SARASOTA, Fla.-Global Signal Inc. said it will review its financial statements owing to changes in accounting rules about ground leases instituted by the Securities and Exchange Commission.
The tower operator said it will affect the two months ended December31, 2002, the fiscal year ended December 31, 2003, and the first three quarters of 2004.
“The primary effect of these non-cash changes will be an increase in ground rent expense and an acceleration of depreciation expense,” said the company.
Global said it will not affect its historical or future cash flow provided by operating activities, the timing or amount of payments under related ground leases, the economic value of its tower assets and compliance with any of its loans.
Other major tower companies have made similar announcements.
