Uniti (UNIT) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 02, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	UNIT
Entity Registrant Name	Uniti Group Inc.
Entity Central Index Key	0001620280
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		193,143,385
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-36708
Entity Tax Identification Number	465230630
Entity Address, Address Line One	10802 Executive Center Drive
Entity Address, Address Line Two	Benton Building Suite 300
Entity Address, City or Town	Little Rock
Entity Address, State or Province	Arkansas
Entity Address, Postal Zip Code	72211
City Area Code	(501)
Local Phone Number	850-0820

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019		Dec. 31, 2018
Assets:
Property, plant and equipment, net	$ 3,201,436		$ 3,209,006
Cash and cash equivalents	299,394		38,026
Accounts receivable, net	77,303		104,063
Goodwill	692,833		692,385
Intangible assets, net	371,407		432,821
Straight-line revenue receivable	391		61,785
Derivative asset			31,043
Other assets, net	130,901		23,808
Assets held for sale, net	16,692
Total Assets	4,790,357		4,592,937
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	206,350		94,179
Accrued interest payable	29,441		28,097
Deferred revenue	811,782		726,262
Derivative liability	19,117
Dividends payable	9,394		113,744
Deferred income taxes	34,672		52,434
Finance lease obligations	55,444	[1]	55,282
Contingent consideration	18,522		83,401
Notes and other debt, net	5,003,092		4,846,233
Liabilities held for sale	4,332
Total liabilities	6,192,146		5,999,632
Commitments and contingencies (Note 14)
Shareholders' Deficit:
Preferred stock, $0.0001 par value, 50,000 shares authorized, no shares issued and outstanding
Common stock, $0.0001 par value, 500,000 shares authorized, issued and outstanding: 183,123 shares at June 30, 2019 and 180,536 at December 31, 2018	18		18
Additional paid-in capital	855,425		757,517
Accumulated other comprehensive (loss) income	(18,960)		30,105
Distributions in excess of accumulated earnings	(2,413,326)		(2,373,218)
Total Uniti shareholders' deficit	(1,576,843)		(1,585,578)
Noncontrolling interests - operating partnership units	87,554		92,375
Total shareholders' deficit	(1,489,289)		(1,493,203)
Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit	4,790,357		4,592,937
Series A Convertible Preferred Stock
Liabilities:
Convertible preferred stock, Series A, $0.0001 par value, 88 shares authorized, issued and outstanding, $87,500 liquidation value	$ 87,500		$ 86,508
[1]	Amounts are exclusive of lease arrangements that are classified in Liabilities Held for Sale.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	183,123,000	180,536,000
Common stock, shares outstanding	183,123,000	180,536,000
Series A Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	88,000	88,000
Convertible preferred stock, shares issued	88,000	88,000
Convertible preferred stock, shares outstanding	88,000	88,000
Convertible preferred stock, liquidation value	$ 87,500	$ 87,500

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total revenues	$ 264,414	$ 247,329	$ 525,445	$ 494,244
Costs and Expenses:
Interest expense	97,729	79,385	182,187	156,992
Depreciation and amortization	102,578	114,842	206,405	229,563
General and administrative expense	26,428	20,681	50,654	43,201
Operating expense (exclusive of depreciation and amortization)	40,163	31,522	78,581	61,426
Transaction related costs	7,035	3,789	13,704	9,702
Gain on sale of real estate	(28,790)		(28,790)
Other (income) expense	(28,119)	3,349	(31,232)	(536)
Total costs and expenses	217,024	253,568	471,509	500,348
Income (loss) before income taxes	47,390	(6,239)	53,936	(6,104)
Income tax expense (benefit)	7,843	(2,646)	11,897	(3,742)
Net income (loss)	39,547	(3,593)	42,039	(2,362)
Net income (loss) attributable to noncontrolling interests	830	(90)	880	(69)
Net income (loss) attributable to shareholders	38,717	(3,503)	41,159	(2,293)
Participating securities' share in earnings	(223)	(658)	(251)	(1,337)
Dividends declared on convertible preferred stock		(656)	(656)	(1,312)
Amortization of discount on convertible preferred stock	(248)	(745)	(993)	(1,490)
Net income (loss) attributable to common shareholders	$ 38,246	$ (5,562)	$ 39,259	$ (6,432)
Earnings (loss) per common share:
Basic	$ 0.21	$ (0.03)	$ 0.22	$ (0.04)
Diluted	$ 0.20	$ (0.03)	$ 0.21	$ (0.04)
Weighted-average number of common shares outstanding:
Basic	182,971	175,011	182,597	174,951
Diluted	193,105	175,011	192,276	174,951
Leasing
Revenues:
Total revenues	$ 177,042	$ 173,885	$ 353,125	$ 346,659
Costs and Expenses:
Depreciation and amortization	72,275	86,454	146,028	173,198
Gain on sale of real estate	(4,960)		(4,960)
Fiber Infrastructure
Revenues:
Total revenues	81,327	67,389	158,160	134,356
Costs and Expenses:
Depreciation and amortization	28,494	26,244	56,752	52,149
Tower
Revenues:
Total revenues	3,146	2,472	8,226	5,842
Costs and Expenses:
Depreciation and amortization	1,412	1,575	2,827	3,052
Gain on sale of real estate	(23,830)		(23,830)
Consumer CLEC
Revenues:
Total revenues	2,899	3,583	5,934	7,387
Costs and Expenses:
Depreciation and amortization	$ 346	$ 499	$ 692	$ 997

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 39,547	$ (3,593)	$ 42,039	$ (2,362)
Other comprehensive (loss) income:
Unrealized (loss) gain on derivative contracts	(28,363)	14,605	(50,049)	49,873
Changes in foreign currency translation	(843)	(4,879)	(63)	(314)
Other comprehensive (loss) income:	(29,206)	9,726	(50,112)	49,559
Comprehensive income (loss)	10,341	6,133	(8,073)	47,197
Comprehensive income (loss) attributable to noncontrolling interest	245	134	(167)	1,074
Comprehensive income (loss) attributable to common shareholders	$ 10,096	$ 5,999	$ (7,906)	$ 46,123

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Deficit (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Distributions in Excess of Accumulated Earnings	Noncontrolling Interest
Beginning balance, value at Dec. 31, 2017	$ (1,207,142)	$ 17	$ 644,328	$ 7,821	$ (1,960,715)	$ 101,407
Beginning balance, shares at Dec. 31, 2017		174,851,514
Impact of change in accounting standard, net of tax	1,859				1,859
Net income (loss)	(2,362)				(2,293)	(69)
Amortization of discount on convertible preferred stock	(1,490)		(1,490)
Other comprehensive income (loss)	49,559			48,416		1,143
Common stock dividends declared	(211,486)				(211,486)
Distributions to noncontrolling interest	(4,958)					(4,958)
Convertible preferred stock dividends	(1,312)				(1,312)
Net share settlement	(1,575)		(1,306)		(269)
Stock-based compensation	4,095		4,095
Stock-based compensation, shares		177,321
Ending balance, value at Jun. 30, 2018	(1,374,812)	$ 17	645,627	56,237	(2,174,216)	97,523
Ending balance, shares at Jun. 30, 2018		175,028,835
Beginning balance, value at Mar. 31, 2018	(1,271,617)	$ 17	645,403	46,735	(2,063,640)	99,868
Beginning balance, shares at Mar. 31, 2018		174,969,646
Net income (loss)	(3,593)				(3,503)	(90)
Amortization of discount on convertible preferred stock	(745)		(745)
Other comprehensive income (loss)	9,726			9,502		224
Common stock dividends declared	(106,417)				(106,417)
Distributions to noncontrolling interest	(2,479)					(2,479)
Convertible preferred stock dividends	(656)				(656)
Net share settlement	(916)		(916)
Stock-based compensation	1,885		1,885
Stock-based compensation, shares		59,189
Ending balance, value at Jun. 30, 2018	(1,374,812)	$ 17	645,627	56,237	(2,174,216)	97,523
Ending balance, shares at Jun. 30, 2018		175,028,835
Beginning balance, value at Dec. 31, 2018	(1,493,203)	$ 18	757,517	30,105	(2,373,218)	92,375
Beginning balance, shares at Dec. 31, 2018		180,535,971
Impact of change in accounting standard, net of tax	(63,222)				(63,222)
Net income (loss)	42,039				41,159	880
At-the-market issuance of common stock, net of offering costs	21,641		21,641
At-the-market issuance of common stock, net of offering, shares		1,176,186
Amortization of discount on convertible preferred stock	(993)		(993)
Other comprehensive income (loss)	(50,112)			(49,065)		(1,047)
Common stock dividends declared	(17,170)				(17,170)
Distributions to noncontrolling interest	(394)					(394)
Exchange of noncontrolling interest			4,260			(4,260)
Exchange of noncontrolling interest, shares		390,788
Convertible preferred stock dividends	(875)				(875)
Net share settlement	(1,765)		(1,765)
Stock-based compensation	5,085		5,085
Stock-based compensation, shares		340,627
Equity settled contingent consideration	11,178		11,178
Equity settled contingent consideration, in shares		645,385
Deferred tax liability related to exchangeable note issuance	(3,499)		(3,499)
Issuance of common stock - employee stock purchase plan	447		447
Issuance of common stock - employee stock purchase plan, in shares		33,800
Equity component value of exchangeable note issuance, net	80,770		80,770
Sale of common stock warrant	50,819		50,819
Payment for bond hedge option	(70,035)		(70,035)
Ending balance, value at Jun. 30, 2019	(1,489,289)	$ 18	855,425	(18,960)	(2,413,326)	87,554
Ending balance, shares at Jun. 30, 2019		183,122,757
Beginning balance, value at Mar. 31, 2019	(1,550,782)	$ 18	790,347	9,661	(2,442,564)	91,756
Beginning balance, shares at Mar. 31, 2019		182,670,494
Impact of change in accounting standard, net of tax	(112)				(112)
Net income (loss)	39,547				38,717	830
Amortization of discount on convertible preferred stock	(248)		(248)
Other comprehensive income (loss)	(29,206)			(28,621)		(585)
Common stock dividends declared	(9,148)				(9,148)
Distributions to noncontrolling interest	(187)					(187)
Exchange of noncontrolling interest			4,260			(4,260)
Exchange of noncontrolling interest, shares		390,788
Convertible preferred stock dividends	(219)				(219)
Net share settlement	(186)		(186)
Stock-based compensation	3,197		3,197
Stock-based compensation, shares		61,475
Deferred tax liability related to exchangeable note issuance	(3,499)		(3,499)
Equity component value of exchangeable note issuance, net	80,770		80,770
Sale of common stock warrant	50,819		50,819
Payment for bond hedge option	(70,035)		(70,035)
Ending balance, value at Jun. 30, 2019	$ (1,489,289)	$ 18	$ 855,425	$ (18,960)	$ (2,413,326)	$ 87,554
Ending balance, shares at Jun. 30, 2019		183,122,757

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Deficit (unaudited) (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Statement Of Stockholders Equity [Abstract]
Common stock dividends declared per share	$ 0.05	$ 0.05

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flow from operating activities
Net income (loss)	$ 42,039	$ (2,362)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	206,405	229,563
Amortization of deferred financing costs and debt discount	17,659	12,147
Deferred income taxes	(2,712)	(4,257)
Straight-line revenues	(1,416)	(7,400)
Stock-based compensation	5,085	4,095
Change in fair value of contingent consideration	(25,531)	(488)
Gain on sale of real estate	(28,790)
Other	2,252	1,597
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	25,169	(22,971)
Other assets	(12,849)	(5,510)
Accounts payable, accrued expenses and other liabilities	23,053	26,559
Net cash provided by operating activities	250,364	230,973
Cash flow from investing activities
Acquisition of businesses, net of cash acquired	(4,210)
NMS asset acquisitions		(1,154)
Other capital expenditures	(180,478)	(163,467)
Proceeds from sale of real estate, net of cash	127,524
Net cash used in investing activities	(57,164)	(164,621)
Cash flow from financing activities
Principal payments on debt	(10,540)	(10,540)
Dividends paid	(120,161)	(212,043)
Payments of contingent consideration	(28,170)	(12,662)
Distributions paid to noncontrolling interest	(2,686)	(4,958)
Borrowings under revolving credit facility	139,000	245,000
Payments under revolving credit facility	(203,981)	(50,000)
Capital lease payments	(1,896)	(2,738)
Payments for financing costs	(49,462)
Common stock issuance, net of costs	21,641
Proceeds from issuance of notes	345,000
Proceeds from sale of warrants	50,819
Payment for bond hedge option	(70,035)
Employee stock purchase program	447
Net share settlement	(1,765)	(1,575)
Net cash provided by (used in) financing activities	68,211	(49,516)
Effect of exchange rates on cash and cash equivalents	(43)	(101)
Net increase in cash and cash equivalents	261,368	16,735
Cash and cash equivalents at beginning of period	38,026	59,765
Cash and cash equivalents at end of period	299,394	76,500
Non-cash investing and financing activities:
Property and equipment acquired but not yet paid	19,817	15,191
Tenant capital improvements	81,137	$ 92,190
Settlement of contingent consideration through non-cash consideration	11,178
Exchange of noncontrolling interest through non-cash consideration	$ 4,260

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business	Note 1. Organization and Description of Business Uniti Group Inc. (the “Company,” “Uniti,” “we,” “us,” or “our”) was incorporated in the state of Maryland on September 4, 2014. We are an internally managed real estate investment trust (“REIT”) engaged in the acquisition and construction of mission critical infrastructure in the communications industry. We are principally focused on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers. We manage our operations in four The Company operates through a customary “up-REIT” structure, pursuant to which we hold substantially all of our assets through a partnership, Uniti Group LP, a Delaware limited partnership (the “Operating Partnership”), that we control as general partner, with the only significant difference between the financial position and results of operations of the Operating Partnership and its subsidiaries compared to the consolidated financial position and consolidated results of operations of Uniti is that the results for the Operating Partnership and its subsidiaries do not include Uniti’s Consumer CLEC segment, which consists of Talk America Services.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2. Basis of Presentation and Summary of Significant Accounting Policies The accompanying Condensed Consolidated Financial Statements include all accounts of the Company and its wholly owned and/or controlled subsidiaries, which consist of the Operating Partnership. Under the Accounting Standards Codification 810, Consolidation . ASC 810 provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018 (“Annual Report”), filed with the SEC on March 18, 2019. Accordingly, significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our Annual Report. Going Concern — Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (Subtopic 205-40) We are party to a master lease agreement (the “Master Lease”) with Windstream Holdings, Inc. (“Windstream Holdings” and together with its consolidated subsidiaries “Windstream”), from which 68.2% of our revenue for the year ended December 31, 2018 was derived. Windstream was involved in litigation with an entity who acquired certain Windstream debt securities and thereafter issued a notice of default as to such securities related to our spin-off from Windstream (the “Spin-Off”). Windstream challenged the matter in federal court and a trial was held in July 2018. On February 15, 2019, the federal court judge issued a ruling against Windstream, finding that Windstream’s attempts to waive such default were not valid, that an “event of default” occurred with respect to such debt securities, and that the holder’s acceleration of such debt in December 2017 was effective. In response to the adverse outcome, on February 25, 2019, Windstream filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. In bankruptcy, Windstream has the option to assume or reject the Master Lease. Because the Master Lease is a single indivisible Master Lease with a single rent payment, it must be assumed or rejected in whole and cannot be sub-divided by facility or market. A significant amount of Windstream’s revenue is generated from the use of our network included in the Master Lease, and we believe that the Master Lease is essential to Windstream’s operations. Furthermore, Windstream is designated as a “carrier of last resort” in certain markets where it utilizes the Master Lease to provide service to its customers, and Windstream would require approval from the Public Utility Commissions and the Federal Communications Commission to cease providing service in those markets. As a result, we believe the probability of Windstream rejecting the Master Lease in bankruptcy to be remote. Windstream has filed claims that allege, among other things, that the Master Lease should be recharacterized as a financing transaction, which would impact its treatment in Windstream’s bankruptcy (including potentially through changing our status to that of a creditor that would share in creditor recoveries from the estate rather than receive rent payments) and could affect our status as a REIT, that the Master Lease is a lease of personal property, and that rent payments and tenant capital improvements made by Windstream under the Master Lease since at least the third quarter of 2017 constitute constructive fraudulent The Company has considered the mitigating effects of management’s plans to alleviate the substantial doubt about the ability to continue as going concern in the event there is a disruption in the payments due to us under the Master Lease prior to Windstream’s assumption or rejection of the lease or any adverse determinations in respect of Windstream’s claims. Those plans include deferring, reducing or delaying cash dividends and capital expenditures, if necessary, paying one or more dividends that are required to maintain our REIT status in shares to the extent allowed under the IRS REIT rules, curtailing acquisition activities, accessing the capital markets and identifying alternative sources of liquidity. Based on our analysis, including consideration of the timing of petitioners’ requirements to make post-petition lease payments under U.S. bankruptcy law, we believe that we have adequate liquidity to continue to fund our operations for twelve months after the issuance of the accompanying Condensed Consolidated Financial Statements absent any adverse determination in respect to Windstream’s claims or disruptions in rent payments under the Master Lease. Although management has concluded the probability of a rejection of the Master Lease to be remote, and has noted the absence of any provision in the Master Lease that contemplates renegotiation of the lease and the lack of any ability of the bankruptcy court to unilaterally reset the rent or terms of the lease, it is difficult to predict what could occur in Windstream’s bankruptcy restructuring, including any judicial decisions in respect of claims against us by Windstream or its creditors. The Company has evaluated its ability to continue as a going concern in light of the possibility of a consensual renegotiation of the Master Lease, and the impact of any renegotiated lease on our compliance with our debt covenants. We note that our Credit Agreement prohibits the Company from amending the Master Lease that, among other provisions, pro forma for any such amendment, would result in a consolidated secured leverage ratio that exceeds 5.0 to 1.0. Furthermore, management has no intention to enter into a lease amendment that would violate our debt covenants. However, there can be no certainty as to the outcome of judicial decisions or Windstream’s decision to assume or reject the Master Lease, and uncertainties exist as to the outcome or impacts of any potential consensual renegotiation of the Master Lease. Therefore, substantial doubt exists about our ability to continue as a going concern within one year after the issuance of the financial statements . The accompanying Condensed Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The accompanying Condensed Consolidated Financial Statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Concentration of Credit Risks Windstream is a publicly traded company and is subject to the periodic filing requirements of the Securities Exchange Act of 1934, as amended. Windstream filings can be found at www.sec.gov. Windstream filings are not incorporated by reference in this Quarterly Report on Form 10-Q. Straight-Line Revenue Receivable Leases Exchangeable Notes and Related Transactions Debt – Debt with Conversion and Other Options Derivatives and Hedging See Note 11 . In connection with the offering of the Exchangeable Notes, Uniti Fiber entered into exchangeable note hedge transactions with respect to the Company’s common stock (the “Note Hedge Transactions”) with certain of the Initial Purchasers (as defined in Note 11) or their respective affiliates (collectively, the “Counterparties”). In addition, 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 $16.42 per share. The warrant transactions may have a dilutive effect with respect to the Company’s common stock to the extent the market price per share of the Company’s common stock exceeds the strike price of the Warrants. While the Note Hedge Transactions and the Warrants meet the definition of a derivative in ASC 815-10-15-83, they each meet the equity scope exception specified in ASC 815-10-15-74(a); as such, the Warrants and the Notes Hedge Transactions are not accounted for as derivatives that are remeasured each reporting period and instead, are recorded in stockholders’ equity. See Note 9 . Reclassifications Recently Issued Accounting Standards Leases — Effective January 1, 2019, w e account for leases in accordance with ASC 842. The standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is comprised of amortization on the right - of - use asset (“ROU”) and interest expense recognized based on an effective interest method, or as a single lease cost recognized on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The accounting for lessors remains largely unchanged. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. We determine if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (i) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (ii) the customer has the right to control the use of the identified asset. We enter into lease contracts including ground, towers, equipment, office, colocation and fiber lease arrangements, in which we are the lessee, and service contracts that may include embedded leases. Operating leases where we are the lessor are included in Leasing, Fiber Infrastructure and Tower revenues on our Condensed Consolidated Statements of Income. From time to time we enter into direct financing lease arrangements that include (i) a lessee obligation to purchase the leased equipment at the end of the lease term, (ii) a bargain purchase option, (iii) a lease term having a duration that is for the major part of the remaining economic life of the leased equipment or (iv) provides for minimum lease payments with a present value amounting to substantially all of the fair value of the leased asset at the date of lease inception. ROU assets and lease liabilities related to operating leases where we are the lessee are included in other assets and accounts payable, accrued expenses and other liabilities, respectively, on our Condensed Consolidated Balance Sheets. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. ROU assets and lease liabilities related to finance leases where we are the lessee are included in property, plant and equipment, net and finance lease obligations, respectively, on our Condensed Consolidated Balance Sheets. The lease liabilities are initially measured in the same manner as operating leases and are subsequently measured at amortized cost using the effective interest method. ROU assets for finance leases are amortized on a straight-line basis over the remaining lease term. Key estimates and judgments include how we determined (i) the discount rate we use to discount the unpaid lease payments to present value, (ii) lease term and (iii) lease payments. i. ASC 842 requires a lessor to discount its unpaid lease payments using the interest rate implicit in the lease and a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As we generally do not know the implicit rate for our leases where we are the lessee, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. ii. The lease term for all of our leases includes the noncancellable period of the lease plus any additional periods covered by either a lessee option to extend (or not to terminate) the lease that the lessee is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. iii. Lease payments included in the measurement of the lease asset or liability comprise the following: (i) fixed payments (including in-substance fixed payments), (ii) variable payments that depend on index or rate based on the index or rate at lease commencement, and (iii) the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise. For operating leases where we are the lessor, we continue recognizing the underlying asset and depreciating it over its estimated useful life. Lease income is recognized on a straight-line basis over the lease term. Leasing revenue is not recognized when collection of all contractual rents over the term of the agreement is not probable . When collect ion is not probable , the lessee is placed on non-accrual status and Leasing r evenue is recognized when cash payments are received. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For finance leases, the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to us, or we are reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized and presented separately from interest expense on the lease liability. Variable lease payments associated with our leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are presented within Leasing, Fiber Infrastructure and Tower revenues and general and administrative expense and operating expense in our Condensed Consolidated Statements of Income in the same line item as revenue arising from fixed lease payments (operating leases where we are the lessor) and expense arising from fixed lease payments (operating leases where we are the lessee) or amortization of the ROU asset (finance leases), respectively. We monitor for events or changes in circumstances that require a reassessment of a lease. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in profit or loss. We have lease agreements which include lease and nonlease components. For both leases where we are a lessor and leases where we are a lessee, we have elected to combine lease and nonlease components for all lease contracts. Nonlease components that are combined with lease components are primarily maintenance services related to the leased asset. Where we are the lessor, we determine whether the lease or nonlease component is the predominant component on a case-by-case basis. For all existing leases where we are the lessor, ASC Topic 842 has been applied to all combined components. We have elected not to recognize ROU assets and lease liabilities for all short-term leases that have a lease term of 12 months or less. We recognize the lease payments associated with our short-term leases as an expense on a straight-line basis over the lease term. We have elected to exclude sales taxes from lease payments in arrangements where we are a lessor. We adopted ASC 842 using a modified retrospective transition approach as of the effective date as permitted by the amendments in ASU 2018-11, Leases (Topic 842): Target Improvements Land Easement Practical Expedient for Transition to Topic 842 Leases In connection with the adoption of ASC 842, we have recorded an adjustment to equity of $63.2 million, net of tax for the cumulative effect from a change in accounting standard. Of this amount, $61.5 million related to the write-off of the Master Lease straight-line revenue receivable, and $1.7 million relates to the establishment of the ROU assets and lease liabilities.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenues	Note 3. Revenues The following is a description of principal activities, separated by reportable segments ( see Note 13 ), from which the Company generates its revenues. Leasing Leasing revenue represents the results from our leasing business, Uniti Leasing, which is engaged in the acquisition of mission-critical communications assets and leasing them back to anchor customers on either an exclusive or shared-tenant basis. Due to the nature of these activities, they are outside the scope of the guidance of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ See Note 4 . Fiber Infrastructure The Fiber Infrastructure segment represents the operations of our fiber business, Uniti Fiber, which provides (i) consumer, enterprise, wholesale and backhaul lit fiber, (ii) E-rate, (iii) small cell, (iv) construction services, (v) dark fiber and (vi) other revenue generating activities. i. Consumer, enterprise, wholesale, and backhaul lit fiber fall under the guidance of Topic 606. Revenue is recognized over the life of the contracts in a pattern that reflects the satisfaction of Uniti’s stand-ready obligation to provide lit fiber services. The transaction price is equal to the monthly-recurring charge multiplied by the contract term, plus any non-recurring or variable charges. For each contract, the customer is invoiced monthly. ii. E-rate contracts involve providing lit fiber services to schools and libraries, and is governed by Topic 606. Revenue is recognized over the life of the contract in a pattern that reflects the satisfaction of Uniti’s stand-ready obligation to provide lit fiber services. The transaction price is equal to the monthly-recurring charge multiplied by the contract term, plus any non-recurring or variable charges. For each contract, the customer is invoiced monthly. iii. Small cell contracts provide improved network connection to areas that may not require or accommodate a tower. Small cell arrangements typically contain five streams of revenue: site development, radio frequency (“RF”) design, dark fiber lease, construction services, and maintenance services. Site development, RF design and construction are each separate services and are considered distinct performance obligations under Topic 606. Dark fiber and associated maintenance services constitute a lease, and as such, they are outside the scope of Topic 606 and are governed by other applicable guidance. iv. Construction revenue is generated from contracts to provide various construction services such as equipment installation or the laying of fiber. Construction revenue is recognized over time as construction activities occur as we are either enhancing a customer’s owned asset or constructing an asset with no alternative use to us and we would be entitled to our costs plus a reasonable profit margin if the contract was terminated early by the customer. We are utilizing our costs incurred as the measure of progress of satisfying our performance obligation. v. Dark fiber arrangements represent operating leases under ASC 842 and are outside the scope of Topic 606. When (i) a customer makes an advance payment or (ii) a customer is contractually obligated to pay any amounts in advance, which is not deemed a separate performance obligation, deferred leasing revenue is recorded. This leasing revenue is recognized ratably over the expected term of the contract, unless the pattern of service suggests otherwise. vi. The Company generates revenues from other services, such as consultation services and equipment sales. Revenue from the sale of customer premise equipment and modems that are not provided as an essential part of the telecommunications services, including broadband, long distance, and enhanced services is recognized when products are delivered to and accepted by the customer. Revenue from customer premise equipment and modems provided as an essential part of the telecommunications services, including broadband, long distance, and enhanced services are recognized over time in a pattern that reflects the satisfaction of the service performance obligation. Towers The Towers segment represents the operations of our towers business, Uniti Towers, through which we acquire and construct tower and tower-related real estate, which we then lease to our customers in the United States. Revenue from our towers business qualifies as a lease under ASC 842, and ASC 840 for periods prior to January 1, 2019, and is outside the scope of Topic 606. Consumer CLEC The Consumer CLEC segment represents the operations of Talk America Services (“Talk America”) through which we operate the Consumer CLEC Business, which provides local telephone, high-speed internet and long-distance services to customers in the eastern and central United States. Customers are billed monthly for services rendered based on actual usage or contracted amounts. The transaction price is equal to the monthly-recurring charge multiplied by the initial contract term (typically 12 months), plus any non-recurring or variable charges. Disaggregation of Revenue The following table presents our revenues disaggregated by revenue stream. Three Months Ended June 30, Six Months Ended June 30, (Thousands) 2019 2018 2019 2018 Revenue disaggregated by revenue stream Revenue from contracts with customers Fiber Infrastructure Lit backhaul $ 33,401 $ 33,474 $ 65,606 $ 66,820 Enterprise and wholesale 19,241 15,562 35,970 30,980 E-Rate and government 22,533 14,157 44,528 28,387 Other 674 878 1,683 1,868 Fiber Infrastructure $ 75,849 $ 64,071 $ 147,787 $ 128,055 Consumer CLEC 2,899 3,583 5,934 7,387 Total revenue from contracts with customers 78,748 67,654 153,721 135,442 Revenue accounted for under other applicable guidance 185,666 179,675 371,724 358,802 Total revenue $ 264,414 $ 247,329 $ 525,445 $ 494,244 At June 30, 2019, and December 31, 2018, lease receivables were $13.3 million and $45.5 million, respectively, and receivables from contracts with customers were $ million and $57.1 million, respectively. Contract Assets (Unbilled Revenue) and Liabilities (Deferred Revenue) Contract assets primarily consist of unbilled construction revenue where we are utilizing our costs incurred as the measure of progress of satisfying our performance obligation. When the contract price is invoiced, the related unbilled receivable is reclassified to trade accounts receivable, where the balance will be settled upon the collection of the invoiced amount. Contract liabilities are generally comprised of upfront fees charged to the customer for the cost of establishing the necessary components of the Company’s network prior to the commencement of use by the customer. Fees charged to customers for the recurring use of the Company’s network are recognized during the related periods of service. Upfront fees that are billed in advance of providing services are deferred until such time the customer accepts the Company’s network and then are recognized as service revenues ratably over a period in which substantive services required under the revenue arrangement are expected to be performed, which is the initial term of the arrangement. During the three and six months ended June 30, 2019, we recognized revenues of $1.1 million and $2.5 million, respectively, that was included in the December 31, 2018 contract liabilities balance. The following table provides information about contract assets and contract liabilities accounted for under Topic 606. (Thousands) Contract Assets Contract Liabilities Balance at December 31, 2018 $ 5,540 $ 15,473 Balance at June 30, 2019 $ 10,092 $ 12,859 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 June 30, 2019, our future revenues (i.e., transaction price related to remaining performance obligations) under contract accounted for under Topic 606 totaled $ 588.0 74.8 Practical Expedients and Exemptions We do not disclose the value of unsatisfied performance obligations for contracts that have an original expected duration of one year or less. We exclude from the transaction price any amounts collected from customers for sales taxes and therefore, such amounts are not included in revenue.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Note 4. Leases Lessor Accounting We lease communications towers, ground, communications equipment, office and dark fiber lease arrangements to tenants under operating leases. Our leases have initial lease terms ranging from five to 20 years, most of which includes options to extend or renew the leases for five to 80 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 and six months ended June 30, 2019 are as follows: (Thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease income - operating leases $ 185,666 $ 371,724 Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms are as follows: (Thousands) June 30, 2019 (1) December 31, 2018 (2) 2019 $ 351,179 $ 724,269 2020 705,063 693,596 2021 708,110 696,713 2022 710,922 699,561 2023 713,902 702,663 Thereafter 4,761,525 4,706,951 Total lease receivables $ 7,950,701 $ 8,223,753 (1) (2) The underlying assets under operating leases where we are the lessor as of June 30, 2019 are summarized as follows: (Thousands) June 30, 2019 Land $ 26,672 Building and improvements 332,158 Real property interest - Poles 255,103 Fiber 2,594,530 Equipment 202 Copper 3,756,760 Conduit 89,768 Tower assets 127,289 Capital lease assets 10,276 Other assets 26,581 7,219,339 Less: accumulated depreciation (4,889,425 ) Underlying assets under operating leases, net $ 2,329,914 Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and six months ended June 30, 2019 is summarized as follows: (Thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Depreciation expense for underlying assets under operating leases $ 75,093 $ 151,367 Lessee Accounting We have commitments under operating leases for communications towers, ground, colocation and dark fiber lease arrangements. We also have finance leases for dark fiber lease arrangements and other communications equipment. Our leases have initial lease terms ranging from less than one year to 30 years, most of which includes options to extend or renew the leases for less than one year to 85 years, and some of which may include options to terminate the leases within 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 June 30, 2019, we have short term lease commitments amounting to approximately $1.8 r colocation and dark fiber arrangements The components of lease cost for the three and six months ended June 30, 2019 are as follows: (Thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Finance lease cost Amortization of ROU assets $ 890 $ 1,896 Interest on lease liabilities 552 1,621 Total finance lease cost 1,442 3,517 Operating lease cost 6,667 13,254 Short-term lease cost 467 929 Variable lease cost 138 257 Less sublease income (2,633 ) (5,378 ) Total lease cost $ 6,081 $ 12,579 Amounts reported in the Condensed Consolidated Balance Sheets for leases where we are the lessee as of June 30, 2019 were as follows: (Thousands) Location on Condensed Consolidated Balance Sheets June 30, 2019 Operating leases ROU asset Other assets, net $ 100,227 ROU liability Accounts payable, accrued expenses and other liabilities, net 107,199 Finance leases ROU asset Property, plant and equipment, net $ 128,530 ROU liability Finance lease obligations 55,444 Weighted-average remaining lease term Operating leases 10.0 years Finance leases 14.1 years Weighted-average discount rate Operating leases 9.5 % Finance leases 8.1 % Other information related to leases as of June 30, 2019 are as follows: (Thousands) Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 1,621 Operating cash flows from operating leases 13,426 Financing cash flows from finance leases 1,896 Non-cash items: New operating leases $ 12,621 New finance leases 2,683 Future lease payments under non-cancellable leases as of June 30, 2019 are as follows: (Thousands) Operating Leases (1) Finance Leases (1) 2019 $ 11,890 $ 4,211 2020 22,922 7,588 2021 20,983 6,829 2022 18,538 6,697 2023 16,333 6,681 Thereafter 86,345 57,330 Total undiscounted lease payments $ 177,011 $ 89,336 Less: imputed interest (69,812 ) (33,892 ) Total lease liabilities $ 107,199 $ 55,444 (1) Future minimum rental payments under non-cancellable operating leases as of December 31, 2018 (1) (Thousands) 2019 $ 10,585 2020 7,543 2021 4,815 2022 3,186 2023 2,382 Thereafter 15,269 Total $ 43,780 (1) Future minimum rental payments under capital leases in effect as of December 31, 2018 (1) (Thousands) 2019 $ 8,683 2020 7,357 2021 6,638 2022 6,484 2023 6,457 Thereafter 52,533 Total minimum payments 88,152 Less amount representing interest (32,870 ) Total $ 55,282 (1) Future sublease rentals as of June 30, 2019 are as follows: (Thousands) Sublease Rentals 2019 $ 4,158 2020 8,966 2021 8,992 2022 9,019 2023 9,046 Thereafter 95,785 Total $ 135,966

Business Combinations, Asset Ac

Business Combinations, Asset Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Business Combinations, Asset Acquisitions and Dispositions	Note 5. Business Combinations, Asset Acquisitions and Dispositions 2019 Transactions Sale of Ground Lease Portfolio On May 23, 2019, the Company completed the sale of substantially all of its U.S. ground lease business. During second quarter, we received cash consideration of $30.7 million resulting in a pre-tax gain of $5.0 million. Sale of Latin American Tower Portfolio On April 2, 2019, the Company completed the sale of the Uniti Towers’ Latin America business (“LATAM”) to an entity controlled by Phoenix Towers International for cash consideration of $101.6 million resulting in a pre-tax gain of $23.8 million. JKM Consulting Inc. (M 2 On March 25, 2019, we acquired 100% of the outstanding equity of JKM Consulting Inc. d/b/a M 2 2 M 2 See Note 13 . For federal income tax purposes, the transaction was treated as a taxable acquisition. Thus, all of the goodwill is expected to be deductible for tax purposes. The financial results of M 2 2018 Transactions Information Transport Solutions, Inc. On October 19, 2018, we acquired 100% of the outstanding equity of Information Transport Solutions, Inc. (“ITS”) for cash consideration of $58.3 million. ITS is a full-service managed services provider of technology solutions, primarily to educational institutions in Alabama and Florida. This acquisition expands Uniti Fiber’s product offerings and strengthens relationships with new and existing E-Rate customers. The acquisition was recorded by allocating the costs of the assets acquired based on their estimated fair values at the acquisition date. See Note 13 . During the first quarter of 2019, certain contractual working capital adjustments resulted in a $1.3 million reduction of the purchase price and goodwill. The following is a summary of the estimated fair values of the assets acquired and liabilities assumed: (thousands) Property, plant and equipment $ 4,270 Cash and cash equivalents 5,931 Accounts receivable 3,909 Other assets 7,238 Goodwill 9,941 Intangible assets 30,254 Accounts payable, accrued expenses and other liabilities (2,645 ) Deferred revenue (567 ) Total purchase consideration $ 58,331 The goodwill arising from the transaction is primarily attributable to strategic opportunities that arose from the acquisition of ITS, including strengthening relationships with new and existing E-Rate customers and anticipated incremental sales and cost savings. For federal income tax purposes, the transaction was treated as a taxable acquisition. Thus, all of the goodwill is expected to be deductible for tax purposes. We acquired an intangible asset that was assigned to customer relationships of $30.3 million (14 year life). The Company determined the useful life for the customer relationship by applying an income approach (using the multi-period excess earnings method with a discount rate commensurate to the risk of the asset) and resulted from two key considerations: attrition rate and cumulative present value of cash flows, including assessing the period over which the asset is expected to contribute to the Company’s future cash flows.

Assets and Liabilities Held for

Assets and Liabilities Held for Sale	6 Months Ended
	Jun. 30, 2019
Discontinued Operations And Disposal Groups [Abstract]
Assets and Liabilities Held for Sale	Note 6. Assets and Liabilities Held for Sale On May 23, 2019, the Company completed the sale of substantially of its U.S. ground lease business. See Note 5 met the criteria to be classified as held for sale As a result, the Company classified $2.8 million of net property, plant and equipment to assets held for sale on the Condensed Consolidated Balance Sheet. On January 15, 2019, the Company entered into an operating company/property company (“OpCo-PropCo”) transaction with Macquarie Infrastructure Partners (“MIP”) to acquire Bluebird Network, LLC (“Bluebird”). MIP operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group. In the transaction, Uniti has agreed to purchase the Bluebird fiber network and MIP has agreed to purchase the Bluebird operations. In addition, Uniti has agreed to sell Uniti Fiber’s Midwest operations to MIP, while Uniti will retain its existing Midwest fiber network. As of June 30 , 2019, the sale of the M idwest operations met the criteria to be classified as held for sale. As a result, the Company classified $ million of net property, plant and equipment to assets held for sale and $ 4.3 million of other accrued liabilities to liabilities held for sale on the Condensed Consolidated Balance Sheet as of June 30 , 2019. The Midwest operations that will be sold to MIP are currently reported in our Fiber Infrastructure segment. The sale does not represent a strategic shift that will have a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation. These transactions are subject to regulatory and other closing conditions and are expected to close by the end of the third quarter of 2019. The Company had no assets or liabilities classified as held for sale as of December 31, 2018.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 7. Fair Value of Financial Instruments FASB ASC 820, Fair Value Measurements Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the assessment date; Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 – Unobservable inputs for the asset or liability. Our financial instruments consist of cash and cash equivalents, accounts and other receivables, a derivative asset and liability, our outstanding notes and other debt, contingent consideration and accounts, interest and dividends payable. The following table summarizes the fair value of our financial instruments at June 30, 2019 and December 31, 2018: (Thousands) Total Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Prices with Unobservable Inputs (Level 3) At June 30, 2019 Liabilities Senior secured term loan B - variable rate, due October 24, 2022 $ 1,998,748 $ - $ 1,998,748 $ - Senior secured notes - 6.00%, due April 15, 2023 521,125 - 521,125 - Senior unsecured notes - 8.25%, due October 15, 2023 1,026,750 - 1,026,750 - Senior unsecured notes - 7.125%, due December 15, 2024 535,500 - 535,500 - Exchangeable senior notes - 4.00%, due June 15, 2024 355,523 - 355,523 - Senior secured revolving credit facility, variable rate, due April 24, 2022 574,961 - 574,961 - Derivative liability 19,117 19,117 Contingent consideration 18,522 - - 18,522 Total $ 5,050,246 $ - $ 5,031,724 $ 18,522 (Thousands) Total Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Prices with Unobservable Inputs (Level 3) At December 31, 2018 Assets Derivative asset $ 31,043 $ - $ 31,043 $ - Total $ 31,043 $ - $ 31,043 $ - Liabilities Senior secured term loan B - variable rate, due October 24, 2022 $ 1,877,303 $ - $ 1,877,303 $ - Senior secured notes - 6.00%, due April 15, 2023 504,625 - 504,625 - Senior unsecured notes - 8.25%, due October 15, 2023 965,700 - 965,700 - Senior unsecured notes - 7.125%, due December 15, 2024 496,500 - 496,500 - Senior secured revolving credit facility, variable rate, due April 24, 2020 639,936 - 639,936 - Contingent consideration 83,401 - - 83,401 Total $ 4,567,465 $ - $ 4,484,064 $ 83,401 The carrying value of cash and cash equivalents, accounts and other receivables, and accounts, interest and dividends payable approximate fair values due to the short-term nature of these financial instruments. The total principal balance of our outstanding notes and other debt was $5.24 billion at June 30, 2019, with a fair value of $5.05 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 9 The merger agreement related to the July 3, 2017 acquisition of Hunt Telecommunications, LLC (“Hunt”) contained a contingent consideration arrangement (the “Hunt Contingent Consideration”) Hunt Contingent Consideration n January 4, 2019, we settled the Hunt Contingent Consideration in full satisfaction of the obligation through the issuance of 645,385 common shares having a fair value of $11.2 million. Given the limited trade activity of the Exchangeable Notes, the fair value of the Exchangeable Notes ( see Note 11 ) 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. We acquired Tower Cloud, Inc. (“Tower Cloud”) on August 31, 2016. As part of the Tower Cloud acquisition, we may be obligated to pay contingent consideration upon achievement of certain defined operational and financial milestones. At the Company’s discretion, a combination of cash and Uniti common shares may be used to satisfy the contingent consideration payments, provided that at least 50% of the aggregate amount of payments is satisfied in cash. June 30, 2019 using a discounted cash flow model and probability adjusted estimates of the future operational milestones and is classified as Level 3. During the six months ended June 30 , 2019 and 201 8 , we paid $ million and $ 12.7 million, respectively, for the achievement of certain milestones in accordance with the Tower Cloud merger agreement. Changes in the fair value of contingent consideration arrangements are recorded in our Condensed Consolidated Statement of Income in the period in which the change occurs. For the three and six months ended June 30, 2019 The following is a roll forward of our liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3): (Thousands) December 31, 2018 Transfers into Level 3 (Gain)/Loss included in earnings Settlements June 30, 2019 Contingent consideration $ 83,401 $ - $ (25,531 ) $ (39,348 ) $ 18,522

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	Note 8. Property, Plant and Equipment The carrying value of property, plant and equipment is as follows: (Thousands) Depreciable Lives June 30, 2019 December 31, 2018 Land Indefinite $ 27,567 $ 29,304 Building and improvements 3 - 40 years 345,754 340,238 Real property interests (1 ) 4,630 34,878 Poles 30 years 255,103 248,989 Fiber 30 years 3,158,337 3,005,304 Equipment 5 - 7 years 266,933 256,838 Copper 20 years 3,756,758 3,721,649 Conduit 30 years 89,768 89,692 Tower assets 20 years 127,577 120,073 Capital lease assets (1 ) 128,530 123,017 Other assets 15 - 20 years 11,798 11,524 Corporate assets 3 - 7 years 4,733 4,214 Construction in progress (1 ) 117,547 137,585 8,295,035 8,123,305 Less accumulated depreciation (5,093,599 ) (4,914,299 ) Net property, plant and equipment $ 3,201,436 $ 3,209,006 (1) See our Annual Report for property, plant and equipment accounting policies. Depreciation expense for the three and six months ended June 30, 2019 June 30, 2018

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Note 9. Derivative Instruments and Hedging Activities The Company uses derivative instruments to mitigate the effects of interest rate volatility inherent in our variable rate debt, which could unfavorably impact our future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes. On April 27, 2015, we entered into fixed for floating interest rate swap agreements to mitigate the interest rate risk inherent in our variable rate Senior Secured Term Loan B facility. These interest rate swaps are designated as cash flow hedges and have a notional value of $2.06 billion and mature on October 24, 2022. The weighted average fixed rate paid is 2.105%, and the variable rate received resets monthly to the one-month LIBOR subject to a minimum rate of 1.0%. The Company does not currently have any master netting arrangements related to its derivative contracts. The following table summarizes the fair value and the presentation in our Condensed Consolidated Balance Sheets: (Thousands) Location on Condensed Consolidated Balance Sheets June 30, 2019 December 31, 2018 Interest rate swaps Derivative asset $ - $ 31,043 Interest rate swaps Derivative liability $ 19,117 $ - As of June 30, 2019, all of the interest rate swaps were valued in net unrealized loss positions and recognized as liability balances within the derivative liability balance. As of December 31, 2018, all of the interest rate swaps were valued in net unrealized gain positions and recognized as asset balances within the derivative asset balance. For the three and six months ended June 30, 2019, the amount recorded in other comprehensive income related to the unrealized loss on derivative instruments was $26.6 million and $46.1 million, respectively. For the three and six months ended June 30, 2018, the amount recorded in other comprehensive income related to the unrealized gain on derivative instruments was $13.6 million and $46.3 million, respectively. The amount reclassified out of other comprehensive income into interest expense on our Condensed Consolidated Statement of Income for the three and six months ended June 30, 2019, was a benefit of $1.9 million and $4.0 million, respectively. The amount reclassified out of other comprehensive income into interest expense on our Condensed Consolidated Statement of Income for the three and six months ended June 30, 2018, was $1.0 million and $3.6 million, respectively. June 30, 2019 Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next twelve months, beginning July 1, 2019, we estimate that $7.6 million will be reclassified as a benefit to interest expense. Exchangeable Notes Hedge Transactions On June 25, 2019, concurrently with the pricing of the Exchangeable Notes ( see Note 11 ), and on June 27, 2019, concurrently with the exercise by the Initial Purchasers (as defined below) of their option to purchase additional Exchangeable Notes, Uniti Fiber, the issuer of the Exchangeable Notes, entered into the Note Hedge Transactions with certain of 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 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. Uniti Fiber used approximately $70.0 million of the net proceeds from the offering of the Exchangeable Notes to pay the cost of the Note Hedge Transactions. The Note Hedge Transactions meet certain accounting criteria under GAAP, and are recorded in additional paid-in capital on our Condensed Consolidated Balance Sheets, 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 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 (the “Securities Act”). 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 Company received approximately $50.8 million from the offering and sale of the Warrants. The Warrants meet certain accounting criteria under GAAP, and are recorded in additional paid-in capital on our Condensed Consolidated Balance Sheets, are not accounted for as derivatives that are remeasured each reporting period.

Goodwill and Intangible Assets

Goodwill and Intangible Assets and Liabilities	6 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets and Liabilities	Note 10. Goodwill and Intangible Assets and Liabilities Changes in the carrying amount of goodwill occurring during the six months ended June 30, 2019 (Thousands) Fiber Infrastructure Total Goodwill at December 31, 2018 $ 692,385 $ 692,385 Goodwill purchase accounting adjustments - See Note 5 (1,269 ) (1,269 ) Goodwill associated with 2019 acquisitions - See Note 5 1,717 1,717 Goodwill at June 30, 2019 692,833 692,833 The carrying value of the intangible assets is as follows: (Thousands) June 30, 2019 December 31, 2018 Original Cost Cumulative Translation Adjustment Accumulated Amortization Original Cost Cumulative Translation Adjustment Accumulated Amortization Indefinite life intangible assets: Trade name $ 2,000 $ - $ - $ 2,000 $ - $ - Finite life intangible assets: Customer lists (3) 450,597 - (81,190 ) 451,997 - (69,393 ) Tenant contracts (3) - - - 37,386 411 (3,293 ) Network (1)(3) - - - 13,541 144 (1,192 ) Acquired below-market leases (3) - - - 1,509 - (289 ) Total intangible assets 452,597 506,988 Less: Accumulated amortization (81,190 ) (74,167 ) Total intangible assets, net $ 371,407 $ 432,821 Finite life intangible liabilities: Acquired above-market leases (3) $ - $ - $ - $ 3,440 $ (182 ) $ (624 ) Total intangible liabilities - 3,258 Less: Accumulated amortization - (624 ) Total intangible liabilities, net (2) $ - $ 2,634 (1) Reflects the potential to lease additional tower capacity on the existing towers due to their geographical location and capacity that currently exists on these towers as of the valuation date. (2) Recorded in accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet. (3) Uniti Towers’ Latin American intangible assets were sold on April 2, 2019. See Note 5 As of June 30, 2019, the remaining weighted average amortization period of the Company’s intangible assets was 17.8 years. Amortization expense for the three and six months ended June 30, 2019 w June 30, 2018 w Amortization expense is estimated to be $24.5 million for the full year of 2019, $23.8 million in 2020, $23.3 million in 2021, $22.9 million in 2022, and $22.8 million for 2023.

Notes and Other Debt

Notes and Other Debt	6 Months Ended
	Jun. 30, 2019
Long Term Debt [Abstract]
Notes and Other Debt	Note 11. Notes and Other Debt All debt, including the senior secured credit facility and notes described below, are obligations of the Operating Partnership and/or certain of its subsidiaries as discussed below. The Company is, however, a guarantor of such debt. Notes and other debt is as follows: (Thousands) June 30, 2019 December 31, 2018 Principal amount $ 5,235,287 $ 4,965,808 Less unamortized discount, premium and debt issuance costs (232,195 ) (119,575 ) Notes and other debt less unamortized discount, premium and debt issuance costs $ 5,003,092 $ 4,846,233 Notes and other debt at June 30, 2019 and December 31, 2018 consisted of the following: June 30, 2019 December 31, 2018 (Thousands) Principal Unamortized Discount, Premium and Debt Issuance Costs Principal Unamortized Discount, Premium and Debt Issuance Costs Senior secured term loan B - variable rate, due October 24, 2022 (discount is based on imputed interest rate of 7.47%) $ 2,055,268 (86,441 ) $ 2,065,808 $ (70,337 ) Senior secured notes - 6.00%, due April 15, 2023 (discount is based on imputed interest rate of 6.29%) 550,000 (6,387 ) 550,000 (7,116 ) Senior unsecured notes - 8.25%, due October 15, 2023 (discount is based on imputed interest rate of 9.06%) 1,110,000 (31,923 ) 1,110,000 (34,900 ) Senior unsecured notes - 7.125% due December 15, 2024 600,000 (6,771 ) 600,000 (7,222 ) Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 11.1%) 345,000 (92,617 ) - - Senior secured revolving credit facility, variable rate, due April 24, 2022 575,019 (8,056 ) 640,000 - Total $ 5,235,287 $ (232,195 ) $ 4,965,808 $ (119,575 ) At June 30, 2019, notes and other debt included the following: (i) $2.1 billion under the Senior Secured Term Loan B facility that matures on October 24, 2022 (“Term Loan Facility”) pursuant to the credit agreement by and among the Operating Partnership, CSL Capital, LLC and Uniti Group Finance Inc., the guarantors and lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent (the “Credit Agreement”); (ii) $550.0 million aggregate principal amount of 6.00% Senior Secured Notes due April 15, 2023 (the “Secured Notes”); (iii) $1.11 billion aggregate principal amount of 8.25% Senior Notes due October 15, 2023 (the “2023 Notes”); (iv) $600 million aggregate principal amount of 7.125% Senior Unsecured Notes due December 15, 2024 (the “2024 Notes,” and together with the Secured Notes and 2023 Notes, the “Notes”), (v) $345 million aggregate principal amount of 4.00% Exchangeable Senior Notes due June 15, 2024 (the “Exchangeable Notes”) and (vi) $575 million under the senior secured revolving credit facility, variable rate, that matures April 24, 2022 pursuant to the Credit Agreement (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Facilities”). Credit Agreement The Operating Partnership and its wholly owned subsidiaries, CSL Capital, LLC and Uniti Group Finance Inc. (collectively, the “Borrowers”) are party to the Credit Agreement, which provides for the Term Loan Facility (in an initial principal amount of $2.14 billion) and the Revolving Credit Facility. The term loans bear interest at a rate equal to LIBOR, subject to a 1.0% floor, plus an applicable margin equal to 5.00% and are subject to amortization of 1.0% per annum. All obligations under the Credit Agreement are guaranteed by (i) the Company and (ii) certain of the Operating Partnership’s wholly owned subsidiaries (the “Subsidiary Guarantors”) and are secured by substantially all of the assets of the Borrowers and the Subsidiary Guarantors, which assets also secure the Secured Notes. The Revolving Credit Facility bears interest at a rate equal to LIBOR plus 1.75% to 2.25% based on our consolidated secured leverage ratio, as defined in the Credit Agreement. The Borrowers are subject to customary covenants under the Credit Agreement, including an obligation to maintain a consolidated secured leverage ratio, as defined in the Credit Agreement, not to exceed 5.00 to 1.00. We are permitted, subject to customary conditions, to incur (i) incremental term loan borrowings and/or increased commitments under the Credit Agreement in an unlimited amount, so long as, on a pro forma basis after giving effect to any such borrowings or increases, our consolidated secured leverage ratio, as defined in the Credit Agreement, does not exceed 4.00 to 1.00 and (ii) other indebtedness, so long as, on a pro forma basis after giving effect to any such indebtedness, our consolidated total leverage ratio, as defined in the Credit Agreement, does not exceed 6.50 to 1.00 and our consolidated secured leverage ratio, as defined in the Credit Agreement, does not exceed 4.00 to 1.00. In addition, the Credit Agreement contains customary events of default, including a cross default provision whereby the failure of the Borrowers or certain of their subsidiaries to make payments under other debt obligations, or the occurrence of certain events affecting those other borrowing arrangements, could trigger an obligation to repay any amounts outstanding under the Credit Agreement. In particular, a repayment obligation could be triggered if (i) the Borrowers or certain of their subsidiaries fail to make a payment when due of any principal or interest on any other indebtedness aggregating $75.0 million or more, or (ii) an event occurs that causes, or would permit the holders of any other indebtedness aggregating $75.0 million or more to cause, such indebtedness to become due prior to its stated maturity. As of June 30, 2019 On March 18, 2019, we received a limited waiver from our lenders under our Credit Agreement, waiving an event of default related solely to the receipt of a going concern opinion from our auditors for our 2018 audited financial statements. The limited waiver was issued in connection with the fourth amendment (the “Fourth Amendment”) to our Credit Agreement. During the pendency of Windstream’s bankruptcy, or at such earlier time when certain other conditions are specified, the Fourth Amendment generally limits our ability under the Credit Agreement to (i) prepay unsecured indebtedness and (ii) pay cash dividends in excess of 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains. The Fourth Amendment also increased the interest rate on our Term Loan Facility, which now bears a rate of LIBOR, subject to a 1.0% floor, plus an applicable margin equal to 5.0%, a 200 basis point increase over our previous rate. This increase will remain in effect through the remaining term of the facility, which matures on October 24, 2022. A termination of the Master Lease would result in an “event of default” under the Credit Agreement if a replacement lease was not entered into within ninety (90) calendar days and we do not maintain pro forma compliance with a consolidated secured leverage ratio, as defined in the Credit Agreement, of 5.00 to 1.00. On June 24, 2019, we entered into an amendment (the “Fifth Amendment”) to our Credit Agreement to extend the maturity date of $575.9 million of commitments under the Revolving Credit Facility to April 24, 2022, pay down approximately $101.6 million of outstanding revolving loans and terminate the related commitments. The maturity date of approximately $72.4 million of other commitments was not extended. On June 28, 2019, the Company repaid approximately $174.0 million in total borrowings, which consisted of the $101.6 million required repayment pursuant to the Fifth Amendment and $72.4 million of non-extended borrowings, thereby terminating the non-extended commitments. As a result, all remaining $575.9 million of commitments will terminate on April 24, 2022, at which time all outstanding borrowings must be repaid. The Company used a portion of the net proceeds from the offering of Exchangeable Notes described below to fund the repayments. The Fifth Amendment increased the applicable margin for base rate loans under the Revolving Credit Facility to a range of 2.75% to 3.25% and for Eurodollar rate loans under the Revolving Credit Facility to a range of 3.75% to 4.25%, calculated in a customary manner and determined based on our consolidated secured leverage ratio. The Notes The Borrowers, as co-issuers, have outstanding $550 million aggregate principal amount of the Secured Notes, of which $400 million was originally issued on April 24, 2015 at an issue price of 100% of par value and the remaining $150 million was issued on June 9, 2016 at an issue price of 99.25% of the par value as an add-on to the existing Secured Notes. The Borrowers, as co-issuers, also have outstanding $1.11 billion aggregate principal amount of the 2023 Notes that were originally issued on April 24, 2015 at an issue price of 97.055% of par value. The Secured Notes and the 2023 Notes are guaranteed by the Company and the Subsidiary Guarantors. The Operating Partnership and its wholly subsidiaries , of which $400 million was originally issued on December 15, 2016 at an issue price of Effective July 8, 2019, Deutsche Bank Trust Company Americas succeeded as trustee and collateral agent, as applicable, to the Notes pursuant to a Tri-Party Agreement dated as of June 26, 2019 among Deutsche Bank Trust Company, Wells Fargo Bank, N.A. and the co-issuers of the Notes. The Exchangeable Notes On June 28, 2019, Uniti Fiber, a subsidiary of the Company, issued $345 million aggregate principal amount of the Exchangeable Notes. The Exchangeable Notes are senior unsecured notes and are guaranteed by the Company and each of the Company’s subsidiaries (other than Uniti Fiber) that is an issuer, obligor or guarantor under the Company’s Notes. The Exchangeable Notes bear interest at a fixed rate of 4.00% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2019. The Exchangeable Notes are exchangeable into cash, shares of the Company’s common stock, or a combination thereof, at Uniti Fiber’s election, subject to limitations under the Company's Credit Agreement. The Exchangeable Notes will mature on June 15, 2024, unless earlier exchanged, redeemed or repurchased. Uniti Fiber issued the Exchangeable Notes pursuant to an indenture, dated as of June 28, 2019 (the “Indenture”), among Uniti Fiber, the Company, the other guarantors party thereto and Deutsche Bank Trust Company Americas, as trustee. Prior to the close of business on the business day immediately preceding March 15, 2024, the Exchangeable Notes are exchangeable only upon satisfaction of certain conditions and during certain periods described in the Indenture, and thereafter, the Exchangeable Notes are exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Exchangeable Notes are exchangeable on the terms set forth in the Indenture into cash, shares of the Company’s common stock, or a combination thereof, at Uniti Fiber’s election, subject to limitations under the Company's Credit Agreement. The exchange rate is initially 80.4602 shares of the Company’s common stock per $1,000 principal amount of Exchangeable Notes (equivalent to an initial exchange price of approximately $12.43 per share of the Company’s common stock). The exchange rate is subject to adjustment in some circumstances as described in the Indenture. In addition, following certain corporate events that occur prior to the maturity date or Uniti Fiber’s delivery of a notice of redemption, Uniti Fiber will increase, in certain circumstances, the exchange rate for a holder who elects to exchange its Exchangeable Notes in connection with such corporate event or notice of redemption, as the case may be. If Uniti Fiber or the Company undergoes a fundamental change (as defined in the Indenture), subject to certain conditions, holders may require Uniti Fiber to repurchase for cash all or part of their Exchangeable Notes at a repurchase price equal to 100% of the principal amount of the Exchangeable Notes to be repurchased, plus accrued and unpaid interest, if any, to, but not including, the fundamental change repurchase date. Uniti Fiber may redeem all or a portion of the Notes, at any time, at a cash redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date, if the Company’s board of directors determines such redemption is necessary to preserve the Company's status as a real estate investment trust for U.S. federal income tax purposes. may not otherwise redeem the Notes prior to June 20, 2022. On or after June 20, 2022 and prior to the 42nd scheduled trading day immediately preceding the maturity date, if the last reported sale price per share of the Company’s common stock has been at least 130% of the exchange price for the Notes for certain specified periods, may redeem all or a portion of the Notes at a cash redemption price equal to 100% of the principal amount of the Exchangeable Notes to be redeemed plus accrued and unpaid interest to, but not including, the redemption date On June 28, 2019, Uniti Fiber, the Company and Barclays Capital Inc., on behalf of the initial purchasers involved in the offering of the Exchangeable Notes (the “Initial Purchasers”), entered into a registration rights agreement with respect to the Company’s common stock deliverable upon exchange of the Exchangeable Notes (the “Registration Rights Agreement”). Under the Registration Rights Agreement, the Company has agreed to file a shelf registration statement to register the resale of the common stock of the Company deliverable upon exchange of the Exchangeable Notes. The Company has agreed to use its commercially reasonable efforts to cause such shelf registration statement to become effective on or prior to the 365th day after the issue date of the Exchangeable Notes. Under GAAP, certain convertible debt instruments that may be settled in cash upon conversion are required to be separately accounted for as liability and equity components of the instrument in a manner that reflects the issuer’s non-convertible debt borrowing rate. Accordingly, in accounting for the issuance of the Exchangeable Notes, the Company separated the Exchangeable Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component, which is recognized as a debt discount, represents the difference between the proceeds from the issuance of the Exchangeable Notes and the fair value of the liability component of the Exchangeable Notes. The excess of the principal amount of the liability component over its carrying amount will be amortized to interest expense using an effective interest rate of 11.1% over the term of the Exchangeable Notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. Debt issuance costs related to the Exchangeable Notes were comprised of commissions payable to the Initial Purchasers of $10.4 million and third-party costs of approximately $1.4 million. In accounting for the debt issuance costs related to the issuance of the Exchangeable Notes, the Company allocated the total amount incurred to the liability and equity components based on their relative values. Debt issuance costs attributable to the liability component were recorded as a contra-liability and are presented net against the Exchangeable Notes balance on our Condensed Consolidated Balance Sheets. These costs are amortized to interest expense using the effective interest method over the term of the Exchangeable Notes. Debt issuance costs of $2.9 million attributable to the equity component are netted with the equity component in stockholders’ equity, which netted to $80.8 million. Deferred Financing Cost Deferred financing costs were incurred in connection with the issuance of the Notes and the Facilities. These costs are amortized using the effective interest method over the term of the related indebtedness, and are included in interest expense in our Condensed Consolidated Statements of In June 30, 2019, June 30, 2018,

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Note 12. Earnings Per Share Our time-based restricted stock awards are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as common stock. As participating securities, we included these instruments in the computation of earnings per share under the two-class method described in FASB ASC 260, Earnings per Share 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. Prior to the second quarter of 2019, the earnings-per-share impact of the Company’s 3% Convertible Preferred Stock, $0.0001 par value (“Series A Shares”), issued in connection with the May 2, 2016 acquisition of PEG Bandwidth, LLC, was calculated using the net share settlement method, whereby the redemption value of the instrument is assumed to be settled in cash and only the conversion premium, if any, is assumed to be settled in shares. The Series A Shares provided Uniti the option to settle the instrument in cash or shares . During the second quarter of 2019, the Company received notice from the holder of the Series A Shares of its election to convert all its shares, and the Company made an election to issue shares upon conversion. See Note 17 . As a result, the earnings-per-share impact of the Series A Shares for three and six months ended June 30, 2019, is calculated by using the “if-converted” method. The dilutive effect of the Exchangeable Notes ( see Note 11 ) 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 9 ) is calculated using the treasury-stock method. During the three and six months ended June 30, 2019, 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 July 3, 2017 merger agreement for our acquisition of Hunt provides for the issuance of additional common shares upon the achievement of certain defined revenue milestones. See Note 7 . On January 4, 2019, we settled the Hunt Contingent Consideration in full satisfaction of the obligation through the issuance of 645,385 common shares having a fair value of $11.2 million. The following sets forth the computation of basic and diluted earnings per share under the two-class method: Three Months Ended June 30, Six Months Ended June 30, (Thousands, except per share data) 2019 2018 2019 2018 Basic earnings per share: Numerator: Net income (loss) attributable to shareholders $ 38,717 $ (3,503 ) $ 41,159 $ (2,293 ) Less: Income allocated to participating securities (223 ) (400 ) (251 ) (869 ) Income allocated to participating securities on share settled contingent consideration arrangements - (258 ) - (468 ) Dividends declared on convertible preferred stock - (656 ) (656 ) (1,312 ) Amortization of discount on convertible preferred stock (248 ) (745 ) (993 ) (1,490 ) Net income (loss) attributable to common shares $ 38,246 $ (5,562 ) $ 39,259 $ (6,432 ) Denominator: Basic weighted-average common shares outstanding 182,971 175,011 182,597 174,951 Basic earnings (loss) per common share $ 0.21 $ (0.03 ) $ 0.22 $ (0.04 ) Three Months Ended June 30, Six Months Ended June 30, (Thousands, except per share data) 2019 2018 2019 2018 Diluted earnings per share: Numerator: Net income (loss) attributable to shareholders $ 38,717 $ (3,503 ) $ 41,159 $ (2,293 ) Less: Income allocated to participating securities (223 ) (400 ) (251 ) (869 ) Income allocated to participating securities on share settled contingent consideration arrangements - (258 ) - (468 ) Dividends declared on convertible preferred stock - (656 ) (656 ) (1,312 ) Amortization of discount on convertible preferred stock (248 ) (745 ) (993 ) (1,490 ) Impact on if-converted dilutive securities 363 - 1,764 - Net income (loss) attributable to common shares $ 38,609 $ (5,562 ) $ 41,023 $ (6,432 ) Denominator: Basic weighted-average common shares outstanding 182,971 175,011 182,597 174,951 Effect of dilutive non-participating securities 8 - 8 - Impact on if-converted dilutive securities 10,126 - 9,671 - Weighted-average shares for dilutive earnings per common share 193,105 175,011 192,276 174,951 Dilutive earnings (loss) per common share $ 0.20 $ (0.03 ) $ 0.21 $ (0.04 ) For the three and six months ended June 30, 2018, 563,492 non-participating securities and 619,581 potential common shares related to Hunt Contingent Consideration were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Information	Note 13. Segment Information Our management, including our chief executive officer, who is our chief operating decision maker, manages our operations as four reportable segments in addition to our corporate operations, which include: Leasing : Represents the results from our leasing business, Uniti Leasing, which is engaged in the acquisition of mission-critical communications assets and leasing them back to anchor customers on either an exclusive or shared-tenant basis. Fiber Infrastructure : Represents the operations of our fiber business, Uniti Fiber, which is a leading provider of infrastructure solutions, including cell site backhaul and dark fiber, to the telecommunications industry. Towers : Represents the operations of our towers business, Uniti Towers, through which we acquire and construct tower and tower-related real estate, which we then lease to our customers in the United States. O n April 2, 2019, the Company completed the sale of LATAM and no longer has on-going operations in Latin America. On May 23, 2019, the Company completed the sale of substantially all of its ground lease business located across the United States. See Note 5 . Consumer CLEC : Represents the operations of Talk America Services (“Talk America”) through which we operate the Consumer CLEC Business, which prior to the Spin-Off was reported as an integrated operation within Windstream. Talk America provides local telephone, high-speed internet and long distance services to customers in the eastern and central United States. Corporate Represents our corporate and back office functions. Certain costs and expenses, primarily related to headcount, insurance, professional fees and similar charges, that are directly attributable to operations of our business segments are allocated to the respective segments. Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense, the impact, which may be recurring in nature, of transaction and integration related expenses, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, changes in the fair value of contingent consideration and financial instruments, and other similar items. The Company believes that net income, as defined by GAAP, is the most appropriate earnings metric; however , we believe that Adjusted EBITDA serves as a useful supplement to net income because it allows investors, analysts and management to evaluate the performance of our segments in a manner that is comparable period over period. Adjusted EBITDA should not be considered as an alternative to net income as determined in accordance with GAAP. Selected financial data related to our segments is presented below for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, 2019 (Thousands) Leasing Fiber Infrastructure Towers Consumer CLEC Corporate Subtotal of Reportable Segments Revenues $ 177,042 $ 81,327 $ 3,146 $ 2,899 $ - $ 264,414 Adjusted EBITDA $ 175,881 $ 37,036 $ (42 ) $ 565 $ (6,576 ) $ 206,864 Less: Interest expense 97,729 Depreciation and amortization 72,275 28,494 1,412 346 51 102,578 Other income (22,275 ) Transaction related costs 7,035 Gain on sale of real estate (4,960 ) - (23,830 ) - - (28,790 ) Stock-based compensation 3,197 Income tax expense 7,843 Net income $ 39,547 Three Months Ended June 30, 2018 (Thousands) Leasing Fiber Infrastructure Towers Consumer CLEC Corporate Subtotal of Reportable Segments Revenues $ 173,885 $ 67,389 $ 2,472 3,583 $ - $ 247,329 Adjusted EBITDA $ 173,356 $ 29,405 $ (1,167 ) $ 928 $ (5,511 ) $ 197,011 Less: Interest expense 79,385 Depreciation and amortization 86,454 26,244 1,575 499 70 114,842 Other expense 3,349 Transaction related costs 3,789 Stock-based compensation 1,885 Income tax benefit (2,646 ) Net loss $ (3,593 ) Six Months Ended June 30, 2019 (Thousands) Leasing Fiber Infrastructure Towers Consumer CLEC Corporate Subtotal of Reportable Segments Revenues $ 353,125 $ 158,160 $ 8,226 $ 5,934 $ - $ 525,445 Adjusted EBITDA $ 350,632 $ 67,036 $ 283 $ 1,211 $ (12,023 ) $ 407,139 Less: Interest expense 182,187 Depreciation and amortization 146,028 56,752 2,827 692 106 206,405 Other income (25,388 ) Transaction related costs 13,704 Gain on sale of real estate (4,960 ) - (23,830 ) - - (28,790 ) Stock-based compensation 5,085 Income tax expense 11,897 Net income $ 42,039 Six Months Ended June 30, 2018 (Thousands) Leasing Fiber Infrastructure Towers Consumer CLEC Corporate Subtotal of Reportable Segments Revenues $ 346,659 $ 134,356 $ 5,842 7,387 $ - $ 494,244 Adjusted EBITDA $ 345,725 $ 58,600 $ (1,630 ) $ 1,841 $ (10,824 ) $ 393,712 Less: Interest expense 156,992 Depreciation and amortization 173,198 52,149 3,052 997 167 229,563 Other expense (536 ) Transaction related costs 9,702 Stock-based compensation 4,095 Income tax benefit (3,742 ) Net loss $ (2,362 )

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14. Commitments and Contingencies In the ordinary course of our business, we are subject to claims and administrative proceedings, none of which we believe are material or would be expected to have, individually or in the aggregate, a material adverse effect on our business, financial condition, cash flows or results of operations. Pursuant to the Separation and Distribution Agreement entered into with Windstream in connection with the Spin-Off, Windstream has agreed to indemnify us (including our subsidiaries, directors, officers, employees and agents and certain other related parties) for any liability arising from or relating to legal proceedings involving Windstream's telecommunications business prior to the Spin-Off, and, pursuant to the Master Lease, Windstream has agreed to indemnify us for, among other things, any use, misuse, maintenance or repair by Windstream with respect to the Distribution Systems. Windstream is currently a party to various legal actions and administrative proceedings, including various claims arising in the ordinary course of its telec ommunications business, which are subject to the indemnities provided to us by Windstream. If Windstream assumes the Separation and Distribution Agreement and / or the Master Lease in bankruptcy, it would be obligated to honor all indemnification claims arising under such agreement. If the Separation and Distribution Agreement and or the Master Lease are rejected in Windstream’s bankruptcy, any claims on the applicable indemnity would be treated as unsecured claims, and, if that were to occur, there can be no assurance we would receive any related indemnification payments from Windstream in connection with the applicable indemnity claims. On July 25, 2019, in connection with Windstream’s bankruptcy, Windstream Holdings and Windstream Services, LLC filed a complaint with the U.S. Bankruptcy Court for the Southern District of New York alleging¸ among other things, that the Master Lease should be recharacterized as a financing arrangement, that the Master Lease is a lease of personal property, and that rent payments and tenant capital improvements made by Windstream under the Master Lease since at least the third quarter of 2017 constitute constructive fraudulent transfers. If the Master Lease is recharacterized as a financing arrangement, Windstream would be deemed the true owner of the property subject to the Master Lease, and Uniti would be treated as a creditor of Windstream rather than as a landlord, which could significantly affect current payments to us under the Master Lease, the ultimate treatment of our claims (including potentially through changing our status to that of a creditor that would share in creditor recoveries from the estate rather than receive rent payments) and our status as a REIT. If the Master Lease is determined to be a lease of personal property, the deadline for Windstream Holdings to assume or reject the Master Lease would be the confirmation of its plan by the bankruptcy court, and Windstream may seek from the bankruptcy court relief from its current performance obligations during the bankruptcy case. If the constructive fraudulent transfer claim is successful, Uniti may be required to repay Windstream the amount of rent payments and tenant capital improvements since at least the third quarter of 2017. In parallel with this filing, Windstream Holdings also filed a motion to stay the deadline under which Windstream must assume or reject the Master Lease pending the resolution of issues raised in the complaint. A mediation of these claims is ongoing in Windstream’s bankruptcy. In connection with the mediation, Uniti has agreed to an extension of the assumption deadline for the Master Lease to December 7, 2019. In exchange, Windstream has provided certain assurances regarding the continued payment of rent pursuant to the Master Lease during the extension period and following the expiration of the extension period, Windstream will continue to make payments under the Master Lease as they come due, unless and until Windstream obtains an order from the bankruptcy court permitting cessation of such payments. We believe that it is unlikely that a court will determine to recharacterize the Master Lease as a financing transaction, that the Master Lease is a lease of personal property, or that rent payments and tenant capital improvements made by Windstream under the Master Lease since at least the third quarter of 2017 constitute constructive fraudulent transfers. We intend to defend this matter vigorously, and, because it is still in its preliminary stages, have not yet determined what effect these claims will have, if any, on our financial position or results of operations. As of the date of this Quarterly Report on Form 10-Q, we are unable to estimate a reasonably possible range of loss and therefore have not recorded any liabilities associated with these claims in our Condensed Consolidated Balance Sheet. However, i t is difficult to predict what could occur in Windstream’s bankruptcy restructuring, including any judicial decisions in respect of claims against us by Windstream or its creditors. Any adverse determination or judicial decision could have a material adverse effect on our business, financial position or results of operations. 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 asserts 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 2015 spin-off of Uniti from Windstream Holdings violated certain debt covenants of Windstream Holdings’ subsidiary, Windstream Services, LLC. SLF seeks compensatory and punitive damages, as well as reformation of the purchase agreement for the sale. We intend to defend this matter vigorously, and, because it is still in its preliminary stages, have not yet determined what effect this lawsuit will have, if any, on our financial position or results of operations. As of the date of this Quarterly Report on Form 10-Q, we are unable to estimate a reasonably possible range of loss and therefore have not recorded any liabilities associated with these claims in our Condensed Consolidated Balance Sheet. 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 C ondensed C onsolidated B alance S heet as of June 30, 2019 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	6 Months Ended
	Jun. 30, 2019
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive (Loss) Income	Note 15. Accumulated Other Comprehensive (Loss) Income Changes in accumulated other comprehensive (loss) income by component is as follows for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, (Thousands) 2019 2018 2019 2018 Cash flow hedge changes in fair value gain (loss): Balance at beginning of period attributable to common shareholders $ 8,835 $ 40,728 $ 30,042 $ 6,351 Other comprehensive (loss) income before reclassifications (26,457 ) 13,282 (46,083 ) 46,317 Amounts reclassified from accumulated other comprehensive income (1,906 ) 958 (3,966 ) 3,556 Balance at end of period (19,528 ) 54,968 (20,007 ) 56,224 Less: Other comprehensive (loss) income attributable to noncontrolling interest (568 ) (106 ) (1,047 ) 1,150 Balance at end of period attributable to common shareholders (18,960 ) 55,074 (18,960 ) 55,074 Foreign currency translation gain (loss): Balance at beginning of period attributable to common shareholders 826 6,007 63 1,470 Translation adjustments (780 ) (4,879 ) - (314 ) Amounts reclassified from accumulated other comprehensive income (63 ) - (63 ) - Balance at end of period (17 ) 1,128 - 1,156 Less: Other comprehensive income attributable to noncontrolling interest (17 ) (35 ) - (7 ) Balance at end of period attributable to common shareholders - 1,163 - 1,163 Accumulated other comprehensive income at end of period $ (18,960 ) $ 56,237 $ (18,960 ) $ 56,237

Capital Stock

Capital Stock	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Capital Stock	Note 16. Capital Stock Until June 15, 2019, we had an effective shelf registration statement on file with the SEC (the “Registration Statement”) to offer and sell various securities from time to time. Under the Registration Statement, we established an at-the-market common stock offering program (the “ATM Program”) to sell shares of common stock having an aggregate offering price of up to $250.0 million. As of June 30, 2019, the Company has issued and sold an aggregate of 6.7 million shares of common stock at a weighted average price of $19.92 per share under the ATM Program, receiving net proceeds of $131.2 million, after commissions of $1.7 million and other offering costs. The ATM Program is currently suspended following the June 15, 2019 expiration of the Registration Statement.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 17. Subsequent Events On July 2, 2019, the Company issued 8,677,163 shares of its common stock in connection with the conversion by PEG Bandwidth Holdings, LLC of 87,500 shares of the Series A Shares. The Company the total number of shares calculated based on the five-day volume weighted average price of its common stock ending on June 27, 2019. Upon conversion, all outstanding Series A Shares were cancelled and no longer remain outstanding .

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Going Concern	Going Concern — Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (Subtopic 205-40) We are party to a master lease agreement (the “Master Lease”) with Windstream Holdings, Inc. (“Windstream Holdings” and together with its consolidated subsidiaries “Windstream”), from which 68.2% of our revenue for the year ended December 31, 2018 was derived. Windstream was involved in litigation with an entity who acquired certain Windstream debt securities and thereafter issued a notice of default as to such securities related to our spin-off from Windstream (the “Spin-Off”). Windstream challenged the matter in federal court and a trial was held in July 2018. On February 15, 2019, the federal court judge issued a ruling against Windstream, finding that Windstream’s attempts to waive such default were not valid, that an “event of default” occurred with respect to such debt securities, and that the holder’s acceleration of such debt in December 2017 was effective. In response to the adverse outcome, on February 25, 2019, Windstream filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. In bankruptcy, Windstream has the option to assume or reject the Master Lease. Because the Master Lease is a single indivisible Master Lease with a single rent payment, it must be assumed or rejected in whole and cannot be sub-divided by facility or market. A significant amount of Windstream’s revenue is generated from the use of our network included in the Master Lease, and we believe that the Master Lease is essential to Windstream’s operations. Furthermore, Windstream is designated as a “carrier of last resort” in certain markets where it utilizes the Master Lease to provide service to its customers, and Windstream would require approval from the Public Utility Commissions and the Federal Communications Commission to cease providing service in those markets. As a result, we believe the probability of Windstream rejecting the Master Lease in bankruptcy to be remote. Windstream has filed claims that allege, among other things, that the Master Lease should be recharacterized as a financing transaction, which would impact its treatment in Windstream’s bankruptcy (including potentially through changing our status to that of a creditor that would share in creditor recoveries from the estate rather than receive rent payments) and could affect our status as a REIT, that the Master Lease is a lease of personal property, and that rent payments and tenant capital improvements made by Windstream under the Master Lease since at least the third quarter of 2017 constitute constructive fraudulent The Company has considered the mitigating effects of management’s plans to alleviate the substantial doubt about the ability to continue as going concern in the event there is a disruption in the payments due to us under the Master Lease prior to Windstream’s assumption or rejection of the lease or any adverse determinations in respect of Windstream’s claims. Those plans include deferring, reducing or delaying cash dividends and capital expenditures, if necessary, paying one or more dividends that are required to maintain our REIT status in shares to the extent allowed under the IRS REIT rules, curtailing acquisition activities, accessing the capital markets and identifying alternative sources of liquidity. Based on our analysis, including consideration of the timing of petitioners’ requirements to make post-petition lease payments under U.S. bankruptcy law, we believe that we have adequate liquidity to continue to fund our operations for twelve months after the issuance of the accompanying Condensed Consolidated Financial Statements absent any adverse determination in respect to Windstream’s claims or disruptions in rent payments under the Master Lease. Although management has concluded the probability of a rejection of the Master Lease to be remote, and has noted the absence of any provision in the Master Lease that contemplates renegotiation of the lease and the lack of any ability of the bankruptcy court to unilaterally reset the rent or terms of the lease, it is difficult to predict what could occur in Windstream’s bankruptcy restructuring, including any judicial decisions in respect of claims against us by Windstream or its creditors. The Company has evaluated its ability to continue as a going concern in light of the possibility of a consensual renegotiation of the Master Lease, and the impact of any renegotiated lease on our compliance with our debt covenants. We note that our Credit Agreement prohibits the Company from amending the Master Lease that, among other provisions, pro forma for any such amendment, would result in a consolidated secured leverage ratio that exceeds 5.0 to 1.0. Furthermore, management has no intention to enter into a lease amendment that would violate our debt covenants. However, there can be no certainty as to the outcome of judicial decisions or Windstream’s decision to assume or reject the Master Lease, and uncertainties exist as to the outcome or impacts of any potential consensual renegotiation of the Master Lease. Therefore, substantial doubt exists about our ability to continue as a going concern within one year after the issuance of the financial statements . The accompanying Condensed Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The accompanying Condensed Consolidated Financial Statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Concentration of Credit Risks	Concentration of Credit Risks Windstream is a publicly traded company and is subject to the periodic filing requirements of the Securities Exchange Act of 1934, as amended. Windstream filings can be found at www.sec.gov. Windstream filings are not incorporated by reference in this Quarterly Report on Form 10-Q.
Straight-Line Revenue Receivable	Straight-Line Revenue Receivable Leases
Exchangeable Notes and Related Transactions	Exchangeable Notes and Related Transactions Debt – Debt with Conversion and Other Options Derivatives and Hedging See Note 11 . In connection with the offering of the Exchangeable Notes, Uniti Fiber entered into exchangeable note hedge transactions with respect to the Company’s common stock (the “Note Hedge Transactions”) with certain of the Initial Purchasers (as defined in Note 11) or their respective affiliates (collectively, the “Counterparties”). In addition, 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 $16.42 per share. The warrant transactions may have a dilutive effect with respect to the Company’s common stock to the extent the market price per share of the Company’s common stock exceeds the strike price of the Warrants. While the Note Hedge Transactions and the Warrants meet the definition of a derivative in ASC 815-10-15-83, they each meet the equity scope exception specified in ASC 815-10-15-74(a); as such, the Warrants and the Notes Hedge Transactions are not accounted for as derivatives that are remeasured each reporting period and instead, are recorded in stockholders’ equity. See Note 9 .
Reclassifications	Reclassifications
Recently Issued Accounting Standards	Recently Issued Accounting Standards Leases — Effective January 1, 2019, w e account for leases in accordance with ASC 842. The standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is comprised of amortization on the right - of - use asset (“ROU”) and interest expense recognized based on an effective interest method, or as a single lease cost recognized on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The accounting for lessors remains largely unchanged. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. We determine if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (i) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (ii) the customer has the right to control the use of the identified asset. We enter into lease contracts including ground, towers, equipment, office, colocation and fiber lease arrangements, in which we are the lessee, and service contracts that may include embedded leases. Operating leases where we are the lessor are included in Leasing, Fiber Infrastructure and Tower revenues on our Condensed Consolidated Statements of Income. From time to time we enter into direct financing lease arrangements that include (i) a lessee obligation to purchase the leased equipment at the end of the lease term, (ii) a bargain purchase option, (iii) a lease term having a duration that is for the major part of the remaining economic life of the leased equipment or (iv) provides for minimum lease payments with a present value amounting to substantially all of the fair value of the leased asset at the date of lease inception. ROU assets and lease liabilities related to operating leases where we are the lessee are included in other assets and accounts payable, accrued expenses and other liabilities, respectively, on our Condensed Consolidated Balance Sheets. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. ROU assets and lease liabilities related to finance leases where we are the lessee are included in property, plant and equipment, net and finance lease obligations, respectively, on our Condensed Consolidated Balance Sheets. The lease liabilities are initially measured in the same manner as operating leases and are subsequently measured at amortized cost using the effective interest method. ROU assets for finance leases are amortized on a straight-line basis over the remaining lease term. Key estimates and judgments include how we determined (i) the discount rate we use to discount the unpaid lease payments to present value, (ii) lease term and (iii) lease payments. i. ASC 842 requires a lessor to discount its unpaid lease payments using the interest rate implicit in the lease and a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As we generally do not know the implicit rate for our leases where we are the lessee, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. ii. The lease term for all of our leases includes the noncancellable period of the lease plus any additional periods covered by either a lessee option to extend (or not to terminate) the lease that the lessee is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. iii. Lease payments included in the measurement of the lease asset or liability comprise the following: (i) fixed payments (including in-substance fixed payments), (ii) variable payments that depend on index or rate based on the index or rate at lease commencement, and (iii) the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise. For operating leases where we are the lessor, we continue recognizing the underlying asset and depreciating it over its estimated useful life. Lease income is recognized on a straight-line basis over the lease term. Leasing revenue is not recognized when collection of all contractual rents over the term of the agreement is not probable . When collect ion is not probable , the lessee is placed on non-accrual status and Leasing r evenue is recognized when cash payments are received. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For finance leases, the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to us, or we are reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized and presented separately from interest expense on the lease liability. Variable lease payments associated with our leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are presented within Leasing, Fiber Infrastructure and Tower revenues and general and administrative expense and operating expense in our Condensed Consolidated Statements of Income in the same line item as revenue arising from fixed lease payments (operating leases where we are the lessor) and expense arising from fixed lease payments (operating leases where we are the lessee) or amortization of the ROU asset (finance leases), respectively. We monitor for events or changes in circumstances that require a reassessment of a lease. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in profit or loss. We have lease agreements which include lease and nonlease components. For both leases where we are a lessor and leases where we are a lessee, we have elected to combine lease and nonlease components for all lease contracts. Nonlease components that are combined with lease components are primarily maintenance services related to the leased asset. Where we are the lessor, we determine whether the lease or nonlease component is the predominant component on a case-by-case basis. For all existing leases where we are the lessor, ASC Topic 842 has been applied to all combined components. We have elected not to recognize ROU assets and lease liabilities for all short-term leases that have a lease term of 12 months or less. We recognize the lease payments associated with our short-term leases as an expense on a straight-line basis over the lease term. We have elected to exclude sales taxes from lease payments in arrangements where we are a lessor. We adopted ASC 842 using a modified retrospective transition approach as of the effective date as permitted by the amendments in ASU 2018-11, Leases (Topic 842): Target Improvements Land Easement Practical Expedient for Transition to Topic 842 Leases In connection with the adoption of ASC 842, we have recorded an adjustment to equity of $63.2 million, net of tax for the cumulative effect from a change in accounting standard. Of this amount, $61.5 million related to the write-off of the Master Lease straight-line revenue receivable, and $1.7 million relates to the establishment of the ROU assets and lease liabilities.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Revenues Disaggregated by Revenue Stream	The following table presents our revenues disaggregated by revenue stream. Three Months Ended June 30, Six Months Ended June 30, (Thousands) 2019 2018 2019 2018 Revenue disaggregated by revenue stream Revenue from contracts with customers Fiber Infrastructure Lit backhaul $ 33,401 $ 33,474 $ 65,606 $ 66,820 Enterprise and wholesale 19,241 15,562 35,970 30,980 E-Rate and government 22,533 14,157 44,528 28,387 Other 674 878 1,683 1,868 Fiber Infrastructure $ 75,849 $ 64,071 $ 147,787 $ 128,055 Consumer CLEC 2,899 3,583 5,934 7,387 Total revenue from contracts with customers 78,748 67,654 153,721 135,442 Revenue accounted for under other applicable guidance 185,666 179,675 371,724 358,802 Total revenue $ 264,414 $ 247,329 $ 525,445 $ 494,244
Schedule of Contract Assets and Contract Liabilities	The following table provides information about contract assets and contract liabilities accounted for under Topic 606. (Thousands) Contract Assets Contract Liabilities Balance at December 31, 2018 $ 5,540 $ 15,473 Balance at June 30, 2019 $ 10,092 $ 12,859

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Components of Lease Income	The components of lease income for the three and six months ended June 30, 2019 are as follows: (Thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease income - operating leases $ 185,666 $ 371,724
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 follows: (Thousands) June 30, 2019 (1) December 31, 2018 (2) 2019 $ 351,179 $ 724,269 2020 705,063 693,596 2021 708,110 696,713 2022 710,922 699,561 2023 713,902 702,663 Thereafter 4,761,525 4,706,951 Total lease receivables $ 7,950,701 $ 8,223,753 (1) (2)
Schedule of Underlying Assets under Operating Leases	The underlying assets under operating leases where we are the lessor as of June 30, 2019 are summarized as follows: (Thousands) June 30, 2019 Land $ 26,672 Building and improvements 332,158 Real property interest - Poles 255,103 Fiber 2,594,530 Equipment 202 Copper 3,756,760 Conduit 89,768 Tower assets 127,289 Capital lease assets 10,276 Other assets 26,581 7,219,339 Less: accumulated depreciation (4,889,425 ) Underlying assets under operating leases, net $ 2,329,914
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 and six months ended June 30, 2019 is summarized as follows: (Thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Depreciation expense for underlying assets under operating leases $ 75,093 $ 151,367
Components of Lease Cost	The components of lease cost for the three and six months ended June 30, 2019 are as follows: (Thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Finance lease cost Amortization of ROU assets $ 890 $ 1,896 Interest on lease liabilities 552 1,621 Total finance lease cost 1,442 3,517 Operating lease cost 6,667 13,254 Short-term lease cost 467 929 Variable lease cost 138 257 Less sublease income (2,633 ) (5,378 ) Total lease cost $ 6,081 $ 12,579
Summary of Amounts Reported in Condensed Consolidated Balance Sheets for Leases	Amounts reported in the Condensed Consolidated Balance Sheets for leases where we are the lessee as of June 30, 2019 were as follows: (Thousands) Location on Condensed Consolidated Balance Sheets June 30, 2019 Operating leases ROU asset Other assets, net $ 100,227 ROU liability Accounts payable, accrued expenses and other liabilities, net 107,199 Finance leases ROU asset Property, plant and equipment, net $ 128,530 ROU liability Finance lease obligations 55,444 Weighted-average remaining lease term Operating leases 10.0 years Finance leases 14.1 years Weighted-average discount rate Operating leases 9.5 % Finance leases 8.1 %
Schedule of Other Information Related to Leases	Other information related to leases as of June 30, 2019 are as follows: (Thousands) Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 1,621 Operating cash flows from operating leases 13,426 Financing cash flows from finance leases 1,896 Non-cash items: New operating leases $ 12,621 New finance leases 2,683
Future Lease Payments Under Non-Cancellable Operating and Finance Leases	Future lease payments under non-cancellable leases as of June 30, 2019 are as follows: (Thousands) Operating Leases (1) Finance Leases (1) 2019 $ 11,890 $ 4,211 2020 22,922 7,588 2021 20,983 6,829 2022 18,538 6,697 2023 16,333 6,681 Thereafter 86,345 57,330 Total undiscounted lease payments $ 177,011 $ 89,336 Less: imputed interest (69,812 ) (33,892 ) Total lease liabilities $ 107,199 $ 55,444 (1)
Schedule of Future Minimum Rental Payments Under Non-cancellable Operating Leases	Future minimum rental payments under non-cancellable operating leases as of December 31, 2018 (1) (Thousands) 2019 $ 10,585 2020 7,543 2021 4,815 2022 3,186 2023 2,382 Thereafter 15,269 Total $ 43,780 (1)
Schedule of Future Minimum Rental Payments Under Capital Leases	Future minimum rental payments under capital leases in effect as of December 31, 2018 (1) (Thousands) 2019 $ 8,683 2020 7,357 2021 6,638 2022 6,484 2023 6,457 Thereafter 52,533 Total minimum payments 88,152 Less amount representing interest (32,870 ) Total $ 55,282 (1)
Future Sublease Rentals	Future sublease rentals as of June 30, 2019 are as follows: (Thousands) Sublease Rentals 2019 $ 4,158 2020 8,966 2021 8,992 2022 9,019 2023 9,046 Thereafter 95,785 Total $ 135,966

Business Combinations, Asset _2

Business Combinations, Asset Acquisitions and Dispositions (Tables)	6 Months Ended
	Jun. 30, 2019
Information Transport Solutions, Inc.
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following is a summary of the estimated fair values of the assets acquired and liabilities assumed: (thousands) Property, plant and equipment $ 4,270 Cash and cash equivalents 5,931 Accounts receivable 3,909 Other assets 7,238 Goodwill 9,941 Intangible assets 30,254 Accounts payable, accrued expenses and other liabilities (2,645 ) Deferred revenue (567 ) Total purchase consideration $ 58,331

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value Valuation of Financial Instruments	The following table summarizes the fair value of our financial instruments at June 30, 2019 and December 31, 2018: (Thousands) Total Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Prices with Unobservable Inputs (Level 3) At June 30, 2019 Liabilities Senior secured term loan B - variable rate, due October 24, 2022 $ 1,998,748 $ - $ 1,998,748 $ - Senior secured notes - 6.00%, due April 15, 2023 521,125 - 521,125 - Senior unsecured notes - 8.25%, due October 15, 2023 1,026,750 - 1,026,750 - Senior unsecured notes - 7.125%, due December 15, 2024 535,500 - 535,500 - Exchangeable senior notes - 4.00%, due June 15, 2024 355,523 - 355,523 - Senior secured revolving credit facility, variable rate, due April 24, 2022 574,961 - 574,961 - Derivative liability 19,117 19,117 Contingent consideration 18,522 - - 18,522 Total $ 5,050,246 $ - $ 5,031,724 $ 18,522 (Thousands) Total Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Prices with Unobservable Inputs (Level 3) At December 31, 2018 Assets Derivative asset $ 31,043 $ - $ 31,043 $ - Total $ 31,043 $ - $ 31,043 $ - Liabilities Senior secured term loan B - variable rate, due October 24, 2022 $ 1,877,303 $ - $ 1,877,303 $ - Senior secured notes - 6.00%, due April 15, 2023 504,625 - 504,625 - Senior unsecured notes - 8.25%, due October 15, 2023 965,700 - 965,700 - Senior unsecured notes - 7.125%, due December 15, 2024 496,500 - 496,500 - Senior secured revolving credit facility, variable rate, due April 24, 2020 639,936 - 639,936 - Contingent consideration 83,401 - - 83,401 Total $ 4,567,465 $ - $ 4,484,064 $ 83,401
Roll Forward of Liabilities Measured at Fair Value on Recurring Basis Using Unobservable Inputs	The following is a roll forward of our liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3): (Thousands) December 31, 2018 Transfers into Level 3 (Gain)/Loss included in earnings Settlements June 30, 2019 Contingent consideration $ 83,401 $ - $ (25,531 ) $ (39,348 ) $ 18,522

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Schedule of Carrying Value of Property, Plant and Equipment	The carrying value of property, plant and equipment is as follows: (Thousands) Depreciable Lives June 30, 2019 December 31, 2018 Land Indefinite $ 27,567 $ 29,304 Building and improvements 3 - 40 years 345,754 340,238 Real property interests (1 ) 4,630 34,878 Poles 30 years 255,103 248,989 Fiber 30 years 3,158,337 3,005,304 Equipment 5 - 7 years 266,933 256,838 Copper 20 years 3,756,758 3,721,649 Conduit 30 years 89,768 89,692 Tower assets 20 years 127,577 120,073 Capital lease assets (1 ) 128,530 123,017 Other assets 15 - 20 years 11,798 11,524 Corporate assets 3 - 7 years 4,733 4,214 Construction in progress (1 ) 117,547 137,585 8,295,035 8,123,305 Less accumulated depreciation (5,093,599 ) (4,914,299 ) Net property, plant and equipment $ 3,201,436 $ 3,209,006 (1) See our Annual Report for property, plant and equipment accounting policies.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Derivative Instruments and Presentation in Condensed Consolidated Balance Sheet	The following table summarizes the fair value and the presentation in our Condensed Consolidated Balance Sheets: (Thousands) Location on Condensed Consolidated Balance Sheets June 30, 2019 December 31, 2018 Interest rate swaps Derivative asset $ - $ 31,043 Interest rate swaps Derivative liability $ 19,117 $ -

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Carrying Amount of Goodwill	Changes in the carrying amount of goodwill occurring during the six months ended June 30, 2019 (Thousands) Fiber Infrastructure Total Goodwill at December 31, 2018 $ 692,385 $ 692,385 Goodwill purchase accounting adjustments - See Note 5 (1,269 ) (1,269 ) Goodwill associated with 2019 acquisitions - See Note 5 1,717 1,717 Goodwill at June 30, 2019 692,833 692,833
Schedule of Carrying Value of Other Intangible Assets	The carrying value of the intangible assets is as follows: (Thousands) June 30, 2019 December 31, 2018 Original Cost Cumulative Translation Adjustment Accumulated Amortization Original Cost Cumulative Translation Adjustment Accumulated Amortization Indefinite life intangible assets: Trade name $ 2,000 $ - $ - $ 2,000 $ - $ - Finite life intangible assets: Customer lists (3) 450,597 - (81,190 ) 451,997 - (69,393 ) Tenant contracts (3) - - - 37,386 411 (3,293 ) Network (1)(3) - - - 13,541 144 (1,192 ) Acquired below-market leases (3) - - - 1,509 - (289 ) Total intangible assets 452,597 506,988 Less: Accumulated amortization (81,190 ) (74,167 ) Total intangible assets, net $ 371,407 $ 432,821 Finite life intangible liabilities: Acquired above-market leases (3) $ - $ - $ - $ 3,440 $ (182 ) $ (624 ) Total intangible liabilities - 3,258 Less: Accumulated amortization - (624 ) Total intangible liabilities, net (2) $ - $ 2,634 (1) Reflects the potential to lease additional tower capacity on the existing towers due to their geographical location and capacity that currently exists on these towers as of the valuation date. (2) Recorded in accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet. (3) Uniti Towers’ Latin American intangible assets were sold on April 2, 2019. See Note 5

Notes and Other Debt (Tables)

Notes and Other Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Long Term Debt [Abstract]
Schedule of 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 is as follows: (Thousands) June 30, 2019 December 31, 2018 Principal amount $ 5,235,287 $ 4,965,808 Less unamortized discount, premium and debt issuance costs (232,195 ) (119,575 ) Notes and other debt less unamortized discount, premium and debt issuance costs $ 5,003,092 $ 4,846,233 Notes and other debt at June 30, 2019 and December 31, 2018 consisted of the following: June 30, 2019 December 31, 2018 (Thousands) Principal Unamortized Discount, Premium and Debt Issuance Costs Principal Unamortized Discount, Premium and Debt Issuance Costs Senior secured term loan B - variable rate, due October 24, 2022 (discount is based on imputed interest rate of 7.47%) $ 2,055,268 (86,441 ) $ 2,065,808 $ (70,337 ) Senior secured notes - 6.00%, due April 15, 2023 (discount is based on imputed interest rate of 6.29%) 550,000 (6,387 ) 550,000 (7,116 ) Senior unsecured notes - 8.25%, due October 15, 2023 (discount is based on imputed interest rate of 9.06%) 1,110,000 (31,923 ) 1,110,000 (34,900 ) Senior unsecured notes - 7.125% due December 15, 2024 600,000 (6,771 ) 600,000 (7,222 ) Exchangeable senior notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 11.1%) 345,000 (92,617 ) - - Senior secured revolving credit facility, variable rate, due April 24, 2022 575,019 (8,056 ) 640,000 - Total $ 5,235,287 $ (232,195 ) $ 4,965,808 $ (119,575 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Basic and Diluted	The following sets forth the computation of basic and diluted earnings per share under the two-class method: Three Months Ended June 30, Six Months Ended June 30, (Thousands, except per share data) 2019 2018 2019 2018 Basic earnings per share: Numerator: Net income (loss) attributable to shareholders $ 38,717 $ (3,503 ) $ 41,159 $ (2,293 ) Less: Income allocated to participating securities (223 ) (400 ) (251 ) (869 ) Income allocated to participating securities on share settled contingent consideration arrangements - (258 ) - (468 ) Dividends declared on convertible preferred stock - (656 ) (656 ) (1,312 ) Amortization of discount on convertible preferred stock (248 ) (745 ) (993 ) (1,490 ) Net income (loss) attributable to common shares $ 38,246 $ (5,562 ) $ 39,259 $ (6,432 ) Denominator: Basic weighted-average common shares outstanding 182,971 175,011 182,597 174,951 Basic earnings (loss) per common share $ 0.21 $ (0.03 ) $ 0.22 $ (0.04 ) Three Months Ended June 30, Six Months Ended June 30, (Thousands, except per share data) 2019 2018 2019 2018 Diluted earnings per share: Numerator: Net income (loss) attributable to shareholders $ 38,717 $ (3,503 ) $ 41,159 $ (2,293 ) Less: Income allocated to participating securities (223 ) (400 ) (251 ) (869 ) Income allocated to participating securities on share settled contingent consideration arrangements - (258 ) - (468 ) Dividends declared on convertible preferred stock - (656 ) (656 ) (1,312 ) Amortization of discount on convertible preferred stock (248 ) (745 ) (993 ) (1,490 ) Impact on if-converted dilutive securities 363 - 1,764 - Net income (loss) attributable to common shares $ 38,609 $ (5,562 ) $ 41,023 $ (6,432 ) Denominator: Basic weighted-average common shares outstanding 182,971 175,011 182,597 174,951 Effect of dilutive non-participating securities 8 - 8 - Impact on if-converted dilutive securities 10,126 - 9,671 - Weighted-average shares for dilutive earnings per common share 193,105 175,011 192,276 174,951 Dilutive earnings (loss) per common share $ 0.20 $ (0.03 ) $ 0.21 $ (0.04 )

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Selected financial data related to our segments is presented below for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, 2019 (Thousands) Leasing Fiber Infrastructure Towers Consumer CLEC Corporate Subtotal of Reportable Segments Revenues $ 177,042 $ 81,327 $ 3,146 $ 2,899 $ - $ 264,414 Adjusted EBITDA $ 175,881 $ 37,036 $ (42 ) $ 565 $ (6,576 ) $ 206,864 Less: Interest expense 97,729 Depreciation and amortization 72,275 28,494 1,412 346 51 102,578 Other income (22,275 ) Transaction related costs 7,035 Gain on sale of real estate (4,960 ) - (23,830 ) - - (28,790 ) Stock-based compensation 3,197 Income tax expense 7,843 Net income $ 39,547 Three Months Ended June 30, 2018 (Thousands) Leasing Fiber Infrastructure Towers Consumer CLEC Corporate Subtotal of Reportable Segments Revenues $ 173,885 $ 67,389 $ 2,472 3,583 $ - $ 247,329 Adjusted EBITDA $ 173,356 $ 29,405 $ (1,167 ) $ 928 $ (5,511 ) $ 197,011 Less: Interest expense 79,385 Depreciation and amortization 86,454 26,244 1,575 499 70 114,842 Other expense 3,349 Transaction related costs 3,789 Stock-based compensation 1,885 Income tax benefit (2,646 ) Net loss $ (3,593 ) Six Months Ended June 30, 2019 (Thousands) Leasing Fiber Infrastructure Towers Consumer CLEC Corporate Subtotal of Reportable Segments Revenues $ 353,125 $ 158,160 $ 8,226 $ 5,934 $ - $ 525,445 Adjusted EBITDA $ 350,632 $ 67,036 $ 283 $ 1,211 $ (12,023 ) $ 407,139 Less: Interest expense 182,187 Depreciation and amortization 146,028 56,752 2,827 692 106 206,405 Other income (25,388 ) Transaction related costs 13,704 Gain on sale of real estate (4,960 ) - (23,830 ) - - (28,790 ) Stock-based compensation 5,085 Income tax expense 11,897 Net income $ 42,039 Six Months Ended June 30, 2018 (Thousands) Leasing Fiber Infrastructure Towers Consumer CLEC Corporate Subtotal of Reportable Segments Revenues $ 346,659 $ 134,356 $ 5,842 7,387 $ - $ 494,244 Adjusted EBITDA $ 345,725 $ 58,600 $ (1,630 ) $ 1,841 $ (10,824 ) $ 393,712 Less: Interest expense 156,992 Depreciation and amortization 173,198 52,149 3,052 997 167 229,563 Other expense (536 ) Transaction related costs 9,702 Stock-based compensation 4,095 Income tax benefit (3,742 ) Net loss $ (2,362 )

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Jun. 30, 2019
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component	Changes in accumulated other comprehensive (loss) income by component is as follows for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, (Thousands) 2019 2018 2019 2018 Cash flow hedge changes in fair value gain (loss): Balance at beginning of period attributable to common shareholders $ 8,835 $ 40,728 $ 30,042 $ 6,351 Other comprehensive (loss) income before reclassifications (26,457 ) 13,282 (46,083 ) 46,317 Amounts reclassified from accumulated other comprehensive income (1,906 ) 958 (3,966 ) 3,556 Balance at end of period (19,528 ) 54,968 (20,007 ) 56,224 Less: Other comprehensive (loss) income attributable to noncontrolling interest (568 ) (106 ) (1,047 ) 1,150 Balance at end of period attributable to common shareholders (18,960 ) 55,074 (18,960 ) 55,074 Foreign currency translation gain (loss): Balance at beginning of period attributable to common shareholders 826 6,007 63 1,470 Translation adjustments (780 ) (4,879 ) - (314 ) Amounts reclassified from accumulated other comprehensive income (63 ) - (63 ) - Balance at end of period (17 ) 1,128 - 1,156 Less: Other comprehensive income attributable to noncontrolling interest (17 ) (35 ) - (7 ) Balance at end of period attributable to common shareholders - 1,163 - 1,163 Accumulated other comprehensive income at end of period $ (18,960 ) $ 56,237 $ (18,960 ) $ 56,237

Organization and Description _2

Organization and Description of Business - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019Segment
Organization And Description Of Business [Line Items]
Number of operating business segments	4
Uniti Group LP
Organization And Description Of Business [Line Items]
Percentage of partnership interests owned	98.00%

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 28, 2019	Jun. 25, 2019	Jan. 01, 2019	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Apr. 28, 2017
Summary Of Significant Accounting Policies [Line Items]
Consolidated secured leverage ratio				500.00%	500.00%
Debt instrument amount				$ 5,235,287	$ 5,235,287		$ 4,965,808
Common stock aggregate at an exercise price	$ 16.42	$ 16.42
Impact of change in accounting standard, net of tax				(112)	(63,222)	$ 1,859
Maximum
Summary Of Significant Accounting Policies [Line Items]
Consolidated secured leverage ratio								500.00%
Warrants | Maximum
Summary Of Significant Accounting Policies [Line Items]
Anti-dilution adjustments	27,800,000	27,800,000
Exchangeable Notes
Summary Of Significant Accounting Policies [Line Items]
Debt instrument amount	$ 345,000			$ 345,000	$ 345,000
Issuance senior notes, stated percentage	4.00%			4.00%	4.00%		4.00%
Debt instrument, maturity date	Jun. 15, 2024				Jun. 15, 2024
Accounting Standards Update ("ASU") No. 2016-02
Summary Of Significant Accounting Policies [Line Items]
Write off adjustment to equity resulting from change in accounting standard			$ 61,500
Impact of change in accounting standard, net of tax			63,200
Right of use assets and lease liabilities			$ 1,700
Windstream | Revenue
Summary Of Significant Accounting Policies [Line Items]
Master lease revenue percentage					65.20%	70.00%	68.20%

Revenues - Revenues Disaggregat

Revenues - Revenues Disaggregated by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 78,748	$ 67,654	$ 153,721	$ 135,442
Total revenues	264,414	247,329	525,445	494,244
Fiber Infrastructure
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	75,849	64,071	147,787	128,055
Total revenues	81,327	67,389	158,160	134,356
Fiber Infrastructure | Lit Backhaul
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	33,401	33,474	65,606	66,820
Fiber Infrastructure | Enterprise and Wholesale
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	19,241	15,562	35,970	30,980
Fiber Infrastructure | E-Rate and Government
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	22,533	14,157	44,528	28,387
Fiber Infrastructure | Other
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	674	878	1,683	1,868
Consumer CLEC
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	2,899	3,583	5,934	7,387
Total revenues	2,899	3,583	5,934	7,387
ASC 2014-09
Disaggregation Of Revenue [Line Items]
Total revenues	$ 185,666	$ 179,675	$ 371,724	$ 358,802

Revenues - Additional Informati

Revenues - Additional Information (Details) - ASC 2014-09 - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Revenue Recognition [Line Items]
Lease receivables	$ 13.3	$ 13.3		$ 45.5
Receivables from contracts with customers	55.8	55.8		$ 57.1
Revenue recognized that was included in the contract liabilty	$ 1.1	$ 2.5
Future revenues under contract			$ 588
Contracts currently being invoiced			513.2
Backlog for sales bookings			$ 74.8
Average remaining contract term of backlog sales bookings		4 years 2 months 12 days

Revenues - Schedule of Contract

Revenues - Schedule of Contract Assets and Contract Liabilities (Details) - ASC 2014-09 $ in Thousands	Jun. 30, 2019USD ($)
Deferred Revenue Arrangement [Line Items]
Balance, Contract Assets at December 31, 2018	$ 5,540
Balance, Contract Assets at June 30, 2019	10,092
Balance, Contract Liabilities at December 31, 2018	15,473
Balance, Contract Liabilities at June 30, 2019	$ 12,859

Revenues - Additional Informa_2

Revenues - Additional Information (Details 1)	Jun. 30, 2019
ASC 2014-09 | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01
Revenue Recognition [Line Items]
Average remaining contract term for contracts currently billing	2 years 3 months 18 days

Leases - Lease Payments to be R

Leases - Lease Payments to be Received under Non-Cancellable Operating Leases (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2019		Dec. 31, 2018	[2]
Lessee Lease Description [Line Items]
Total future minimum lease payments to be received	$ 7,950,701	[1]	$ 8,223,753
Master Lease
Lessee Lease Description [Line Items]
Total future minimum lease payments to be received	$ 7,300,000
[1]	Total future minimum lease payments to be received include $7.3 billion relating to the Master Lease with Windstream.
[2]	Prior period amounts have not been adjusted under the modified retrospective transition approach

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
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
Lessor, operating lease, existence of option to terminate [true false]	true
Lessor, lease option to terminate, description	options to terminate the leases within
Lessee, operating lease, existence of option to extend [true false]	true
Lessee, lease option to extend, description	options to extend or renew the leases for less than one year to 85 years
Lessee, operating lease, existence of option to terminate [true false]	true
Lessee, option to terminate, description	options to terminate the leases within one to six months
Short term lease commitments	$ 1.8
Minimum
Leases [Line Items]
Lessor, initial lease term	5 years
Lessor, lease renewal term	5 years
Lessor operating lease, termination	1 month
Lessee, initial lease term	1 year
Lessee, lease renewal term	1 year
Lessee, lease option to terminate, description	1 month
Maximum
Leases [Line Items]
Lessor, initial lease term	20 years
Lessor, lease renewal term	80 years
Lessor operating lease, termination	6 months
Lessee, initial lease term	30 years
Lessee, lease renewal term	85 years
Lessee, lease option to terminate, description	6 months

Leases - Components of Lease In

Leases - Components of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Lease income - operating leases	$ 185,666	$ 371,724

Leases - Lease Payments to be_2

Leases - Lease Payments to be Received under Non-Cancellable Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2019	[1]	Dec. 31, 2018	[2]
Leases [Abstract]
2019	$ 351,179		$ 724,269
2020	705,063		693,596
2021	708,110		696,713
2022	710,922		699,561
2023	713,902		702,663
Thereafter	4,761,525		4,706,951
Total lease receivables	$ 7,950,701		$ 8,223,753
[1]	Total future minimum lease payments to be received include $7.3 billion relating to the Master Lease with Windstream.
[2]	Prior period amounts have not been adjusted under the modified retrospective transition approach

Leases - Schedule of Underlying

Leases - Schedule of Underlying Assets under Operating Leases (Details) $ in Thousands	Jun. 30, 2019USD ($)
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	$ 7,219,339
Less: accumulated depreciation	(4,889,425)
Underlying assets under operating leases, net	2,329,914
Land
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	26,672
Building and Improvements
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	332,158
Poles
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	255,103
Fiber
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	2,594,530
Equipment
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	202
Copper
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	3,756,760
Conduit
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	89,768
Tower assets
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	127,289
Capital lease assets
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	10,276
Other assets
Lessor Lease Description [Line Items]
Underlying assets under operating leases, gross	$ 26,581

Leases - Schedule of Depreciati

Leases - Schedule of Depreciation Expense for Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Depreciation expense for underlying assets under operating leases	$ 75,093	$ 151,367

Leases - Components of Lease Co

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Amortization of ROU assets	$ 890	$ 1,896
Interest on lease liabilities	552	1,621
Total finance lease cost	1,442	3,517
Operating lease cost	6,667	13,254
Short-term lease cost	467	929
Variable lease cost	138	257
Less sublease income	(2,633)	(5,378)
Total lease cost	$ 6,081	$ 12,579

Leases - Summary of Amounts Rep

Leases - Summary of Amounts Reported in Condensed Consolidated Balance Sheets for Leases (Details) - USD ($) $ in Thousands		Jun. 30, 2019		Dec. 31, 2018
Operating leases
ROU asset		$ 100,227
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		us-gaap:OtherAssets
ROU liability	[1]	$ 107,199
Operating Lease, Liability, Statement of Financial Position [Extensible List]		us-gaap:AccountsPayableAndOtherAccruedLiabilities
Finance leases
ROU asset		$ 128,530
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		us-gaap:PropertyPlantAndEquipmentNet
ROU liability		$ 55,444	[1]	$ 55,282
Weighted-average remaining lease term
Operating leases		10 years
Finance leases		14 years 1 month 6 days
Weighted-average discount rate
Operating leases		9.50%
Finance leases		8.10%
[1]	Amounts are exclusive of lease arrangements that are classified in Liabilities Held for Sale.

Leases - Schedule of Other Info

Leases - Schedule of Other Information Related to Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$ 1,621
Operating cash flows from operating leases	13,426
Financing cash flows from finance leases	1,896
Non-cash items:
New operating leases	12,621
New finance leases	$ 2,683

Leases - Future Lease Payments

Leases - Future Lease Payments under Non-Cancellable Leases (Details) - USD ($) $ in Thousands		Jun. 30, 2019		Dec. 31, 2018
Leases [Abstract]
2019	[1]	$ 11,890
2020	[1]	22,922
2021	[1]	20,983
2022	[1]	18,538
2023	[1]	16,333
Thereafter	[1]	86,345
Total undiscounted lease payments	[1]	177,011
Less: imputed interest	[1]	(69,812)
Total lease liabilities	[1]	107,199
2019	[1]	4,211
2020	[1]	7,588
2021	[1]	6,829
2022	[1]	6,697
2023	[1]	6,681
Thereafter	[1]	57,330
Total undiscounted lease payments	[1]	89,336
Less: imputed interest	[1]	(33,892)
Total lease liabilities		$ 55,444	[1]	$ 55,282
[1]	Amounts are exclusive of lease arrangements that are classified in Liabilities Held for Sale.

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rental Payments Under Non-cancellable Operating Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)	[1]
Leases [Abstract]
2019	$ 10,585
2020	7,543
2021	4,815
2022	3,186
2023	2,382
Thereafter	15,269
Total	$ 43,780
[1]	Prior period amounts have not been adjusted under the modified retrospective transition approach

Leases - Schedule of Future M_2

Leases - Schedule of Future Minimum Rental Payments Under Capital Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)	[1]
Leases [Abstract]
2019	$ 8,683
2020	7,357
2021	6,638
2022	6,484
2023	6,457
Thereafter	52,533
Total minimum payments	88,152
Less amount representing interest	(32,870)
Total	$ 55,282
[1]	Prior period amounts have not been adjusted under the modified retrospective transition approach

Leases - Future Sublease Rental

Leases - Future Sublease Rentals (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2019	$ 4,158
2020	8,966
2021	8,992
2022	9,019
2023	9,046
Thereafter	95,785
Total	$ 135,966

Business Combinations, Asset _3

Business Combinations, Asset Acquisitions and Dispositions - Additional Information (Details) - USD ($) $ in Thousands	May 23, 2019	Apr. 02, 2019	Mar. 25, 2019	Oct. 19, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Business Acquisition [Line Items]
Sale of portfolio, cash consideration	$ 30,700
Sale of portfolio, pre-tax gain	$ 5,000
Cash paid for business acquisition						$ 1,154
Goodwill					$ 692,833		$ 692,385
Reduction of purchase price and goodwill					$ (1,269)
JKM Consulting Inc.
Business Acquisition [Line Items]
Business acquisition date					Mar. 25, 2019
Percentage of equity acquired			100.00%
Cash paid for business acquisition			$ 5,500
Goodwill			$ 1,700
Information Transport Solutions, Inc.
Business Acquisition [Line Items]
Business acquisition date					Oct. 19, 2018
Percentage of equity acquired				100.00%
Cash paid for business acquisition				$ 58,300
Goodwill				9,941
Reduction of purchase price and goodwill					$ (1,300)
Finite-lived intangible assets acquired				30,254
Information Transport Solutions, Inc. | Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired				$ 30,300
Acquired finite-lived intangible assets, weighted average useful life				14 years
Uniti Towers Business | Latin American
Business Acquisition [Line Items]
Sale of portfolio, cash consideration		$ 101,600
Sale of portfolio, pre-tax gain		$ 23,800

Business Combinations, Asset _4

Business Combinations, Asset Acquisitions and Dispositions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Oct. 19, 2018
Business Acquisition [Line Items]
Goodwill	$ 692,833	$ 692,385
Information Transport Solutions, Inc.
Business Acquisition [Line Items]
Property, plant and equipment			$ 4,270
Cash and cash equivalents			5,931
Accounts receivable			3,909
Other assets			7,238
Goodwill			9,941
Intangible assets			30,254
Accounts payable, accrued expenses and other liabilities			(2,645)
Deferred revenue			(567)
Total purchase consideration			$ 58,331

Assets and Liabilities Held f_2

Assets and Liabilities Held for Sale - Additional Information (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets classified as held for sale		$ 0
Liabilities classified as held for sale		$ 0
Disposal Group, Held for Sale, Not qualified as Discontinued Operation
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Property plant and equipment, net	$ 2,800,000
Uniti Fiber's Midwest operations | Disposal Group, Held for Sale, Not qualified as Discontinued Operation
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Property plant and equipment, net	13,900,000
Other accrued liabilities	$ 4,300,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Derivative asset		$ 31,043
Total		31,043
Liabilities
Derivative liability	$ 19,117
Contingent consideration	18,522	83,401
Total	5,050,246	4,567,465
Prices with Other Observable Inputs (Level 2)
Assets
Derivative asset		31,043
Total		31,043
Liabilities
Derivative liability	19,117
Total	5,031,724	4,484,064
Prices with Unobservable Inputs (Level 3)
Liabilities
Contingent consideration	18,522	83,401
Total	18,522	83,401
Senior Secured Term Loan B Facility
Liabilities
Senior secured loan	1,998,748	1,877,303
Senior Secured Term Loan B Facility | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan	1,998,748	1,877,303
6.00% Senior Secured Notes
Liabilities
Senior notes	521,125	504,625
6.00% Senior Secured Notes | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	521,125	504,625
8.25% Senior Unsecured Notes
Liabilities
Senior notes	1,026,750	965,700
8.25% Senior Unsecured Notes | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	1,026,750	965,700
7.125% Senior Unsecured Notes
Liabilities
Senior notes	535,500	496,500
7.125% Senior Unsecured Notes | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	535,500	496,500
Senior Secured Revolving Credit Facility
Liabilities
Senior secured loan	574,961	639,936
Senior Secured Revolving Credit Facility | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan	574,961	$ 639,936
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Liabilities
Senior notes	355,523
Exchangeable Senior Notes - 4.00%, due June 15, 2024 | Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	$ 355,523

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Parenthetical) (Details)	Jun. 28, 2019	Jun. 24, 2019	Mar. 18, 2019	Jun. 30, 2019	Dec. 31, 2018
6.00% Senior Secured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage				6.00%	6.00%
Debt instrument, maturity date				Apr. 15, 2023	Apr. 15, 2023
8.25% Senior Unsecured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage				8.25%	8.25%
Debt instrument, maturity date				Oct. 15, 2023	Oct. 15, 2023
7.125% Senior Unsecured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage				7.125%	7.125%
Debt instrument, maturity date				Dec. 15, 2024	Dec. 15, 2024
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%	4.00%
Debt instrument, maturity date	Jun. 15, 2024			Jun. 15, 2024
Senior Secured Term Loan B Facility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, maturity date			Oct. 24, 2022	Oct. 24, 2022	Oct. 24, 2022
Senior Secured Revolving Credit Facility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, maturity date		Apr. 24, 2022		Apr. 24, 2022	Apr. 24, 2020

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	Jan. 04, 2019	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Aug. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount of outstanding notes and other debt		$ 5,235,287	$ 5,235,287		$ 4,965,808
Estimated fair value of future contingent consideration		18,522	18,522		$ 83,401
Payments of contingent consideration			28,170	$ 12,662
Increase (decrease) in fair value of contingent consideration liability		(22,300)	(25,531)	(488)
Tower Cloud, Inc.
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimated fair value of future contingent consideration		18,500	18,500
Payments of contingent consideration			28,200	$ 12,700
Tower Cloud, Inc. | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of aggregate amount of contingent consideration payments						50.00%
Hunt Telecommunications, LLC
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration settled through issuance of common shares	645,385
Contingent consideration settled through issuance of common shares, fair value	$ 11,200
Prices with Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notes and other debt, fair value		$ 5,050,000	$ 5,050,000

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Roll Forward of Liabilities Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Fair Value Disclosures [Abstract]
Contingent consideration, beginning balance	$ 83,401
(Gain)/Loss included in earnings	(25,531)
Settlements	(39,348)
Contingent consideration, ending balance	$ 18,522

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 8,295,035	$ 8,123,305
Less accumulated depreciation	(5,093,599)	(4,914,299)
Net property, plant and equipment	3,201,436	3,209,006
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	27,567	29,304
Building and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 345,754	340,238
Building and Improvements | Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	3 years
Building and Improvements | Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	40 years
Real Property Interests
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 4,630	34,878
Poles
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 255,103	248,989
Fiber
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 3,158,337	3,005,304
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 266,933	256,838
Equipment | Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	5 years
Equipment | Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Copper
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Property, plant and equipment, gross	$ 3,756,758	3,721,649
Conduit
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 89,768	89,692
Tower assets
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Property, plant and equipment, gross	$ 127,577	120,073
Capital Lease Assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	128,530	123,017
Other assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 11,798	11,524
Other assets | Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	15 years
Other assets | Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Corporate assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 4,733	4,214
Corporate assets | Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	3 years
Corporate assets | Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Construction in progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 117,547	$ 137,585

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Property Plant And Equipment [Abstract]
Depreciation expense	$ 96.5	$ 108.7	$ 194	$ 216.9

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)	Jun. 28, 2019	Jun. 27, 2019	Jun. 25, 2019	Apr. 27, 2015	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivative instruments					$ (26,600,000)	$ 13,600,000	$ (46,100,000)	$ 46,300,000
Interest expense					97,729,000	79,385,000	182,187,000	156,992,000
Ineffective portion of change in fair value derivatives					0	0
Amounts reported in AOCI that will be reclassified into interest expense during the next twelve months					7,600,000		$ 7,600,000
Common stock aggregate at an exercise price	$ 16.42		$ 16.42
Warrants expiring period							2024-09
Proceeds from offering and sale of warrants							$ 50,819,000
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Net proceeds from offering of exchangeable notes		$ 70,000,000
Reclassification Out of Other Comprehensive Income | Designated as Cash Flow Hedges
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest expense					$ 1,900,000	$ 1,000,000	$ 4,000,000	$ 3,600,000
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		27,800,000
Interest Rate Swap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional value				$ 2,060,000,000
Derivative, maturity date				Oct. 24, 2022
Derivative, weighted average fixed rate paid				2.105%
Interest Rate Swap | Minimum
Derivative Instruments And Hedging Activities Disclosures [Line Items]
LIBOR, variable rate				1.00%

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Summary of Fair Value of Derivative Instruments and Presentation in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivatives Fair Value [Line Items]
Derivative asset		$ 31,043
Derivative liability	$ 19,117
Interest Rate Swap
Derivatives Fair Value [Line Items]
Derivative asset		$ 31,043
Derivative liability	$ 19,117

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Goodwill [Line Items]
Goodwill at December 31, 2018	$ 692,385
Goodwill purchase accounting adjustments	(1,269)
Goodwill associated with 2019 acquisitions - See Note 5	1,717
Goodwill at June 30, 2019	692,833
Fiber Infrastructure
Goodwill [Line Items]
Goodwill at December 31, 2018	692,385
Goodwill purchase accounting adjustments	(1,269)
Goodwill associated with 2019 acquisitions - See Note 5	1,717
Goodwill at June 30, 2019	$ 692,833

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Value of the Intangible Assets (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Jun. 30, 2019
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible assets, Original Cost		$ 506,988	$ 452,597
Less: Accumulated amortization		(74,167)	(81,190)
Total intangible assets, net		432,821	371,407
Trade Names
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Indefinite life intangible assets, Original Cost		2,000	2,000
Customer Lists
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost	[1]	451,997	450,597
Less: Accumulated amortization	[1]	(69,393)	$ (81,190)
Tenant Contracts
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost	[1]	37,386
Less: Accumulated amortization	[1]	(3,293)
Finite life intangible assets, Cumulative translation adjustment	[1]	411
Network
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost	[1],[2]	13,541
Less: Accumulated amortization	[1],[2]	(1,192)
Finite life intangible assets, Cumulative translation adjustment	[1],[2]	144
Acquired Below-market Leases
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost	[1]	1,509
Less: Accumulated amortization	[1]	(289)
Above Market Leases [Member]
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Acquired above-market leases(3)	[1]	3,440
Finite life intangible liabilities, Cost		3,258
Less: Accumulated amortization		(624)
Total intangible liabilities, net	[3]	2,634
Finite life intangible liabilities, Cumulative translation adjustment	[1]	$ (182)
[1]	Uniti Towers’ Latin American intangible assets were sold on April 2, 2019. See Note 5
[2]	Reflects the potential to lease additional tower capacity on the existing towers due to their geographical location and capacity that currently exists on these towers as of the valuation date.
[3]	Recorded in accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet.

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets and Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Remaining weighted average amortization period of intangible assets			17 years 9 months 18 days
Amortization	$ 6.1	$ 6.2	$ 12.4	$ 12.7
Estimated amortization expense for 2019	24.5		24.5
Estimated amortization expense for 2020	23.8		23.8
Estimated amortization expense for 2021	23.3		23.3
Estimated amortization expense for 2022	22.9		22.9
Estimated amortization expense for 2023	$ 22.8		$ 22.8

Notes and Other Debt - Schedule

Notes and Other Debt - Schedule of Notes and Other Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 28, 2019	Jun. 24, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal amount of notes and other debt	$ 5,235,287			$ 4,965,808
Less unamortized discount, premium and debt issuance costs	(232,195)			(119,575)
Notes and other debt less unamortized discount, premium and debt issuance costs	5,003,092			4,846,233
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Principal amount of notes and other debt	2,055,268			2,065,808
Less unamortized discount, premium and debt issuance costs	(86,441)			(70,337)
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Principal amount of notes and other debt	550,000			550,000
Less unamortized discount, premium and debt issuance costs	(6,387)			(7,116)
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Principal amount of notes and other debt	1,110,000			1,110,000
Less unamortized discount, premium and debt issuance costs	(31,923)			(34,900)
Senior Unsecured Notes - 7.125% Due December 15, 2024
Debt Instrument [Line Items]
Principal amount of notes and other debt	600,000			600,000
Less unamortized discount, premium and debt issuance costs	(6,771)			(7,222)
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Debt Instrument [Line Items]
Principal amount of notes and other debt	345,000	$ 345,000
Less unamortized discount, premium and debt issuance costs	(92,617)
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount of notes and other debt	575,019		$ 575,900	$ 640,000
Less unamortized discount, premium and debt issuance costs	$ (8,056)

Notes and Other Debt - Schedu_2

Notes and Other Debt - Schedule of Notes and Other Debt (Parenthetical) (Details)	Jun. 28, 2019	Jun. 24, 2019	Mar. 18, 2019	Jun. 30, 2019	Dec. 31, 2018
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument, maturity date			Oct. 24, 2022	Oct. 24, 2022	Oct. 24, 2022
Debt instrument, imputed interest rate				7.47%	7.47%
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Debt instrument, maturity date				Apr. 15, 2023	Apr. 15, 2023
Debt instrument, imputed interest rate				6.29%	6.29%
Issuance senior notes, stated percentage				6.00%	6.00%
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Debt instrument, maturity date				Oct. 15, 2023	Oct. 15, 2023
Debt instrument, imputed interest rate				9.06%	9.06%
Issuance senior notes, stated percentage				8.25%	8.25%
Senior Unsecured Notes - 7.125% Due December 15, 2024
Debt Instrument [Line Items]
Debt instrument, maturity date				Dec. 15, 2024	Dec. 15, 2024
Issuance senior notes, stated percentage				7.125%	7.125%
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Debt Instrument [Line Items]
Debt instrument, maturity date	Jun. 15, 2024			Jun. 15, 2024
Debt instrument, imputed interest rate	11.10%			11.10%
Issuance senior notes, stated percentage	4.00%			4.00%	4.00%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, maturity date		Apr. 24, 2022		Apr. 24, 2022	Apr. 24, 2020

Notes and Other Debt - Addition

Notes and Other Debt - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands

Jun. 28, 2019

Jun. 24, 2019

Mar. 18, 2019

May 08, 2017

Dec. 15, 2016

Jun. 09, 2016

Apr. 25, 2015

Mar. 31, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Dec. 31, 2018

Apr. 28, 2017

Apr. 24, 2015

Debt Instrument [Line Items]

Debt instrument amount

$ 5,235,287

$ 4,965,808

Consolidated secured leverage ratio

500.00%

Percentage of pay cash dividends in excess of taxable income

90.00%

Repayments of debt

$ 10,540

$ 10,540

Amortization of deferred financing costs

$ 3,700

$ 3,700

7,500

$ 7,300

Maximum

Debt Instrument [Line Items]

Consolidated secured leverage ratio

500.00%

Consolidated total leverage ratio

650.00%

Maximum | Pro Forma

Debt Instrument [Line Items]

Consolidated secured leverage ratio

400.00%

CSL Capital, LLC

Debt Instrument [Line Items]

Debt instrument, debt default, description of violation or event of default

In particular, a repayment obligation could be triggered if (i) the Borrowers or certain of their subsidiaries fail to make a payment when due of any principal or interest on any other indebtedness aggregating $75.0 million or more, or (ii) an event occurs that causes, or would permit the holders of any other indebtedness aggregating $75.0 million or more to cause, such indebtedness to become due prior to its stated maturity.

Debt Instrument, debt default, amount

$ 75,000

Senior Secured Term Loan B Facility

Debt Instrument [Line Items]

Debt instrument amount

$ 2,055,268

$ 2,065,808

Debt instrument, maturity date

Oct. 24, 2022

Oct. 24, 2022

Oct. 24, 2022

Debt discount amortized to interest expense effective interest rate

7.47%

7.47%

Senior Secured Term Loan B Facility | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

5.00%

Issuance senior notes, floor rate

1.00%

Debt instrument, increase in basis spread on variable rate

2.00%

Senior Secured Term Loan B Facility | CSL Capital, LLC

Debt Instrument [Line Items]

Issuance of senior notes, principal amount

$ 2,140,000

Debt amortization percentage

1.00%

Senior Secured Term Loan B Facility | CSL Capital, LLC | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

5.00%

Senior Secured Term Loan B Facility | CSL Capital, LLC | Minimum | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Issuance senior notes, stated percentage

1.00%

Senior Secured Notes - 6.00% Due April 15, 2023

Debt Instrument [Line Items]

Debt instrument amount

$ 550,000

$ 550,000

Debt instrument, maturity date

Apr. 15, 2023

Apr. 15, 2023

Issuance senior notes, stated percentage

6.00%

6.00%

Debt discount amortized to interest expense effective interest rate

6.29%

6.29%

Senior Secured Notes - 6.00% Due April 15, 2023 | CSL Capital, LLC

Debt Instrument [Line Items]

Issuance of senior notes, principal amount

$ 150,000

$ 550,000

$ 400,000

Notes issued price percentage at par

99.25%

100.00%

Senior Notes - 8.25% Due October 15, 2023

Debt Instrument [Line Items]

Debt instrument amount

$ 1,110,000

Debt instrument, maturity date

Oct. 15, 2023

Issuance senior notes, stated percentage

8.25%

Senior Unsecured Notes - 7.125% Due December 15, 2024

Debt Instrument [Line Items]

Debt instrument amount

$ 600,000

$ 600,000

Debt instrument, maturity date

Dec. 15, 2024

Dec. 15, 2024

Issuance senior notes, stated percentage

7.125%

7.125%

Senior Unsecured Notes - 7.125% Due December 15, 2024 | CSL Capital, LLC

Debt Instrument [Line Items]

Debt instrument amount

$ 600,000

Issuance of senior notes, principal amount

$ 200,000

$ 400,000

Notes issued price percentage at par

100.50%

100.00%

Exchangeable Notes

Debt Instrument [Line Items]

Debt instrument amount

$ 345,000

$ 345,000

Debt instrument, maturity date

Jun. 15, 2024

Jun. 15, 2024

Issuance senior notes, stated percentage

4.00%

4.00%

4.00%

Issuance of senior notes, principal amount

$ 345,000

Debt instrument, frequency of periodic payment

semiannually in arrears on June 15 and December 15 of each year

Debt Instrument,date of first required payment

Dec. 15, 2019

Debt instrument, indenture exchange rate shares per thousand dollars principal amount

80.4602

Debt instrument, indenture exchange price per share

$ 12.43

Debt instrument, redemption price, percentage

100.00%

Debt Instrument, redemption period, start date

Jun. 20, 2022

Debt instrument, redemption threshold percentage of stock price

130.00%

Debt discount amortized to interest expense effective interest rate

11.10%

11.10%

Debt issuance costs commissions payable

$ 10,400

Debt issuance costs payable to third party

1,400

Debt issuance cost attributable to equity component

2,900

Equity component value of convertible note issuance, net

80,800

Senior Secured Revolving Credit Facility

Debt Instrument [Line Items]

Debt instrument amount

$ 575,900

$ 575,019

$ 640,000

Debt instrument, maturity date

Apr. 24, 2022

Apr. 24, 2022

Apr. 24, 2020

Debt instrument, payable pursuant to fifth amendment

$ 101,600

Debt instrument, non extended maturity amount

$ 72,400

Repayments of debt

$ 174,000

Senior Secured Revolving Credit Facility | Minimum | Base Rate

Debt Instrument [Line Items]

Issuance senior notes, stated percentage

2.75%

Senior Secured Revolving Credit Facility | Minimum | Eurodollar

Debt Instrument [Line Items]

Issuance senior notes, stated percentage

3.75%

Senior Secured Revolving Credit Facility | Maximum | Base Rate

Debt Instrument [Line Items]

Issuance senior notes, stated percentage

3.25%

Senior Secured Revolving Credit Facility | Maximum | Eurodollar

Debt Instrument [Line Items]

Issuance senior notes, stated percentage

4.25%

Senior Secured Revolving Credit Facility | CSL Capital, LLC | Minimum | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

1.75%

Senior Secured Revolving Credit Facility | CSL Capital, LLC | Maximum | London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, basis spread on variable rate

2.25%

Senior Unsecured Notes - 8.25% Due October 15, 2023

Debt Instrument [Line Items]

Debt instrument amount

$ 1,110,000

$ 1,110,000

Debt instrument, maturity date

Oct. 15, 2023

Oct. 15, 2023

Issuance senior notes, stated percentage

8.25%

8.25%

Debt discount amortized to interest expense effective interest rate

9.06%

9.06%

Senior Unsecured Notes - 8.25% Due October 15, 2023 | CSL Capital, LLC

Debt Instrument [Line Items]

Issuance of senior notes, principal amount

$ 1,110,000

Notes issued price percentage at par

97.055%

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 04, 2019	May 02, 2016	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred stock, par value					$ 0.0001	$ 0.0001
Non-Participating Securities
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted earnings per share			563,492
PEG Bandwidth, LLC | Series A Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Percentage of dividend rate on convertible preferred stock		3.00%
Preferred stock, par value		$ 0.0001
Hunt Telecommunications, LLC
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Contingent consideration settled through issuance of common shares	645,385
Contingent consideration settled through issuance of common shares, fair value	$ 11.2
Hunt Telecommunications, LLC | Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted earnings per share				619,581

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income (loss) attributable to shareholders	$ 38,717	$ (3,503)	$ 41,159	$ (2,293)
Less: Income allocated to participating securities	(223)	(400)	(251)	(869)
Income allocated to participating securities on share settled contingent consideration arrangements		(258)		(468)
Dividends declared on convertible preferred stock		(656)	(656)	(1,312)
Amortization of discount on convertible preferred stock	(248)	(745)	(993)	(1,490)
Net income (loss) attributable to common shareholders	$ 38,246	$ (5,562)	$ 39,259	$ (6,432)
Denominator:
Basic weighted-average common shares outstanding	182,971	175,011	182,597	174,951
Basic earnings (loss) per common share	$ 0.21	$ (0.03)	$ 0.22	$ (0.04)
Numerator:
Net income (loss) attributable to shareholders	$ 38,717	$ (3,503)	$ 41,159	$ (2,293)
Less: Income allocated to participating securities	(223)	(400)	(251)	(869)
Income allocated to participating securities on share settled contingent consideration arrangements		(258)		(468)
Dividends declared on convertible preferred stock		(656)	(656)	(1,312)
Amortization of discount on convertible preferred stock	$ (248)	(745)	$ (993)	(1,490)
Impact on if-converted dilutive securities	363		1,764
Net income (loss) attributable to common shares	$ 38,609	$ (5,562)	$ 41,023	$ (6,432)
Denominator:
Basic weighted-average common shares outstanding	182,971	175,011	182,597	174,951
Effect of dilutive non-participating securities	8		8
Impact on if-converted dilutive securities	10,126		9,671
Weighted-average shares for dilutive earnings per common share	193,105	175,011	192,276	174,951
Dilutive earnings (loss) per common share	$ 0.20	$ (0.03)	$ 0.21	$ (0.04)

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019Segment
Segment Reporting [Abstract]
Number of reportable business segments	4

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Revenues	$ 264,414	$ 247,329	$ 525,445	$ 494,244
Adjusted EBITDA	206,864	197,011	407,139	393,712
Interest expense	97,729	79,385	182,187	156,992
Depreciation and amortization	102,578	114,842	206,405	229,563
Other (income) expense	(22,275)	3,349	(25,388)	(536)
Transaction related costs	7,035	3,789	13,704	9,702
Gain on sale of real estate	(28,790)		(28,790)
Stock-based compensation	3,197	1,885	5,085	4,095
Income tax expense (benefit)	7,843	(2,646)	11,897	(3,742)
Net income (loss)	39,547	(3,593)	42,039	(2,362)
Leasing
Segment Reporting Information [Line Items]
Revenues	177,042	173,885	353,125	346,659
Adjusted EBITDA	175,881	173,356	350,632	345,725
Depreciation and amortization	72,275	86,454	146,028	173,198
Gain on sale of real estate	(4,960)		(4,960)
Fiber Infrastructure
Segment Reporting Information [Line Items]
Revenues	81,327	67,389	158,160	134,356
Adjusted EBITDA	37,036	29,405	67,036	58,600
Depreciation and amortization	28,494	26,244	56,752	52,149
Towers
Segment Reporting Information [Line Items]
Revenues	3,146	2,472	8,226	5,842
Adjusted EBITDA	(42)	(1,167)	283	(1,630)
Depreciation and amortization	1,412	1,575	2,827	3,052
Gain on sale of real estate	(23,830)		(23,830)
Consumer CLEC
Segment Reporting Information [Line Items]
Revenues	2,899	3,583	5,934	7,387
Adjusted EBITDA	565	928	1,211	1,841
Depreciation and amortization	346	499	692	997
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA	(6,576)	(5,511)	(12,023)	(10,824)
Depreciation and amortization	$ 51	$ 70	$ 106	$ 167

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Jun. 30, 2019USD ($)
Commitments And Contingencies Disclosure [Abstract]
Obligations under tax matters agreement	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income - Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period attributable to common shareholders			$ (1,585,578)
Changes in foreign currency translation	$ (843)	$ (4,879)	(63)	$ (314)
Balance at end of period attributable to common shareholders	(1,576,843)		(1,576,843)
Accumulated other comprehensive income at end of period	(18,960)	56,237	(18,960)	56,237	$ 30,105
Cash Flow Hedge Changes in Fair Value Gain (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period attributable to common shareholders	8,835	40,728	30,042	6,351
Other comprehensive (loss) income before reclassifications	(26,457)	13,282	(46,083)	46,317
Amounts reclassified from accumulated other comprehensive income	(1,906)	958	(3,966)	3,556
Balance at end of period	(19,528)	54,968	(20,007)	56,224
Less: Other comprehensive (loss) income attributable to noncontrolling interest	(568)	(106)	(1,047)	1,150
Balance at end of period attributable to common shareholders	(18,960)	55,074	(18,960)	55,074
Foreign Currency Translation Gain (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period attributable to common shareholders	826	6,007	63	1,470
Changes in foreign currency translation	(780)	(4,879)		(314)
Amounts reclassified from accumulated other comprehensive income	(63)		$ (63)
Balance at end of period	(17)	1,128		1,156
Less: Other comprehensive (loss) income attributable to noncontrolling interest	$ (17)	(35)		(7)
Balance at end of period attributable to common shareholders		$ 1,163		$ 1,163

Capital Stock - Additional Info

Capital Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Schedule Of Capitalization Equity [Line Items]
Aggregate offering price of common stock	$ 18	$ 18
Issued and sold common stock shares	183,123,000	180,536,000
Proceeds from issuance of common stock, net of issuance costs	$ 21,641
ATM Program
Schedule Of Capitalization Equity [Line Items]
Proceeds from issuance of common stock, net of issuance costs	131,200
Payments for stock issuance costs, commissions	1,700
ATM Program | Maximum
Schedule Of Capitalization Equity [Line Items]
Aggregate offering price of common stock	$ 250,000
ATM Program | Common Stock
Schedule Of Capitalization Equity [Line Items]
Issued and sold common stock shares	6,700,000
Weighted average price per share	$ 19.92

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Events - Common Stock	Jul. 02, 2019USD ($)shares
Subsequent Event [Line Items]
Stock issued during period conversion of convertible securities	8,677,163
Stock issued during period, value, conversion of convertible securities | $	$ 87,500,000
PEG Bandwidth, LLC | Series A Convertible Preferred Stock
Subsequent Event [Line Items]
Number of shares converted	87,500