ended March 31,
(Thousands, except per share data)	2022			2021
Basic earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	52,730		$	(4,438	)
Less: Income allocated to participating securities		(331	)		(248	)
Dividends declared on convertible preferred stock		(5	)		(3	)
Net income (loss) attributable to common shares	$	52,394		$	(4,689	)
Denominator:
Basic weighted-average common shares outstanding		235,046			231,469
Basic earnings (loss) per common share	$	0.22		$	(0.02	)

	Three Months Ended March 31,
(Thousands, except per share data)	2022			2021
Diluted earnings per share:
Numerator:
Net income (loss) attributable to shareholders	$	52,730		$	(4,438	)
Less: Income allocated to participating securities		(331	)		(248	)
Dividends declared on convertible preferred stock		(5	)		(3	)
Impact on if-converted dilutive securities		2,994			-
Net income (loss) attributable to common shares	$	55,388		$	(4,689	)
Denominator:
Basic weighted-average common shares outstanding		235,046			231,469
Effect of dilutive non-participating securities		1,226			-
Impact on if-converted dilutive securities		31,032			-
Weighted-average shares for dilutive earnings per common share		267,304			231,469
Dilutive earnings (loss) per common share	$	0.21		$	(0.02	)

For the three months ended March 31, 2021, 30,052,433 potential common shares related to the Exchangeable Notes and 762,355 non-participating securities were excluded from the computation of earnings per share, as their effect would have been anti-dilutive.

Goodwill and Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets And Liabilities Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

(Thousands)	Fiber Infrastructure		Total
Goodwill at December 31, 2021	$	601,878	$	601,878
Goodwill at March 31, 2022	$	601,878	$	601,878

Schedule of Carrying Value of Other Intangible Assets

(Thousands)	March 31, 2022						December 31, 2021
	Original Cost			Accumulated Amortization			Original Cost			Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104		$	(111,579	)	$	416,104		$	(105,861	)
Contracts		52,536			(9,850	)		52,536			(8,209	)
Underlying Rights		10,497			(525	)		10,497			(437	)

Total intangible assets	$	479,137					$	479,137
Less: accumulated amortization		(121,954	)					(114,507	)
Total intangible assets, net	$	357,183					$	364,630

Finite life intangible liabilities:
Below-market leases	$	191,154			(16,042	)	$	191,154			(13,368	)

Finite life intangible liabilities:
Below-market leases	$	191,154					$	191,154
Less: accumulated amortization		(16,042	)					(13,368	)
Total intangible liabilities, net	$	175,112					$	177,786

Leases - Additional Information (Details) $ in Millions	3 Months Ended
Leases - Additional Information (Details) $ in Millions	Mar. 31, 2022 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 less than one year to 20 years
Lessor, operating lease, existence of option to terminate [true false]	true
Lessor, lease option to terminate, description	options to terminate the leases within one to six 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 20 years
Lessee, operating lease, existence of option to terminate [true false]	true
Lessee, option to terminate, description	options to terminate the leases within one to six months
Short term lease commitments	$ 2.5
Minimum
Leases [Line Items]
Lessor, initial lease term	1 year
Lessor, lease renewal term	1 year
Lessor operating lease, termination	1 month
Lessee, initial lease term	1 year
Lessee, lease renewal term	1 year
Maximum
Leases [Line Items]
Lessor, initial lease term	35 years
Lessor, lease renewal term	20 years
Lessor operating lease, termination	6 months
Lessee, initial lease term	30 years
Lessee, lease renewal term	20 years

Fair Value of Financial Instruments - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) Installment	Dec. 31, 2021 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount of outstanding notes and other debt	$ 5,200,000	$ 5,175,000
Remaining value of settlement payable	242,261	$ 239,384
Windstream
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash payment in equal installments emergence from bankruptcy	$ 490,100
Number of installments \| Installment	20
Prices with Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notes and other debt, fair value	$ 5,130,000

Notes and Other Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument amount	$ 5,200,000		$ 5,175,000
Percentage of pay cash dividends in excess of taxable income	90.00%
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
Amortization of deferred financing costs	$ 4,300	$ 4,100
Maximum
Debt Instrument [Line Items]
Consolidated secured leverage ratio	5.00%
Consolidated total leverage ratio	6.50%
Maximum \| Pro Forma
Debt Instrument [Line Items]
Consolidated secured leverage ratio	4.00%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument amount	$ 225,000		$ 200,000
Debt instrument, maturity date	Dec. 10, 2024		Dec. 10, 2024
Commitment fee percentage of average amount of unused commitments	0.50%
Commitment fee step-down percentage of average amount of unused commitments	0.40%
7.875% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument amount	$ 2,250,000		$ 2,250,000
Issuance senior notes, stated percentage	7.875%		7.875%
Debt instrument, maturity year	2025
Debt instrument, maturity date	Feb. 15, 2025		Feb. 15, 2025
Net leverage ratio	5.75%
4.75% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument amount	$ 570,000		$ 570,000
Issuance senior notes, stated percentage	4.75%		4.75%
Debt instrument, maturity year	2028
Debt instrument, maturity date	Apr. 15, 2028		Apr. 15, 2028
Senior Unsecured Notes - 7.125% Due December 15, 2024
Debt Instrument [Line Items]
Debt instrument amount	$ 700,000
Issuance senior notes, stated percentage	6.00%
Debt instrument, maturity date	Jan. 15, 2030
6.50% Senior Notes
Debt Instrument [Line Items]
Debt instrument amount	$ 1,110,000
Issuance senior notes, stated percentage	6.50%
Debt instrument, maturity date	Feb. 15, 2029
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Debt Instrument [Line Items]
Debt instrument amount	$ 345,000
Issuance senior notes, stated percentage	4.00%		4.00%
Debt instrument, maturity date	Jun. 15, 2024		Jun. 15, 2024
Extended Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument amount	$ 500,000
Debt instrument, maturity date	Dec. 10, 2024
Extended Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.50%
Extended Revolving Credit Facility \| Maximum \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	4.50%
Extended Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Extended Revolving Credit Facility \| Minimum \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.75%

Derivative Instruments and Hedging Activities - Summary of Gross Amount of Derivative Instruments Subject to Master Netting Arrangements With Same Counterparty (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Offsetting Assets And Liabilities [Line Items]
Gross Amounts of Recognized Assets	$ 900	$ 10,788
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	(900)	(10,788)
Gross Amounts of Recognized Liabilities	8,169	21,201
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	(900)	(10,788)
Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets	7,269	10,413
Interest Rate Swap
Offsetting Assets And Liabilities [Line Items]
Gross Amounts of Recognized Assets	900	10,788
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	(900)	(10,788)
Gross Amounts of Recognized Liabilities	8,169	21,201
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	(900)	(10,788)
Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets	$ 7,269	$ 10,413

Organization and Description of Business

3 Months Ended

Mar. 31, 2022

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 independent internally managed real estate investment trust (“REIT”) engaged in the acquisition, construction and leasing of mission critical infrastructure in the communications industry. We are principally focused on acquiring and constructing fiber optic, copper and coaxial broadband networks and data centers. We manage our operations focused on our two primary lines of business: Uniti Fiber and Uniti Leasing.

The Company operates through a customary “up-REIT” structure, pursuant to which we hold substantially all of our assets through a partnership, Uniti Group LP, a Delaware limited partnership (the “Operating Partnership”), that we control as general partner, 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 Talk America Services (“Talk America”) business, the wind down of which was substantially completed as of the end of the second quarter of 2020. 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, 2022, we are the sole general partner of the Operating Partnership and own approximately 99.8% of the partnership interests in the Operating Partnership.

Condensed Consolidated Statements of Income (Loss) (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenues	$ 278,034	$ 272,586
Costs and Expenses:
Interest expense, net	96,172	140,581
Depreciation and amortization	71,457	70,964
General and administrative expense	23,870	25,823
Operating expense (exclusive of depreciation and amortization)	34,976	38,084
Transaction related and other costs	1,714	4,137
Other (income) expense, net	(398)	454
Total costs and expenses	227,791	280,043
Income (loss) before income taxes and equity in earnings from unconsolidated entities	50,243	(7,457)
Income tax benefit	(2,071)	(2,557)
Equity in earnings from unconsolidated entities	(544)	(398)
Net income (loss)	52,858	(4,502)
Net income (loss) attributable to noncontrolling interests	128	(64)
Net income (loss) attributable to shareholders	52,730	(4,438)
Participating securities' share in earnings	(331)	(248)
Dividends declared on convertible preferred stock	(5)	(3)
Net income (loss) attributable to common shareholders	$ 52,394	$ (4,689)
Income (loss) per common share:
Basic	$ 0.22	$ (0.02)
Diluted	$ 0.21	$ (0.02)
Weighted-average number of common shares outstanding:
Basic	235,046	231,469
Diluted	267,304	231,469
Leasing
Revenues:
Total revenues	$ 204,641	$ 194,936
Costs and Expenses:
Depreciation and amortization	42,102	42,226
Fiber Infrastructure
Revenues:
Total revenues	73,393	77,650
Costs and Expenses:
Depreciation and amortization	$ 29,319	$ 28,670

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 13. Commitments and Contingencies

In the ordinary course of our business, we are subject to claims and administrative proceedings, none of which we believe are material or would be expected to have, individually or in the aggregate, a material adverse effect on our business, financial condition, cash flows or results of operations.

Windstream Commitments

Following the consummation of our settlement agreement with Windstream, including entry into the Windstream Leases, we are obligated to make $490.1 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning in October 2020, and Uniti may prepay any installments due on or after the first anniversary of the settlement agreement (discounted at a 9% rate). On October 14, 2021, the Company prepaid four installments for a total of $92.9 million. As of March 31, 2022, the Company has made payments totaling $215.4 million.

Further, we are obligated to reimburse Windstream for up to an aggregate of $1.75 billion for certain growth capital improvements in long-term fiber and related assets made by Windstream (“Growth Capital Improvements”) through 2029. Uniti’s reimbursement commitment for Growth Capital Improvements does not require Uniti to reimburse Windstream for maintenance or repair expenditures (except for costs incurred for fiber replacements to the property leased under the competitive local exchange carrier master lease agreement, up to $70 million during the term), and each such reimbursement is subject to underwriting standards. Uniti’s total annual reimbursement commitments for the Growth Capital Improvements under both Windstream Leases (and under separate equipment loan facilities) were limited to $225 million per year in 2021, and are limited to $225 million per year in 2022 through 2024; $175 million per year in 2025 and 2026; and $125 million per year in 2027 through 2029. If the cost incurred by Windstream (or the successor tenant under a Windstream Lease) for Growth Capital Improvements in any calendar year exceeds the annual limit for such calendar year, Windstream (or such tenant, as the case may be) may submit such excess costs for reimbursement in any subsequent year and such excess costs shall be funded from the annual commitment amounts in such subsequent period. In addition, to the extent that reimbursements for Growth Capital Improvements funded in any calendar year during the term is less than the annual limit for such calendar year, the unfunded amount in any calendar year will carry-over and may be added to the annual limits for subsequent calendar years, subject to an annual limit of $250 million in any calendar year. During the three months ended March 31, 2022, Uniti reimbursed $48.2 million of Growth Capital Improvements, of which $29.0 million represented the reimbursement of capital improvements completed in 2021 that were previously classified as tenant funded capital improvements. Upon reimbursement, the Company reduced the unamortized portion of deferred revenue related to these capital improvements and capitalized the difference between the cash provided to Windstream and the unamortized deferred revenue as a lease incentive. This lease incentive, which is $0.9 million and reported within other assets on our Condensed Consolidated Balance Sheets as of March 31, 2022, will be amortized as a reduction to revenue over the initial term of the Windstream Leases.

Starting on the first anniversary of each installment of reimbursement for a Growth Capital Improvement, the rent payable by Windstream under the applicable Windstream Lease will increase by an amount equal to 8.0% (the “Rent Rate”) of such installment of reimbursement. The Rent Rate will thereafter increase to 100.5% of the prior Rent Rate on each anniversary of each reimbursement. In the event that the tenant’s interest in either Windstream Lease is transferred by Windstream under the terms thereof (unless transferred to the same transferee), or if Uniti transfers its interests as landlord under either Windstream Lease (unless to the same transferee), the reimbursement rights and obligations will be allocated between the ILEC MLA and the CLEC MLA by Windstream, provided that the maximum that may be allocated to the CLEC MLA following such transfer is $20 million per year. If Uniti fails to reimburse any Growth Capital Improvement reimbursement payment or equipment loan funding request as and when it is required to do so under the terms of the Windstream Leases, and such failure continues for thirty (30) days, then such unreimbursed amounts may be applied as an offset against the rent owed by Windstream under the Windstream Leases (and such amounts will thereafter be treated as if Uniti had reimbursed them).

Uniti and Windstream have entered into separate ILEC and CLEC Equipment Loan and Security Agreements (collectively “Equipment Loan Agreement”) in which Uniti will provide up to $125 million (limited to $25 million in any calendar year) of the $1.75 billion of Growth Capital Improvements commitments discussed above in the form of loans for Windstream to purchase equipment related to network upgrades or to be used in connection with the Windstream Leases. Interest on these loans will accrue at 8% from the date of the borrowing. All equipment financed through the Equipment Loan Agreement is the sole property of Windstream; however, Uniti will receive a first-lien security interest in the equipment purchased with the loans.

Other Litigation

On July 3, 2019, SLF Holdings, LLC (“SLF”) filed a complaint against the Company, Uniti Fiber, and certain current and former officers of the Company (collectively, the “Defendants”) in the United States District Court for the Southern District of Alabama, in connection with Uniti Fiber’s purchase of Southern Light, LLC from SLF in July 2017. The complaint asserted claims for fraud and conspiracy, as well as claims under federal and Alabama securities laws, alleging that Defendants improperly failed to disclose to SLF the risk that the Spin-Off and entry into the Master Lease violated certain debt covenants of Windstream. On September 26, 2019, the action was transferred to United States District Court for the District of Delaware. On November 18, 2019, SLF filed an amended complaint, adding allegations that Defendants also failed to fully disclose the risk that the Master Lease purportedly could be recharacterized as a financing instead of a “true lease.” The amended complaint seeks compensatory and punitive damages, as well as reformation of the purchase agreement for the sale. On December 18, 2019, Defendants moved to dismiss the amended complaint in its entirety. That motion was fully briefed as of February 7, 2020, and a hearing on the motion was heard on May 12, 2020. On November 4, 2020, the court granted the Defendants’ motion and dismissed SLF’s amended complaint, in its entirety, with prejudice. On December 1, 2020, SLF filed a notice of appeal to the United States Court of Appeals for the Third Circuit from the district court’s dismissal order. The appeal was fully briefed on September 10, 2021. We have evaluated this matter under the guidance provided by ASC 450, Contingencies (“ASC 450”), and as of the date of this Quarterly Report on Form 10-Q, we consider a loss not to be probable and are unable to estimate a reasonably possible range of loss; therefore, we have not recorded any liabilities associated with these claims in our Condensed Consolidated Balance Sheets.

Beginning on October 25, 2019, several purported shareholders filed separate putative class actions in the U.S. District Court for the Eastern District of Arkansas against the Company and certain of our officers, alleging violations of the federal securities laws based on claims similar to those asserted in the SLF Action. On March 12, 2020, the U.S. District Court for the Eastern District of Arkansas consolidated the Shareholder Actions and appointed lead plaintiffs and lead counsel in the consolidated cases under the caption In re Uniti Group Inc. Securities Litigation (the “Class Action”). On May 11, 2020, lead plaintiffs filed a consolidated amended complaint in the Class Action. The consolidated amended complaint seeks to represent investors who acquired the Company’s securities between April 20, 2015 and February 15, 2019. The Class Action asserts claims under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, alleging that the Company made materially false and misleading statements by allegedly failing to disclose, among other things, the risk that the Spin-Off and entry into the Master Lease violated certain debt covenants of Windstream and/or the risk that the Master Lease purportedly could be recharacterized as a financing instead of a “true lease.” The Class Action seeks class certification, unspecified monetary damages, costs and attorneys’ fees and other relief. On July 10, 2020, defendants moved to dismiss the consolidated amended complaint. On April 1, 2021, the court issued an order denying defendants’ motion to dismiss. On April 15, 2021, defendants filed a motion for reconsideration of the order or, in the alternative, for certification of an appeal of the decision to the Eighth Circuit. On October 25, 2021, plaintiffs filed a motion for class certification, which defendants opposed. On December 22, 2021, the court issued an order denying defendants’ motion for reconsideration or, in the alternative, certification of an appeal. On March 25, 2022, the parties reached an agreement to settle the Class Action, on behalf of a settlement class, for $38.9 million, to be funded entirely by the Company’s insurance carriers. The settlement remains subject to negotiation of definitive settlement documents, notice to the settlement class and court approval. In accordance with ASC 450, we recorded $38.9 million of settlement expense within general and administrative expense within our Condensed Consolidated Statements of Income (Loss) during the three months ended March 31, 2022 and accounts payable, accrued expenses and other liabilities, net within our Condensed Consolidated Balance Sheets as of March 31, 2022. Additionally, we recorded the probable

insurance recovery of $38.9 million as a reduction to general and administrative expense during the three months ended March 31, 2022 within our Condensed Consolidated Statements of Income (Loss), and other assets within Condensed Consolidated Balance Sheets as of March 31, 2022.

On August 17, 2021, two purported shareholders filed a derivative action on behalf of Uniti in the Circuit Court for Baltimore City, Maryland, under the caption Mayer et al. v. Gunderman et al., 24-C-21-003488 (the “Mayer Derivative Complaint”). The Mayer Derivative Action names Kenneth Gunderman and Mark Wallace as defendants and the Company as a nominal defendant and asserts claims for breach of fiduciary duty and unjust enrichment. The complaint alleges that the individual defendants caused the Company to issue certain false and misleading statements relating to the Spin-Off and/or the Master Lease. In particular, as in the Shareholder Actions, the complaint alleges, among other things, that defendants failed to disclose the risk that the Spin-Off and entry into the Master Lease violated certain debt covenants of Windstream and/or the risk that the Master Lease purportedly could be recharacterized as a financing instead of a “true lease.” The complaint seeks unspecified damages, unspecified equitable relief, and related costs and fees. On December 23, 2021, the court entered a joint stipulation to stay the Mayer Derivative Action, including the time for the defendants to respond to the complaint, pending the outcome of the Class Action. Because this matter is still in its preliminary stages, we have not yet determined what effect this lawsuit will have, if any, on our financial position or results of operations. We have evaluated this matter under the guidance provided by ASC 450, and as of the date of this Quarterly Report on Form 10-Q, we consider a loss not to be probable and are unable to estimate a reasonably possible range of loss; therefore, we have not recorded any liabilities associated with these claims in our Condensed Consolidated Balance Sheets.

On February 11, 2022, a purported shareholder filed a derivative action on behalf of Uniti in the federal District Court for the District of Maryland, under the caption Guzzo et al. v. Gunderman et al., 1:22-cv-00366-GLR (the “Guzzo Derivative Action”). The complaint names Kenneth Gunderman, Mark Wallace, Francis Frantz, David Solomon, Jennifer Banner, and Scott Bruce as defendants and the Company as a nominal defendant and asserts claims for contribution against Gunderman and Wallace if the Company is found to be liable for violations of the federal securities laws in the Class Action and claims against all the individual defendants for breaches of fiduciary duty, waste of corporate assets, and unjust enrichment against. The allegations in the Guzzo Derivative Action are similar to those in the Mayer Derivative Action and the Class Action. The complaint seeks unspecified damages, equitable relief, and related costs and fees. On March 16, 2022, the court entered a joint stipulation to stay the Guzzo Derivative Action, including the time for the defendants to respond to the complaint, pending the outcome of the Class Action. We intend to defend this matter vigorously, and, because it is still in its relatively early stages, we have not yet determined what effect this lawsuit will have, if any, on our financial position or results of operations.

We maintain insurance policies that would provide coverage to various degrees for potential liabilities arising from the legal proceedings described above.

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 Sheets as of March 31, 2022.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021:

	Three Months Ended March 31, 2022
(Thousands)	Leasing		Fiber Infrastructure		Corporate			Subtotal of Reportable Segments
Revenues	$	204,641	$	73,393	$	-		$	278,034

Adjusted EBITDA	$	198,973	$	31,459	$	(5,643	)	$	224,789
Less:
Interest expense									96,172
Depreciation and amortization		42,102		29,319		36			71,457
Other, net									361
Transaction related and other costs									1,714
Stock-based compensation									3,312
Income tax benefit									(2,071	)
Adjustments for equity in earnings from unconsolidated entities									986
Net income								$	52,858

	Three Months Ended March 31, 2021
(Thousands)	Leasing		Fiber Infrastructure		Corporate			Subtotal of Reportable Segments
Revenues	$	194,936	$	77,650	$	-		$	272,586

Adjusted EBITDA	$	191,497	$	29,721	$	(6,970	)	$	214,248
Less:
Interest expense									140,581
Depreciation and amortization		42,226		28,670		68			70,964
Other, net									1,318
Transaction related and other costs									4,137
Stock-based compensation									3,335
Income tax benefit									(2,557	)
Adjustments for equity in earnings from unconsolidated entities									972
Net loss								$	(4,502	)

Revenues - Revenues Disaggregated by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 56,469	$ 67,391
Total revenues	278,034	272,586
Fiber Infrastructure
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	55,310	66,224
Total revenues	73,393	77,650
Fiber Infrastructure \| Lit Backhaul
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	19,438	25,044
Fiber Infrastructure \| Enterprise and Wholesale
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	20,935	21,000
Fiber Infrastructure \| E-Rate and Government
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	14,276	19,364
Fiber Infrastructure \| Other
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	661	816
Leasing
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	1,159	1,167
Total revenues	204,641	194,936
ASU 2016-02
Disaggregation Of Revenue [Line Items]
Total revenues	221,565	205,195
ASU 2016-02 \| Fiber Infrastructure
Disaggregation Of Revenue [Line Items]
Total revenues	18,083	11,426
ASU 2016-02 \| Leasing
Disaggregation Of Revenue [Line Items]
Total revenues	$ 203,482	$ 193,769

Leases - Components of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Lease income - operating leases	$ 221,565	$ 205,195

Property, Plant and Equipment - Schedule of Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 9,350,464	$ 9,250,151
Less accumulated depreciation	(5,803,963)	(5,741,212)
Net property, plant and equipment	3,546,501	3,508,939
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	28,683	28,449
Building and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 360,572	359,980
Building and Improvements \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	3 years
Building and Improvements \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	40 years
Poles
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 285,474	281,130
Fiber
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 4,164,962	4,107,519
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 348,114	331,761
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	$ 3,933,940	3,918,281
Conduit
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 89,859	89,859
Tower assets
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Property, plant and equipment, gross	$ 8,544	8,544
Finance Lease Assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	72,284	72,284
Other assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 10,578	10,652
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	$ 14,581	14,326
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	$ 32,873	$ 27,366

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2022 Segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
ASU 2016-02
Revenue Recognition [Line Items]
Lease receivables	$ 19.0	$ 19.4
ASU 2014-09
Revenue Recognition [Line Items]
Receivables from contracts with customers	19.3	14.7
Revenue recognized that was included in the contract liability	1.8	$ 1.8
Future revenues under contract	441.9
Contracts currently being invoiced	336.1
Backlog for sales bookings	$ 105.8
Average remaining contract term of backlog sales bookings	5 years 7 months 6 days

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flow from operating activities
Net income (loss)	$ 52,858	$ (4,502)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	71,457	70,964
Amortization of deferred financing costs and debt discount	4,514	4,959
Loss on debt extinguishment		37,965
Interest rate swap termination	2,830	2,829
Deferred income taxes	(3,664)	(3,428)
Equity in earnings from unconsolidated entities	(544)	(398)
Distributions of cumulative earnings from unconsolidated entities	980	960
Cash paid for interest rate swap settlement	(3,144)	(2,989)
Straight-line revenues and amortization of below-market lease intangibles	(11,022)	(6,906)
Stock-based compensation	3,312	3,335
Change in fair value of contingent consideration		21
Loss on asset disposals	663	134
Accretion of settlement obligation	2,876	4,553
Other	(318)	181
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(2,814)	11,466
Other assets	157	47,630
Accounts payable, accrued expenses and other liabilities	(54,920)	(40,110)
Net cash provided by operating activities	63,221	126,664
Cash flow from investing activities
Other capital expenditures	(94,728)	(84,377)
Proceeds from sale of other equipment	379
Net cash used in investing activities	(94,349)	(84,377)
Cash flow from financing activities
Repayment of debt		(1,051,181)
Proceeds from issuance of notes		1,110,000
Dividends paid	(105)	(34,961)
Payments of settlement payable		(24,505)
Payments of contingent consideration		(2,979)
Distributions paid to noncontrolling interest		(520)
Borrowings under revolving credit facility	85,000	105,000
Payments under revolving credit facility	(60,000)	(55,000)
Finance lease payments	(280)	(710)
Payments for financing costs		(22,931)
Payment of tender premium		(17,550)
Employee stock purchase program	264	288
Payments related to tax withholding for stock-based compensation	(1,525)	(2,306)
Net cash provided by financing activities	23,354	2,645
Net (decrease) increase in cash and cash equivalents	(7,774)	44,932
Cash and cash equivalents at beginning of period	58,903	77,534
Cash and cash equivalents at end of period	51,129	122,466
Non-cash investing and financing activities:
Property and equipment acquired but not yet paid	13,338	17,795
Tenant capital improvements	$ 38,669	$ 62,888

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Value of the Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible assets, Original Cost	$ 479,137	$ 479,137
Less: accumulated amortization	(121,954)	(114,507)
Total intangible assets, net	357,183	364,630
Less: accumulated amortization	(16,042)	(13,368)
Total intangible liabilities, net	175,112	177,786
Customer Lists
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost	416,104	416,104
Less: accumulated amortization	(111,579)	(105,861)
Contracts
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost	52,536	52,536
Less: accumulated amortization	(9,850)	(8,209)
Underlying Rights
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost	10,497	10,497
Less: accumulated amortization	(525)	(437)
Below-market Leases
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible liabilities	191,154	191,154
Less: accumulated amortization	$ (16,042)	$ (13,368)

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 52,858	$ (4,502)
Other comprehensive income:
Interest rate swap termination	2,830	2,829
Other comprehensive income:	2,830	2,829
Comprehensive income (loss)	55,688	(1,673)
Comprehensive income (loss) attributable to noncontrolling interest	135	(22)
Comprehensive income (loss) attributable to shareholders	$ 55,553	$ (1,651)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

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

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
ASU 2021-04
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, ASU, Adopted	true
Change in accounting principle, ASU, Adoption date	Jan. 01, 2022
Change in accounting principle, ASU, Immaterial effect	true
ASU 2021-05
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, ASU, Adopted	true
Change in accounting principle, ASU, Adoption date	Jan. 01, 2022
Change in accounting principle, ASU, Immaterial effect	true
Concentration of Credit Risk \| Revenue \| Windstream
Summary Of Significant Accounting Policies [Line Items]
Master lease and the windstream leases revenue percentage	66.90%	66.30%

Notes and Other Debt - Schedule of Notes and Other Debt (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Senior Secured Notes - 7.875% Due February 15, 2025
Debt Instrument [Line Items]
Debt instrument, maturity date	Feb. 15, 2025	Feb. 15, 2025
Issuance senior notes, stated percentage	7.875%	7.875%
Effective interest rate	8.38%	8.38%
Senior Secured Notes - 4.75% Due April 15, 2028
Debt Instrument [Line Items]
Debt instrument, maturity date	Apr. 15, 2028	Apr. 15, 2028
Issuance senior notes, stated percentage	4.75%	4.75%
Effective interest rate	5.04%	5.04%
Senior Unsecured Notes - 4.00%, Due June 15, 2024
Debt Instrument [Line Items]
Debt instrument, maturity date	Jun. 15, 2024	Jun. 15, 2024
Issuance senior notes, stated percentage	4.00%	4.00%
Effective interest rate	4.77%	4.77%
Senior Unsecured Notes - 6.50%, Due February 15, 2029
Debt Instrument [Line Items]
Debt instrument, maturity date	Feb. 15, 2029	Feb. 15, 2029
Issuance senior notes, stated percentage	6.50%	6.50%
Effective interest rate	6.83%	6.83%
Senior Unsecured Notes - 6.00%, Due January 15, 2030
Debt Instrument [Line Items]
Debt instrument, maturity date	Jan. 15, 2030	Jan. 15, 2030
Issuance senior notes, stated percentage	6.00%	6.00%
Effective interest rate	6.27%	6.27%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, maturity date	Dec. 10, 2024	Dec. 10, 2024

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Gross Amount of Derivative Instruments Subject to Master Netting Arrangements With Same Counterparty

The following tables present the gross amounts of our derivative instruments subject to master netting arrangements with the same counterparty as of March 31, 2022 and December 31, 2021:

Offsetting of Derivative Assets and Liabilities (Thousands)	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets			Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets
At March 31, 2022
Assets
Interest rate swaps	$	900	$	(900	)	$	-
Total	$	900	$	(900	)	$	-

Liabilities
Interest rate swaps	$	8,169	$	(900	)	$	7,269
Total	$	8,169	$	(900	)	$	7,269

Offsetting of Derivative Assets and Liabilities (Thousands)	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets			Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets
At December 31, 2021
Assets
Interest rate swaps	$	10,788	$	(10,788	)	$	-
Total	$	10,788	$	(10,788	)	$	-

Liabilities
Interest rate swaps	$	21,201	$	(10,788	)	$	10,413
Total	$	21,201	$	(10,788	)	$	10,413

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, 2022

December 31, 2021

Interest rate swaps

Derivative liability, net

7,269

10,413

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022			December 31, 2021
Land	Indefinite			$	28,683		$	28,449
Building and improvements	3 - 40 years				360,572			359,980
Poles	30 years				285,474			281,130
Fiber	30 years				4,164,962			4,107,519
Equipment	5 - 7 years				348,114			331,761
Copper	20 years				3,933,940			3,918,281
Conduit	30 years				89,859			89,859
Tower assets	20 years				8,544			8,544
Finance lease assets		(1	)		72,284			72,284
Other assets	15 - 20 years				10,578			10,652
Corporate assets	3 - 7 years				14,581			14,326
Construction in progress		(1	)		32,873			27,366
					9,350,464			9,250,151
Less accumulated depreciation					(5,803,963	)		(5,741,212	)
Net property, plant and equipment				$	3,546,501		$	3,508,939
(1) See our Annual Report for property, plant and equipment accounting policies.