Complex sentence: Since IRU's are technically rights to a physical part of an underground cable, they can be considered as an asset, which means their cost isn't part of the company's operating results, but shows up under PPE.
Split into simpler sentences: Since IRU's are technically rights to a physical part of an underground cable, they can be considered as an asset. Which means, their cost isn't part of the company's operating results, but show up under PPE.